7 Guaranteed Steps to Becoming a Wealthy Entrepreneur

You want to be a successful entrepreneur right? I bet you do. Who doesn’t? Ok, maybe there are some folks out there who enjoy entrepreneurship for other reasons. But for some of us, we do want to experience financial wealth some day soon.

In my quest to understand what I needed to do in order to become wealthy, I discovered the following steps that are guaranteed to bring wealth to any one who applies them. These steps are based on the classic book “Think and Grow Rich” by Napoleon Hill.

Ready to be wealthy?

Let’s roll

Step 1 – Decide to be wealthy

You may find this hard to believe but there are really a lot of entrepreneurs who never make the decision to become wealthy. How is it even possible? My first entrepreneurial venture happened when I was 9 years old.  This was after I had made the decision to become rich some day. While I’m not yet worth a million dollars, you can be sure that I’m well on my way.

But many entrepreneurs go through their journey not ever deciding to be wealthy because they don’t know that wealth is available to them. In fact they got no clue whatsoever about what wealth really is. How can you decide to be something you don’t even understand?

What is Wealth?

The dictionary defines wealth in a number of different ways. But the definition that stands out for me is probably the simplest one:

 Wealth is plentiful supplies of a particular resource.

I like this definition because it finally got me to understand that true wealth is not only measured in dollars and cents. Peter Voogd made a bold declaration about wealth when he said: “There Are 8 Indispensable Elements of Real Wealth and 7 Aren’t Money”

In deciding to be wealthy, there has to be a balance:

  • Love
  • Friendships
  • FunHealth
  • Spirituality
  • Experiences
  • Creativity
  • Add whatever else you’d like to add

I’ve come to realize that as humans we are at our best when there’s some sort of a balance. So deciding to be wealthy just because you want so much money on your bank account is not going to cut it. Money is good but there’s more to life than money. Read about any of these folks and you too will understand that that deciding to be wealthy must be for some other reason than to just be rich.

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I could go on and on but I’m sure you get the idea. And that idea is the first step to becoming a wealthy entrepreneur is to decide to be wealthy – in every area of your life.

Step 2 – Figure out how much wealth you want

This is especially so when we start to focus on financial wealth. But don’t think for a second that it doesn’t apply to other areas of your life. When it comes to the issue of money, very few people know what it is that they want. As a result they don’t get it and they wonder why things have not been working. Here’s why it’s important to know how much financial wealth you want to create:

It puts your mind to work, and it does that fast.

When I was thinking about my income target for a year, I had no clue what I wanted to create financially. But as I pondered over the question, it become ever clearer that I wanted to bring in a minimum of $100,000. And I solidified it by publishing my desire for the world to see right here on this blog.

If you find yourself wondering to figure out how much wealth you want, here are some ideas to help you.

  1. Learnvest’s MASH Calculator that helps you answer the question: How much will my lifestyle cost?
  2.  Mint.Com’s – How Much Money Will Make You Happy
  3. Forbes’ – A Surefire Plan to Figure Out What You Really Want

Step 3- Determine what you’ll give in exchange

If you’re an entrepreneur, then you probably already know that it’s reeeaaaally difficult to expect to do absolutely nothing and just become wealthy. I think those rare cases of miraculous inheritances are not coming by as fast as they probably did in previous centuries. So, if you are serious about building wealth, then you must be prepared to bring value to someone else. You must bring value to the market place in order to build financial wealth.

People bring value in different forms.

  • Some write books;
  • Others invent stuff;
  • Other invest in others;
  • Other teach spiritual truths;
  • Others entertain… and it goes on

As an internet marketer, you’ve chosen to bring value through the blogs you build, the products and software you create and the advice you give. This should remain your focus. Always think of how you can bring more value, and the wealth will come naturally. There’s really no other way around it. Think of all the really wealthy people in the world today. They brought value in some way, shape or form

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As Napoleon Hill states it in his book so eloquently, “There’s no such thing as something for nothing”

Step 4 – Determine your deadline for your wealth

I’m doing $100,000 this year, $500,000 next year and $1,000,000 the next. There are no questions about that. Those are my deadlines and there’s not a devil in hell that’s going to get in my way.

What are your deadlines? When you set concrete deadlines for income generation and wealth building, you give your mind the permission to begin finding ways by which you can create maximum impact in exchange for you desire. If you haven’t done so yet, you need to.

Like right now.  DO IT!

You must also have a strong reason why you need the money by that date.  The “Reason Why” is more powerful than the what. For me, my reason why has become my little daughter. She’ll be three years old in 2017, and I want to be a part of her home schooling plan, as that’s what we’re thinking of for her at the moment. But even if she’s not home schooled, the want to feel what Pat Flynn feel when he and his wife take their son to school. What’s your reason why?

Step 5 – Create a price plan of action

This will become the difference between something you merely wish to have and something  you absolutely intend to have by the the planned due date.

Something you’re committed to take all necessary actions required.

  • What do you need to do?
  • What will you do first?
  • Who do you need to connect with?
  • Who do you know need to connect with?
  • Where do you need to party at?

Yes, you read that right. Nowadays, some of the best business deals happen outside the traditional work environment. So it becomes important that you strategically plan hangout spots. Not because your are going there to hustle, but because you’re going to have a good time with like-minded folks and you never know what comes out of the experience.

In “Think and Grow Rich,” Napoleon shares a story of a woman who create a plan to market her son’s personal services. It worked so well, that she began preparing similar plans for others for a fee.

What’s your plan?

Now that you have the first five steps down, the next two are straight forward.  So straightforward in fact, that you may want to overlook them.

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Step 6 – Create your statement of intent

You statement of intent states the following:

  • What you intend to have
  • By what date
  • Your reason why
  • What you will give in exchange for it

So, if your intention is to have $50,000 by April 30, you would write something like this:

I, Dan Maxwell, Jr, am so happy that I have $50,000 on or before April 30th. I’m using this money to build a brand new house in appreciation of all that my Dad went through to make sure I received a decent education. I am making him extremely proud with this new home. In exchange for this money, I have positively impacted the lives of over 3,000 people through my latest book, MY UPCOMING BOOK TITLE which is doing extremely well on the Amazon and New York Time’s best seller list for Nonfiction self help category.

So short that it fits perfectly on a nice flashcard.

 Step 7 – Read out your statement of intent out loud

Do this as often as you think about it. My experience suggest that if you’re really serious about this, you need to be reading your statement out loud 5 – 10 times. Find something where you’re alone and read it. For me I find that I connect more with my inner self by going to the beach. You may not have that opportunity; but I’m sure there’s plenty of nature around you. Connect with her.

Napoleon Hill suggests twice daily. I say screw that and supercharge the darn process! And make sure to do it with FEELING. As you read your statement, feel how you will feel as this is happening. Get to work everyday and watch as magic happens before your very own eyes.

This process works!

I’ve used it for smaller goals with 100% success and now, I’m using it for my bigger goals. Maybe you too have used the process I describe here. If you have, what was your experience like? If this is your first time coming across these ideas, tell me, what do you think about them? Do you find them as something you could do easily?

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