Millionaire MBA Day 20: Making a Million
by
Millionaire MBA
SMASHWORDS EDITION
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Copyright © Millionaire MBA 2011
First Published 2011 by ELW Publishing Bath, UK
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Contents
Introduction
A few years back, 50 leading UK entrepreneurs and business owners were interviewed in their homes, offices and hotels. The purpose of the interviews was to find out exactly what made them successful, and how other aspiring entrepreneurs could replicate their business success.
Those digitally recorded audio interviews were turned into a 'timeless' business mentoring programme called Millionaire MBA. Millionaire MBA is regarded as one of the best programmes in the world to teach entrepreneurial thinking and the 'millionaire mindset'.
Millionaire MBA is a rich, deep mentoring programme which existing and aspiring entrepreneurs listen to over 40 days. Literally tens of thousands of entrepreneurs (like you) around the world have benefited from this programme.
In this ebook, you’ll find the actual transcription from one whole day of the mentoring programme.
To find out more about the full business mentoring programme or to listen to the audio version, please visit http://www.millionairemba.com/
Day 20: Making a Million
Welcome to Day 20, the final day of Part 1 of The Millionaire MBA.
Today we look at “Making a Million.”
Before we examine the key elements of making a million, let me share with you one of the best pieces of advice I’ve ever heard.
This came from Jim Rowan, himself an outstanding motivational speaker and the original inspiration to Anthony Robbins, who, you may well know, is considered to be the world’s leader on the subject of success.
Jim’s advice was simply this, “Set a goal to become a millionaire for what it makes of you to achieve it.”
This is such important advice, it’s worth repeating: “Set a goal to become a millionaire for what it makes of you to achieve it.”
In addition, Jim also said, “All that you’ve learned and all that you’ve become to reach the status of millionaire is what’s valuable, not the million dollars.” I think this is a remarkable statement and is, without question, true.
Although money is nice to have, it’s the journey to make it that’s important.
Listen to Ivan Massow, who adds another dimension to this. Ivan recognises that it’s not about the money but highlights that wealth can be a by-product of following your dreams and passion.
Ivan Massow
I just can’t say what the key to making a million is, fully, because the people I respect as entrepreneurs are broader than businesspeople.
They are people who get out of life what they want, and so they might simply be a playwright that lives on next to nothing but creates beautiful art or beautiful plays, beautiful this, beautiful whatever.
And they are simply happy, and they are giving, and they are millionaires. They have everything they want, and they’re doing everything that fulfils them.
And I view them in exactly the same way as I view entrepreneurs.
I think being an entrepreneur is almost like being an artist, more than a businessman, and if you happen to make a million, great.
With the notion that it’s all about the journey, rather than the destination, firmly in mind, I’m sure you’d still like to know what advice our entrepreneurs have for making a million.
Let’s begin at the beginning.
Firstly, you must want to make a million. It’s as simple as that. If you truly want to make a million or become financially independent, then you can.
I believe it’s the case that most people would like to be financially free, but I think it’s also true that most people are not prepared to put the effort in.
Those who have the desire, drive and determination and are also prepared to make the necessary sacrifices can, if they wish, make a million.
Take a listen to our entrepreneurs who offer their thoughts on this subject.
Sir Christopher Evans
I would say, determination and belief. Self-belief is first of all saying, “I want to make a million quid.”
And you’ve got to say, “I’m absolutely determined to make that million quid, and I will make it – not by luck, not because someone will give me an opportunity, because I will make it. And I know I can do it.”
And you’ve got to look yourself in the mirror, you’re brushing your teeth in the early days, and saying, “Got to make more than a million quid. I’m the man. It’s me.”
That self-belief and the determination will take you all the way, and as things go wrong, you say, “OK, that’s gone wrong; let’s not cry about it. Let’s move on because I’m going to make a million.”
But your business just collapsed, and the receiver’s taking it all away. “Yeah, but that was another part of my life. I’m going to make a million quid,” and you’ve got to believe you can do it.
But if, for one minute, your self-belief goes, you ain’t going to do it, unless you win the lottery. Someone hands you the cheque.
Glenda Stone
I think there are a number of ways you make a million. It totally comes down to your mindset, your ability, your self-confidence.
An interesting friend once told me, “You have to act like a queen to be treated like one,” and what she referred to was that if you don’t have the self-confidence to excel to the highest limit, then how can you expect to gain that?
So to make a million, you have to want it; you have to have focus. And then you have to be thinking about the next million.
Stephen Streater
I think wanting to make a million… A lot of people say, “It would be really nice to be a millionaire,” but they don’t really want to be a millionaire.
If someone gave them ₤1 million, they’d take it, but they don’t really want to put the effort in because it’s a lot of effort.
I know a lot of people who could make ₤1 million, if they put the effort in. But they just don’t want to.
It’s probably because they’re afraid they won’t make it. I don’t know how many people don’t make ₤1 million, who try, but I know a lot of people who have made ₤1 million, and it seems that they just wanted ₤1 million, that’s why they’ve done it.
One million isn’t very much, these days, either. Just think of it like that; it’s just like a stepping stone.
Most people who think with an employee mindset believe that making a million is for somebody else.
The truth is, anybody who is prepared to put their mind to it and prepared to work harder than anybody else they know and also have the determination and persistence to make it happen has only themselves to blame if they don’t achieve their goals.
Most people don’t ever think of making a million; therefore, it never happens. If you change your thinking pattern from an employee mindset, which thinks only in terms of salary, to a millionaire mindset, which thinks in terms of profits and capital gains, making a million will come within your reach.
Listen to Duncan Bannatyne as he shares his thoughts on the subject.
Remember, Duncan should know: He’s successfully created four businesses – an ice cream business, a chain of nursing homes, a chain of children’s daycare nurseries and a chain of fitness centres.
Duncan’s success is no accident, and he knows, better than most, what it takes to achieve financial freedom.
Take a listen.
Duncan Bannatyne
The key to making a million is to know how bloody easy it is; it’s so easy, it’s untrue. Anybody can do it; you can do it.
You’re an intelligent guy, and you can go there and you can start a children’s day nursery and build up the second one, a third one and so on. All you’ve got to do is take that first, initial risk, and go and do it.
Anybody can do it; it’s easy. It honestly is easy.
Don’t worry about selling it. You probably have a house with some equity. If you go to the bank, and you can go to the bank and equity the house, you could go out and buy a children’s day nursery and borrow some more money on more money on equity of that.
And if you’re borrowing money at 6 percent, 7 percent, and you can fix it, you can get a fixed rate of 7 percent or 8 percent, even – don’t worry if interest rates go through that roof.
And if you can then go – and let’s just say, you borrow ₤100,000 – if you can then go and make ₤20,000; you can probably buy a nursery at five times profit, 20 percent of the time, so you’re then making ₤12,000 a year.
It’s as simple as that. You can go in there tomorrow; anybody can do it.
Once you’ve got the first one, you’re making the ₤12,000 a year; it’s easier to go to the bank and borrow money for the second one, and so on and so forth, and build it up.
Worry about selling it when it’s getting bigger.