There are many personal reasons why starting or owing a business may not be right for you. However, from a wealth creation perspective there really is no argument. Owning a business is just about the best thing you can do for your wealth creation journey. The following are just 10 wealth creation reasons why owning your own business is a good idea.

Reason # 1: Build an Asset that Provides You with Extra Cashflow

Reason # 2: Develop Business Skills and Acumen

Reason # 4: Build an Asset that Increases in Capital Value (part or all of which can be sold)

Reason # 5: Develop Financial Intelligence

Reason # 6: Buy other assets that are cash-flow positive with pre-tax dollars

Reason # 7: Pay a lower effective rate of tax.

Reason # 8:  Build a retirement fund using pre-tax company money

Reason # 9: Commercial debt is cheaper than personal debt.

Reason # 10: Delay the payment of tax.

However, starting and running a business is not a walk in the park. So before you begin it’s worth considering the 5 important personal questions. Find what those are here.

When it comes to characterizing successful people and seeing what actually makes them tick and why they are successful when you are not, a lot of people think that successful people and millionaires are all born with a silver spoon in their mouth or come from a rich inheritance. While this is occasionally true, there are more self-made millionaires in this day and age than there were 10 years ago.

So what are the defining characteristics? What sets them above the crowd? And how can you achieve that same level of success?

You might think it’s because they have some kind of wonderful product, service or some kind of specialist skill that no else can do. Or they were the one to invent the floogal-binder (that little piece of plastic that holds the end of your shoe laces)… well, the only thing that separates them and you was the attitude and the approach that they took in life. In this article I’m going to share five of the basic characteristics of successful people.

Success Secrets – Doing What You Love

Find something that you love to do and know, not all of us can make a successful living out of sitting down watching TV. The reasoning is simple, if you’re passionate about something. you will be far more willing to do what it takes without giving up and giving in. Donald Trump says he doesn’t care about money; it is simply a way for him to keep score of what’s going on, and how successful he is. What he truly loves is playing the real estate game and that’s the reason he gets up every morning. For all the self-made millionaires, Richard Branson, Robert Kiyosaki all of these big guys in the business know doing what they were passionate about, (which most of the time was helping other people out), and not giving up, was one of the keys to their success.

Success Secrets – Own Your  Own Business

Owning your own business can seem like a daunting task for most people, however, this is a fear you must overcome. Yes, I’m sure you can win the lottery, or maybe that rich aunt dies, maybe some millionaire shows you pity and writes you a cheque for $1 million… personally I like to look on the more realistic side. The truth is, you’re probably more scared that the buck stops with you, you get to decide your salary and you get to determine your level of success. The fear factor is all very true and you should look at them from a positive aspect. Yes, you do decide the outcome, yes, the buck does stop with you, yes, you do decide if he gets a salary raise or not. Having that kind of control over your future is what will make you a millionaire.

Success Secrets – Being Optimistic

Optimism can play such a vital role in your level of success. Dr. Robert Kiyosaki, states that due to our natural upbringing, in a poverty mentality, people don’t think they can make money and succeed. Once again, this is just a mindset. You can determine your level of success. Let me help you out and spare you the suspense… nice guys don’t finish last. If you played sports in school or have ever tried for that job promotion or ever try to learn a new skill yourself. I know I can, I believe I can. I can do this. That is no different than having the right mindset to make millions.

Success Secrets – Willingness to Make Mistakes

This is such an important topic and it is a shame it will be so brief on this article. If you speak to any successful person you will find that not one of them has ever succeeded on their first attempt. People that make a success of themselves and all the millionaires of today are not afraid to make mistakes. In fact, they’re almost happy to fail, because failing means they figure out what not to do. I believe it was Thomas Edison that stated in a press interview shortly after perfecting the filament and carbonizing technique in 1879, when asked why he carried on, after failing for so long, and for so many attempts. He simply stated, all I did was find a little over 300 ways how not to make a light-bulb. Something that most young entrepreneurs are all gifted with, and age has nothing to do with, is the willingness to make mistakes, learn from them and try again.

Success Secrets – Willingness to Pay The Price

One of my many heroes is a gentleman called Tony Robinson. You might ask yourself what has this got to do with the willingness to pay the price? Simple, in one of Tony’s annual seminars that he holds, he teaches a very scary strategy, one that I’m sure most of us would never attempt. Over the course of a weekend, he teaches you how to walk barefoot across red hot coals. The reason it’s a weekend is, it takes that long for him to train your mind to the fact that you are able to accomplish such a task without injury and effortlessly. After accomplishing such a feat, doesn’t paying for your success seem such a trivial issue. Nobody else will pay the price for you, whether it is a financial burden or the price of doing hard work. There is a price to be paid for financial success and self-fulfillment… the price is often to never give up and never give in.

