6 Secrets Millionaires Know and You Don’t

WWII - Don't DiscussI recently joined the Mind Petals Network as a young entrepreneur. Seeing as I’m only 29 for 16 more days, I’m pretty happy about being called a “young” entrepreneur.

In the spirit of things, I’d like to highlight the main points of an article I read recently from Entrepreneur magazine (6 Secrets Millionaires Know and You Don’t online which has some outstanding advice/info:

  1. As I’ve been realizing lately, everything is marketing
    Success of a company is based more on the marketing of a product than the product itself (this does not go against what Seth Godin says at all, in fact). Never stop marketing, no matter how successful you become. Use an internet marketing company if you have to.
  2. Million dollar ideas can come from anyone
    “Ninety-five percent of CEOs never ask the $8-an-hour employees for their opinions. Yet, those employees are the ones touching the product and speaking to the customers. Brilliant ideas are generated by the most unlikely employees, and you’ll never know what they’re thinking if you don’t ask.”
  3. Networking is not working
    This one flies in the face of what I was talking about 2 articles ago. However, rather than being exactly opposite, I like what the Entrepreneur article says; “The people you really need to be networking with are most likely not at your typical networking event. Always strive to network above your level.” So, be selective about who you network with is the point here.
  4. Don’t underprice yourself
    “Whatever you do, don’t create a commodity business…. Millionaire entrepreneurs are willing to start small and grow slowly, but they fully intend to make money.” Excellent point!
  5. If you’re prepared, even the most enormous icebergs won’t sink you
  6. Compete only with yourself
    “To excel in enterprise, you must be aware of your competition, but you can’t allow that awareness to steer you off course. Compete with your own best performance–be the lead dog your competitors imitate, and you’ll leave them with that rear view.”

[tags]entrepreneurship, business, millionaire, secrets[/tags]

Nate Ritter lives in the Pacific Northwest (U.S.), popularized the #hashtag and creates web applications for a living. He also does miles and point hacking to enable cheap travel for his family. More here →

4 Comments on "6 Secrets Millionaires Know and You Don’t"

  1. Dr. Artfredo C. Abella, Ph.D. -Baguio City, Philippines - UB says:

    I would like to mention six things that millionaires know and we don’t.:

    1. THEY KNOW HOW TO LEVERAGE ALMOST EVERYTHING ABOUT BUSINESS. They know how to use other people’s talents, ideas, money, resources including their goals and dreams in life.
    2. THEY BUY THE OWNERSHIP OF BUSINESSES AND NOT THEIR PRODUCTS. Millionaires believe that investing their monies in stocks and bonds affords them the acquisition of ownership of business firms and entities. Common people purchase the products of companies which drain their pockets instead.
    3. MILLIONAIRES ARE FRUGAL PEOPLE AND THEY KNOW HOW TO PAY THEIR OWN SELVES FIRST. Millionaires are people who simply know how to halt instant gratification for the greater price of investments and other income generating assets.
    4. THEY KNOW HOW TO BENCH MARK THEIR PRODUCTS SO AS TO WIN THE GREATER SHARE OF THE MARKETS. Wealthy people realize the power of benchmarking that means knowing how to get data whether the competitors have greater and superior products than theirs. They get statistics in the market and improve their products as to quality, price and utility. They know the power of benchmarking is the only way to have superior and greater share of the market.
    5. THEY KNOW HOW TO SHARE THEIR SPOILS AND PROFITS TO THE LABOR AND THEIR EMPLOYEES LOYAL TO THEIR INSTITUTIONS. Millionaires know the power of the labor, they realize that without their employees and their labor group their company will not succeed. They simply compensate their employees by providing them perks, increase in salaries and other non monetary benefits such as vacations, tours and giving them purchase of stock-options.
    6. MILLIONAIRES KNOW HOW TO WORK HARD BUT THEY ALSO KNOW HOW TO PLAY HARD. Millionaires believe that being rich means simply being happy. Hard work deserves a reward. After working very hard and earn lots and millions of dollars, millionaires do know how to use their money either for world tours, for donations to charitable institutions and churches or simply giving it to hospitals or for scientific researches to cure incurable diseases.

  2. nate says:

    Outstanding comment Dr.

    I guess I’ll have to title my next post on this subject the “12 things millionaires know and we don’t”. :)

    I suspect there’s probably many more things, but these are great. Thanks for the comment.

  3. Dear nate,

    I really appreciate your complements, in this challenging world I seldom hear such a melodious praise like what you have made. I really want to tell you from the bottom of my heart that I made a response to your site since I really believe you have the talents and intuition to become affluent one day. At an early stage of your years I could see the fruition and the dawn in you and that you could really make the difference in the financial world one day. My complements in you: continue to be the master of your own universe and be good to yourself and do not forget to be innovative. I hope there will be more Irish descent American lass like you who can find wisdom in making this ambivalent business world turned upside down. I yearn to see more of your business notions, precepts and concepts in the web. Kudos!

  4. nate says:

    Wow. I’m quite stunned.

    I don’t think I’ve ever heard such a compliment, myself. I think my mom used to say something like “you can do anything you want to in life” quite often, but I think you’ve just ousted my own mother for The Best Compliment Ever award.

    Thank you. I’m flattered.

    I would love to have your insight and outstanding comments in any other posts I’ve made within this website. Please, by all means. My site is your oyster. I love reading your comments. Not just for the flattery, but for your eloquence. It’s seldom we find such outstanding writing in this world as well (my writing included). I would love to read more of it.

    Thank you again!

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