We all want to experience wealth in our lives. That’s why you’ve most likely come across a number of articles, blog posts, and books that detail how you can achieve wealth at an early age. The thing is, there’s a lot of truth to those words of wisdom. But, sometimes, those words aren't exactly focused on the young entrepreneur.
Which is why I’ve put together these seven tips on how the young entrepreneur can achieve wealth.
1. Success Doesn’t Happen Overnight
My friend Jonathan Long from Market Domination told me "I get it. You have bills to pay and you’re drowning in debt. At the same time, you keep reading about all of these other entrepreneurs who have struck gold and become millionaires overnight. The thing is, that’s an anomaly. Success, and wealth, don’t happen overnight - no matter what you read in the media."
Ryan Blair, the New York Times best-selling author of of “Nothing to Lose, Everything to Gain” and a multi-millionaire serial entrepreneur and CEO of ViSalus, says, “There is no magic bullet to success so if you’re looking for it, stop.” He adds, “A great product (or service) and hard work mixed in with determination, persistence and a willingness not to quit is the only way. If it were easy, everyone would do it. Where I come from, nothing worth having ever comes easy.”
2. Move Fast
“Move fast and break things,” has become Mark Zuckerberg and Facebook’s motto. The reason, as New York York Magazine explains it, “if Zuckerberg had delayed the launch of his social network—whether to negotiate with the Winklevosses or to perfect the site itself—Facebook might have missed its window.”
In a letter to shareholders, Zuckerberg wrote;
“Moving fast enables us to build more things and learn faster. However, as most companies grow, they slow down too much because they’re more afraid of making mistakes than they are of losing opportunities by moving too slowly. We have a saying: “Move fast and break things.” The idea is that if you never break anything, you’re probably not moving fast enough.”
Your product or service might not be perfect the first time around. But, the longer you wait trying to make it perfect, the less opportunities you’ll have to tap into your market. While you’re still tinkering with your product or service, your competitors are already out there cashing-in on their ideas.
3. Don’t Quit Your Day Job
One of the best pieces of advice that I’ve experienced, and since have advocated, is to not quit your day job while starting your business. The main reason is that this gives you the opportunity to pay your living expenses and invest in initial startup costs. As opposed to digging yourself into a debt you may not be able to get out of, you can continue to stay on-top of your bills and build your business without having to borrow as much money.
A good example, I started Pixloo while I was at my last job. 9 months later (while still working full time) we ended up selling it for 8+ figures. This gives you the ability to earn money while working on your dream.
4. Tap Into Your Assets
Saving money is crucial if you want to strike it rich. Instead of spending money on products or services, take a look at the resources that are already available to you. For example, is there a family friend who happens to be an accountant or lawyer that could help get you started? Is your college roommate a coder who could help you build an app? Can your spouse help you set-up a WordPress blog and start writing content for you?
Successful investor and entrepreneur Kris Jones from LSEO says "The less money that you have to spend on your business, the less debt you’ll have - which means you can funnel any income back into the business."
5. Avoid Common Financial Mistakes
Even the most successful entrepreneurs have had their fair share of mistakes when they were younger. Thankfully, they’re open to tell about these mistakes so that young entrepreneurs won’t repeat the same ones. And, at the top of the list are common financial mistakes, that include;
- Not separating personal and business finances.
- Not keeping detailed records and receipts.
- Only using sales as a metric for growing your business.
- Not having an emergency or contingency fund.
- Not investing in liability insurance.
- Not understanding or reviewing your company’s finances.
Taking care of these financial mistakes immediately will prevent any costly mishaps down the road. For example, ignoring your books because you outsourced could come back to haunt you if the person was skimming the books. All that money that you earned is now gone and your business may never recover.
6. Don’t Burn Bridges
“The most successful people are quite careful about whom they burn bridges with,” writes Ken Sundheim from KAS Placement Staffing. Sundheim adds, “The more bridges a person burns, the stronger the blockades are going to be throughout their journey of chasing their career goals.”
While it’s only natural to get irritated or frustrated, lashing out at customers, clients, and colleagues will make it more challenging to accomplish your goals and aspirations since these individual won’t be there to support you. Even justified lashing out tends to come back to haunt you - even years later. Don't do it. Enough said.
7. Think Big
“The single biggest financial mistake I’ve made was not thinking big enough,” writes best-selling author and entrepreneur Grant Cardone. “I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.”