Find out more interesting and life changing Success Secrets at www.MillionaireMindsetSecrets.com

To the readers: What is your own success secret?! Share in the comments below…

In a research of his, Dr. Gerald Bell, University of North Carolina (Professor of Organizational Behavior and Management) has asked 4,000 Retired Executives over the age of 70 the following question:

“If you could live your life all over, what would you do differently?”

They responded in common to 8 key areas that if they could live their life all over again, they would do so differently.
In my previous posts I listed the first 6 common areas of regret:

• Life Goals
• Health
• Money Management
• Family
• Personal Development
• Fun

Here are the remaining two common areas of regret and my thoughts on how to avoid it:

Regret # 7 – Career

“I would have planned my career”.

Key Message: Take control of your career and plan it out according to your life goals and vision. Get some career planning/life coaching if needed to help you clarify.

Regret # 8 – God and/or Community

“I would have lived in oneness with my God and or given more back to my community”.

Key Message: Connecting with your God, the higher self and servicing your community are facets of life that shouldn’t be ignored and bring about fulfillment.

So, what would you do differently NOW? Why not review this article again and decide now on how you can live your life differently. Have no regrets. Sign up NOW for more success secrets at www.MillionaireMindsetSecrets.com for FREE and get access to a wealth of resources to help you lead a more meaningful and successful life.

Related Posts:

Success Secrets – How to Live Big & Regret Little – Part 1

Success Secrets – How to Live Big & Regret Little – Part 2

If you could live your life all over, what would you do differently?

This  question  was put to 4,000 Retired Executives over the age of 70 by Dr. Gerald Bell, University of North Carolina (Professor of Organizational Behavior and Management). They responded in common to 8 key areas that if they could live their life all over again, they would do so differently. In my previous post I reviewed the first three - Life Goals, Health, Money Management.

Here are the next three common areas of regrets and my thoughts of how to avoid it.

Source: pattieparsnips.com

Regret # 4 – Family

”I would have worked on quality family goals a lot more”.

Key Message: If you have family, consider the value of those relationships and the quality of your family goals.  Be sure everything you do with your family is in sync with the 8 areas set out in this article.

Regret # 5 – Personal Development

“I would have spent more time on personal development”.

Key Message: Without personal development and growth it’s unlikely that you’ll be achieving your true potential. Seek out mentors, more training, education, seminars etc. and put knowledge into action to ensure your personal growth.

Regret # 6 – Fun

“I would have had a lot more fun in my life”.

Key Message: Even if you are very focused on achieving goals why not have a bit of fun at the same time. Add more fun to your day whether it’s at the workplace or at home.

Questions like those are a powerful and invaluable study on what’s really important in life. If you attend to these key areas in life you could ultimately look back on your life with no real regret and consider your life a true success story. How great is that!

Find out  more on Success Secrets at www.MillionaireMindsetSecrets.com

Related Posts:

Success Secrets – How to Live Big & Regret Little – Part 1

Success Secrets – How to Live Big & Regret Little – Part 3

Success – Living Your Life with No Regrets!

Everyone wants to be successful in life to a greater or lesser extent. Whilst success means different things to different people it’s fair to say there are some common characteristics. This article highlights the 8 key areas in life that people typically regret not having done differently.

“If you could live your life all over, what would you do differently?”

Image Source: The Situationist Blog

This is the very question that was put to 4,000 Retired Executives over the age of 70 by Dr. Gerald Bell, University of North Carolina (Professor of Organizational Behavior and Management). They responded in common to 8 key areas that if they could live their life all over again, they would do so differently.

Here are the first three:

Regret # 1 – Life Goals

”I would have carved out life goals and owned my life”

Key Message: Life is not a dress rehearsal. It’s the real thing. Take charge of your life with goal setting. Fulfill your life purpose.

Regret # 2 – Health

“I would have taken better care of my health. I threw away health as though it were trash”.

Key Message: Health is wealth. People only realize how much it’s worth when they don’t have it. So, whether it’s having a better diet, reducing stress levels, going to the gym, taking a brisk walk etc., Look after your health and it will look after you.

Regret # 3 – Money Management

“I would have managed my money a lot more effectively”.

