Many new business owners make the mistake of thinking that once they establish their first thriving business, they’ll be set for life. Don’t make that mistake! Let’s face it—you can’t achieve business success by building just one successful business. You have to build many.
That may sound like a daunting task, considering the challenges you have to go through in putting up just one business. But with the right mindset and a few timeless pieces of business advice, anyone can pull it off.
Tip #1: Always Have a Compass for Your Businesses.
In other words, always have a direction for your business life. Always have a way of measuring whether or not your business is fulfilling its purpose, and whether it’s really doing good for the world. Here are the two “compasses” in my own life:
(1) Profit. As a business owner, you might feel tempted to judge your business’s success level by the number of people who approve of it. Don’t. Remember, the more IMPORTANT measure of a business’s success level is the profit it generates. So focus on that instead.
(2) Customer approval. Yes, your business should improve people’s lives, too. There are lots of businesses out there that make tons of profit, but actually ruin people’s lives in the process. I’m sure you can think of some industries like that. You don’t want to be lumped along with them, do you?
Tip #2: Build as Many Businesses as You Can.
Remember, the truly wealthy don’t have just one business—they have many. Even superstar athletes, who earn millions just playing their sport, make sure they also own other businesses on the side. There’s no limit to how much money you can make, and how many people you can help, simply by being a smart entrepreneur!
As early as now, get it in your spirit to build as many businesses as you can in your lifetime.
Tip #3: Take Others on Your Way to Business Success.
Finally, and I say this on a personal note, don’t aim to get wealthy just for wealth’s sake. That’s a lonely, lonely road to travel.
Instead, take a lesson from today’s millionaires, who get rich not by crushing the competition, but by creating other millionaires around them. More and more people are learning that we ALL can make it, which is why industries like network marketing is on the rise. It’s the new way of working, and it’s creating more millionaires today than ever before.
My advice? No matter what kind of business you’re going into, take others with you on the way up. Help your family, help the economy, help your community, help your charity.
When you do, then doing business becomes its own reward—the money is just icing on the cake!
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