It's More Than Just Money

I have a lot of people ask me about making money. How can they develop a 7-figure business? What's the angle? Do you have to be ruthless or take advantage of people to make it big?

Well, the answer of course, is a resounding "No".

The reality is, that any successful, long-term business must be about more than just the money. It must also be about people. You must solve a real problem, fill a true need or do something that is so new, fantastic or simpler or easier or better, etc. The bottom line is, to get your needs taken care of you must focus on taking care of others' needs. Your company's vision and purpose must be bigger than your own personal bank account to last longer than a flash in the pan.

A solid and firm vision statement, backed by passion and commitment, will be the catalyst and the glue that holds it all together in the tough times and the propellant to launch your company to higher heights in the good times.

One of the reasons people don't last in business longer than a few months to a few years is because they settle for a business, its nothing more than a glorified job, and when they paycheck isn't consistent or always what they expected, they close up shop and move on to the next new thing. There will always be a next new thing.

Another issue that many beginner entrepreneurs have is getting scattered in their business model. You must first have a core business and a map of how your entire business system works together. If one day you are selling cosmetics and the next you are doing super-juice and another you are pitching telecommunications, then perhaps you are working more for the money than your customers. And this slef-first strategy will not last over time.

The time, energy and efforts that are invested in a business up front to learn it, to grow personally, to practice, to fail and to succeed should be viewed as going to school to get your education. It's really not until the 3rd, 4th and sometimes 5th year before you really can "graduate" and get that solid foundation of knowledge, expertise, team and systems established - that you can begin to really go BIG.

So stay focused on your goals. Commit to your business for at least 3-4 years. Learn all you can. Practice. Serve others. Be sure that you can endure the tough times and be wise with your profits in the good times. Have a plan for all scenarios, and work that plan. If you can't endure "the dip" as Seth Godin calls it, then don't even begin the journey. Enjoy the process and the relationships, and stay steady and consistent with your work, even when it's not convenient for you. Then you will have what it takes to make the money you need and want, while helping people. That's a 7-figure business mindset.

Barry Elrod, The Mentor to Millionaires
Stealth Wealth Partners, LLC
Chicago, IL