Key Message: Manage your own money. Don’t over-rely on your financial advisor, bank manager etc. It’s your money not theirs. Attain financial literacy and money management skills for yourself.

The purpose of asking a great question like this NOW is to get to the bottom of what really is important to you and your life. It may not in actual fact be what you previously thought was important

Read about the next key areas of regret and success in my next posts.

Find out more interesting and life changing Success Secrets at www.MillionaireMindsetSecrets.com

Related Posts:

Success Secrets – How to Live Big & Regret Little – Part 2

Success Secrets – How to Live Big & Regret Little – Part 3

Writing a simple business plan is a great way of working through your business idea.

This simple business plan template is an excellent tool to get you thinking about your business idea and help you describe the fundamentals of a business. This easy 10-Step formula covers the basics that any reader of a business plan will want to know to evaluate the business quickly and easily.

A simple business plan can be written very quickly by just completing the following easy 10 step formula.

1. I am…

Introduce yourself. Tell the reader of your business plan who you are, your background, education, professional experience, your successes to date.

2. My product or service is…

Tell them what product or service is, what it does for the customer, any unique features or facets, how it is produced, etc.

3. My customers will be…

Describe your target customers and why you have chosen to market to these customers. Use any back-up evidence from your experience, reports, white papers, market research, etc.

4. My customers will buy from my business because…

Describe any unique selling points or advantages you have. Are you providing better value, guarantees, superior quality, reduced risk, better location, etc?

5. My customers will pay…

Explain how much your customers will pay for each of the products or services you will provide. Describe any up-selling or cross-selling opportunities and how many times a customer will buy from you in a typical year.

6. I can make…

Explain how many products you can produce or services you can provide in a typical year. Back this up with whatever evidence you have to support this.

7. To make each unit of product costs…

Explain how much each unit of product costs to produce. If your business is a service business describe how much it costs to provide the service.

8. The start-up investment I require is…

Detail how much start-up investment the business will require and what you require it for.

9. I have a viable business because…

Explain why your business is viable and what evidence you have to support this claim. This will require some market research to demonstrate their is a viable market for your product or service.

10. In summary…

On a single page, list the main points of you plan in bullet point form. This is single most important part of your business plan. It will be read first by all readers of your business plan and will determine if they will read further and ultimately support you business idea or not. Write this summary last but put it at the front of you plan.

Now that you drafted a simple business plan you are in a great position to assess the initial viability of a business at a very high level. You may want to consider fleshing out this simple business plan into a more standard, detailed business plan format before presenting it to potential investors, partners or banks. They will want to see some detailed financials also – Income Statement (Profit and Loss), Cashflow Statement and a Balance Sheet.

Read more at www.millionairemindsetsecrets.com

Writing a business plan dramatically increases your chances of success as an entrepreneur. A simple business plan is an excellent tool to get you thinking about your business idea and help you describe the fundamentals of a business. Preparing a business plan is a great way of working through your business idea. Before starting a business it is really essential to go through this exercise before committing further time, energy and money!

Why You Need to Write a Business Plan

There are a few very good reasons why you would want to write a business plan.

1. To evaluate initial start up costs.
2. To establish the fundamental viability of a project
3. To define your products, services and customers and assess competitors.
4. To map out the business model, the goals and the strategy used to achieve them.
5. To communicate to others (banks, investors, partners, etc.) the business idea.

A simple business plan can be written very quickly by just  following A Proven and Easy 10-Step Formula. Read more about the 10 steps to writing a good business plan in my next post: A Proven & Easy 10 Step Formula for Writing a Business Plan

For more advice & tips on starting a business, business plans, wealth & finance strategies, sign up at www.millionairemindsetsecrets.com

Starting a business is one of those life-changing decisions. This article could help shed some light on traits and characteristics required to strengthen your chances of success.

So you’ve decided to start your own business – congratulations! It’s a huge leap forward taking charge of your own destiny and accepting responsibility for everything to do with starting and running a business. It can be a great feeling freeing yourself from the tedium of employment and begin working on a new business.

But before you rush headlong into starting you own business it’s worth asking yourself a few important questions:

1. Are you passionate about business?

2. Do you have the necessary technical skills or business talents?

3. Do you have the characteristics of an entrepreneur?

4. Do you have good people skills?

5. Could you live with failure?

Running your own successful business is one of the fastest ways to generate cash flow and become independently wealthy. You can read more about the above the 5  Starting a Business Questions in my next posts or at www.MillioniareMindsetSecrets.com