This was a question I was asked on Quora. Here is my answer:
You Can Be A Millionaire
I will answer your question first, which is the hardest way to be a millionaire and then I will tell you the much easier way. Last, I will then tell you one more way.
Hard Way-Do You Constantly Think Of New Ideas
If you don’t naturally think of new ideas, it will be extremely hard. Most inventors are not rich, but they have many ideas, hundreds or more. Some are good and most aren’t. But they don’t even have to try, their brain is just wired to see it. The problem is they don’t know how to develop them. Plus before they get one idea flushed out, they have another idea. Focus is tough.
Read the books on how to generate new ideas. There are no new ideas, just tweaks on old ideas anyway. I suggest you read Borrowing Brilliance, this is a very good book on changing your perspective on how to generate new commercial ideas. For the grinding, making lists, asking people, read problems before you go to sleep and then write down answers when you wake up-then read How To Get Ideas by Jack Foster. Plus I agree with the list in the post below.
10 Books to becoming an Idea Generating Machine
Easier Way-Start a Tried and True Business
Look for things that work and make a small change, often the change can just be branding and marketing. I strongly suggest you read, One Million in the Bank: How To Make $1,000,000 With Your Own Business,Even If You Have No Money Or Experience You don’t need a new idea, you don’t need your own money, and there is lots of free help.
Be The Guy With The Money
If you learn how to raise money and start your own company that invests in new ideas, now you just screen deals. You now will be involved in as many new and innovating ideas, products, and services as you like. You never had to think of a single one. Since 9 out of 10 may fail, you also push the risk onto the inventor. Your risk is very small. If you raise money to do this, your actual risk is zero. Of course, you have some reputation risk.
You don’t need as much money as you think, you can get a piece of many startups for a song, $10,000 or $25,000. Plus you can always raise the money deal by deal if you want. There are many ways to structure this. One Million in the Bank is good to help you learn how to raise the money. Here’s a good started article on starting a fund What Are The Steps To Starting A VC/Angel Fund? Keep in mind there are many variations on this, now that you understand you can do this, start looking into it.
How To Write a Book (Guaranteed)
Many surveys show almost everyone would like to write a book, 80-90 %, and get published. Most will never do it, but could. Here’s a great way to get started? Write a page every day of 250 words and in one year you will have a 365-page book. That is 91,250 words in one year. It may not be a very good book, but that is fine for now. I never looked for a publisher either, I self-published.
Writing A Novel
The recommended size for a novel most publishers would agree is 80-90,000 words. I am writing one now, I am at 48,000 words and writing 1,270 words a day. I wanted to get a completed first draft done in 2 months and I am on track. If I don’t get 1,270 words written every day, I still try to write something and make up for low count days by going over on other days.
My first book was a business book, and that is a different experience. But my novel is so very exciting. I am always thinking about the plot and the stories in the novel. My wife thinks I am losing my mind, as I forget to do something or give the wrong response to a question. The truth is I am deep into distraction, thinking about how my main character is getting in and out of trouble.
Writing a Business Book
A good size for a business book I have found for me is about 50,000 words. It takes much, much more research. It is more difficult because you want to say something meaningful and useful to people. Novels are about entertainment. But there is a better market for a business book and you can charge a little more. It took me two years to write and publish One Million in the Bank. It also took me two years before that to get on track to even find the topic and inspiration to start that book.
How I Got Started
First Book Attempt
I first tried to write a book in high school. I had a pencil and notebook paper. It was a war story and looking back I did not have the experience to write that book. But I never got very far anyway. Writing a book with pencil and paper was hard and I was only 16 years old. Over the years I have tried again and again, but never got very far, then it happened.
365 Page Book
I call it my “365 Page Book.” What I wrote about was everything in my life? I wrote about my childhood, West Point, the Army, everything. It is easy to write about yourself and make them small chapters 1,000 words unless you feel like letting it flow, then let it flow. Make an outline, like for me, “Fishing with My Grandparents,” “Saved my brother”, “Getting accepted to West Point,” and any and all stories you can think of. The big events will be easy to remember but write about the little events too. This will get you in the habit of writing with very little stress. As a bonus, it will be a good chronically of your life for your family. This is not a daily journal. It is your life story.
Finding Your Book Idea
While I was writing this, I kept trying to think of an idea for my real book. I started a few pages many times even a 15,000 word start on a novel, then got stuck (I can tell you how to never get stuck too, maybe later.) Then I thought I found it, I was 30,000 words in a Goal Setting book. My adult lawyer son read it and made the comment, that there was nothing new in my book and needed stories. So I set it aside to start over but decided to interview someone and get a story. So I got my first story, by interviewing a plant nursery business owner. Wow, what a story. He made himself a millionaire from nothing. That was the beginning of One Million in the Bank and it lead to 7 awards.
Advantages Of Writing A Book
First, it will probably not make you any money. But it could, so you can dream. Even if your book doesn’t make money, there are substantial rewards:
1. People will think you are pretty smart and give you more respect than you probably deserve. I am amazed, people will say “I never meet an author before.”
2. If you have a business, even a very short book can greatly enhance your status as an expert in many ways.
3. You will feel a huge sense of accomplishment. It will make you feel very good and give you bragging rights.
4. For my business book, I learned so much in writing my book. It made me feel young and invigorated.
5. For my novel, it is exciting and often a surprise to see how you can be creative with your characters. Plus I am learning about the craft of writing a novel. Again it is invigorating.
6. With just a little luck you might make some money, but the odds are against you.
Get Started Today
Pick a favorite memory and start writing about it today. Seriously, do it. And if you quit or miss a day, feel no guilt, just pick it up where you left off. Good luck!
