The authors state, that every 60 seconds someone in North America becomes a millionaire. The biggest enemy you can face when realizing a million is your own fear. Million dollar ideas are everywhere around you. The only degree that counts is a million-dollar idea. Millionaires, who never got a degree, are Bill Gates, Steve Jobs, and Steven Spielberg. All you need is a wish and everything else can be rented or borrowed. Everything begins with a thought, so you should always be positive. All you need is a good idea, determination and good contact with people who have everything else. Ask yourself about your talent (what do others think you’re good at, what were your past successes) and what you wish for (what brings you happiness, what inspires you, what are your hobbies). The quality of the result is always dependent on the quality of the question.
Create a good system which works without cash and risk (use someone else’s money), time loss (spend time in the beginning, but later make things automatic), leading (find other people) and energy loss. An example of a good system are batteries Duracell – someone sold a good idea to the company and now earns money with every battery sold. One of the simplest way to earn money is to connect to someone who has a large base of clients. You should convince the person to sell your products or services and in return they will receive a percentage of the sales.
In the business world, there are 5 types of leverages:
– the capital of others,
– the experience of other people,
– ideas of other people,
– time of others (connect with experts in the field),
– other people’s work (some people prefer a secure job like in business).
When you work alone, without any leverages, you are dependent on your own knowledge, money and other resources. Have a mentor who knows what you shouldn’t do and knows of different shortcuts (the wealthiest man in the world, Warren Buffet’s mentor was Paul Graham).
A mentor is not always a person, it can be an illness, loss of a job, etc. Work in a group which fills all the gaps in your knowledge and skills. A winning group consists of people who like to give ideas, strategists, analysts and organizers. Have a system and mimic the successful people. It is better to find a buyer who will buy one million of your products than to find a million buyers.
According to the book Millionaire in one minute, the main routes are:
– own company (sell to individuals, legal entities, the state, charity establishments, buy another company, etc.),
– online business (consider selling information online. You can sell information about knowledge, entertainment, your success, and failures etc. You should consider the following steps: choose a topic; sales, find your customers, discover a bait; what do they have a problem with, what do they ask themselves. You should offer the solution to their problem for free and later start selling it),
– real estate (with real estate you earn when you buy them, this means that you buy it at a low price. Options for subsequent earnings can be changed role, if there is a new building project happening nearby like a shopping centre being built. You can also get a low price if the previous owners are going through difficult times),
– other, e.g. shares that promise growth, dividends etc.
When you have an idea, before you realize it, ask yourself the following:
– who are your customers and what do they need – for an ideal customer you need to know: age, gender, occupation, income, place of residence, what they want, what in your product is most important to them,
– know as much as possible about your product – how it’s best to position your product according to customer demand and your competitors’ offer, and what your competitive advantage will be,
– offer the most for your price – ask yourself how to create a product which customers will consider as good value for the price compared to your competition,
– good distribution – how will you get the product to your customers with profit,
– efficient promotion – which media is most important for marketing and why.
To earn, you should try to find so-called addicts, for example, to golf, to weight lifting, to video games and offer your product and service to them. Have multiple sources of income. According to the authors of the book, you should focus on your most significant activities, since 85% activities are not important. Focus on the 20% of the most important customers. Harder and more significant activities should be your priority.
Establish a network of people. Compile addresses, names and phone numbers of people who you meet and stay in contact with them. You are worth as much as your acquaintances are worth.
To reach a million, learn to use the most modern technology which will help you immensely. Skills of the rich are: making a million out of every dollar, sharing their wealth with others (at least 10% of their income is given to charity), get insurance (wealthy people insure themselves under various companies and funds), creating investments, saving money and maintaining control (they buy the best for the lowest price possible).