What are the ingredients necessary to become a millionaire?

Photo: howdb.org

Photo: howdb.org

Financial guru David Koch has spent a lifetime studying money and the people who make it. He spoke to news.com.au about ingredients they all share.

The number one, and most obvious thing they all share is that they don’t work for someone else. Why let a boss skim the profits off your ideas and hard work These entrepreneurs take the risks, put in the work, and so they get the rewards.

But not everyone who is prepared to go it alone succeeds. So what do those who do have in common?

  1. They relish competition, seeing it for the game that it is. They use this competition to drive themselves and those around them to achieve the most that they can.
  2. They are driven. Self-motivation is almost a by-word for successful entrepreneurship. Some almost verge on being monomaniacal in their pursuit of excellence. And they wouldn’t have it any other way.
  3. Successful entrepreneurs have to see their entire business as a whole. They need to understand how the disparate departments operate in conjunction with all the others. They need to understand the industry they are in, it’s consumer environment, the risks and opportunities that may exist.
  4. David Koch believes the most successful entrepreneurs realize the buck stops with them. While they are not responsible for everything that takes place in their business they are, in the end, responsible for the business. These people understand that it is they who have to make the hard decisions, they who have to set the direction the company is to go in, and they who have to set a model of behaviour in the workplace.
  5. Business success is closely tied to personal efficiency. Persona efficiency is closely tied to organization. In this regard entrepreneurs set the tone for the business they run.
  6. It’s almost a truism that successful business people learn from failure – Those who don’t aren’t successful.

Success in business is a battle of attrition. Very rarely does the life or death of a company come down to a single decision. More often it comes down to persistence, determination and love.

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