Related from my blog:
One Million in the Bank-Starting My Book
“Live as if you were to die tomorrow. Learn as if you were to live forever.” -Mahatma Gandhi
“Fortune sides with him who dares.” -Virgil
“It takes as much energy to wish as it does to plan.” – Eleanor Roosevelt
“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb
“Even if you’re on the right track, you’ll get run over if you just sit there.” – Will Rogers
Do Something Now Today
I am sure you personally are the go-getter and living your life to the max. But to everyone else, you can do more. We have many constraints on our daily life, but most are self-imposed. Write down the few things you really want to do in life, big things. Start today!
I almost always start with a book or two or more to give myself a good background in anything new. Then I like to ask others who have been there before. And if you don’t know where to start, then get a book on how to start.
The Ripple Effect
There is so much potential in the world. If everyone did a little more just to improve themselves the ripple effect would be overwhelming. There are probably other books on this, but Connected by Nicholas Christakis is a very good book discussing this.
“Just as ripples spread out when a single pebble is dropped into water, the actions of individuals can have far-reaching effects.” – Dalai Lama
Be a millionaire?
No, you don’t have to be a millionaire or have that goal to have a tremendous impact in the world. But if you want that I guarantee it is within reach. There are many ways to become a millionaire, but starting your own business is the overwhelming way self-made people do it. You might check out my book. Good luck!
Michael L. F. Slavin Author of 7- time award-winning One Million in the Bank: How To Make $1,000,000, Even If You Have No Money Or Experience
Quotes and Comments
The quotes are great, but to be consistent with my message, each has a comment. I am looking at the quotes through the lenses of my book, One Million in the Bank: How To Make $1,000,000 With Your Own Business, Even If You Have No Money Or Experience. The goal is to start a business and to be a millionaire in 3-7 yrs.
1. “As long as you’re going to be thinking anyway, think big.” –Donald Trump, The Trump Organization President
Comment: Nobody can argue about thinking big, but what is big enough and what is too big. Most people get a little paralyzed when they think too big. Break it into manageable steps and get started doing something.
2. “Chase the vision, not the money; the money will end up following you.” –Tony Hsieh, Zappos CEO
Comment: It worked out for Tony Hsieh, but this does not work out for most people if their goal is to have at least $1,000,000. Plus we are not talking about a world changing idea. If you have a great vision, that has economic value, and you execute a good plan, then the statement is likely true. But most people would be better off following a solid business plan and making sure the consideration of money is a big part of the plan.
3. “The way to get started is to quit talking and start doing.” –Walt Disney, Co-Founder, Disney
Comment: Yes, Yes, Yes! You must always error on the side of action. Do something today. Start a business plan, or just get a book on how to start a business plan. Sign up for SCORE.org or sbdc.gov courses or anything, but take action.
4. “Any time is a good time to start a company.” –Ron Conway, Noted Startup Investor, SV Angel
Comment: This is so true. You may be waiting for the perfect time, but the perfect time is NOW! A solid business will make it during any economic environment.
5. “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” –Richard Harroch, Venture Capitalist and Author
Comment: This is always true. But if you do not need a lot of money, $1,000,000 or less, it is not as hard as one might think. I tell you how to find that money through undiscovered investors in One Million in the Bank.
6. “Whether you think you can, or think you can’t — you’re right.” –Henry Ford, Ford Motor Company Founder
Comment: This speaks for itself, but all boils down to confidence and determination. You can do more than you think you can do. I guarantee it. Read my book for the how, but I also recommend Grit by Angela Duckworth and The Willpower Instinct by Kelly McGonigal. I have more recommendations in the back of One Million in the Bank.
Quotes are Fun
Quotes are fun, but use them as inspiration. Pick one of the above and work on that message all week, then pick another one. Baby steps can really make you a millionaire.
Create an Opportunity
You can make millions from other people’s ideas.
What if you just can not think of a tried and true business to start and make your $1,000,000 in 3-7 years? You could try what Gabriel does, but it takes some skill. Gabriel has a unique business model that he calls a Business Incubator. His website can be found at www.TechStudios.net. This is not to be confused with a traditional business incubator where startups usually move into a shop. In this setting, they have mentors and peers to help them to try and grow their business idea. Gabriel does it all for you, he takes your idea and flushes it out.
Often, people have a business idea but they don’t know how to start, how to get the money, or more often just does not have the time. Gabriel will get the company started and tested. He will put the plan together, assemble the team, find the means to finance the operation and run the company. He will be paid a fee for this. Besides his fee, he usually retains a small interest if it is bought back by the idea generator. His company motto is “Ideas taken to execution.”
He will negotiate with the original idea generator a buyback agreement before they start. The idea generator can buy it all back later if he wants the whole company or whatever they have negotiated. In one sense this is a variation on asking your friends for ideas, except he lets clients bring ideas to him. Plus he gets paid to develop their ideas.
Be Sure It Can Make You a Millionaire
If it is your idea or if you develop someone else’s idea, be cautious to not just do anything to make money. Do things that lead to making enough to make you a millionaire. Decide on a business that will have the kind of cash flow and net profit needed. The goal is to make you enough to save $1,000,000 in 3-7 years. Do your research, make a business plan and get advisor help. Of course, you may need partners for the money to start and grow your idea. But a good plan and your own confidence can get you the money you need.
You can also find your way to the door of opportunity.
In my interview with Gabriel, he agreed with me wholeheartedly. Gabriel said that almost any business can get you to $1,000,000 with good execution, sales, and marketing. Get your head in the game…………..start your planning today to be a millionaire in 3-7 years.
Get the Book
Michael L. F. Slavin Author of 7- time award-winning One Million in the Bank: How To Make $1,000,000, Even If You Have No Money Or Experience
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