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How To Become a Millionaire

Updated on March 17, 2014
Michael Dell
Michael Dell | Source

Do Something That You Really Love and Passionate About


At age 12, Michael Dell earned his first $1000 by selling stamps and newspaper subscriptions for a newspaper company called Houston Post. Later, while he was still attending University of Texas, he started computer business selling personal computer directly to consumers, at prices much lower than retail stores. He became a millionaire when he was 19 years old. He then dropped out of university to focus on his business. Five years later, his company, Dell reached revenue of $258 million. As of February 2012, Forbes estimates Dell’s net worth at $15.9 billion.

In an interview with Academy of Achievement, he advised the young entrepreneurs: “You’ve got to be passionate about it. I think people that look for great ideas to make money aren’t nearly as successful as those who say, ‘OK, what do I really love to do?’”


Steve Jobs
Steve Jobs


The beauty of doing something you really love is : you will love to do it with all your heart, putting in your best effort, and persevere despite hardship. The success rate is much higher than doing something that you do not have passion for.

Steve Jobs have such strong impact on many people life. His innovations have changed nearly every aspect of computers, movies, music and mobile industries. He once said, "People with passion can change the world for the better." Another time he was asked about the advice he would offer to the would-be entrepreneurs, he said, "I'd get a job as a busboy or something until I figured out what I was really passionate about." That's how much passion meant to him. Passion is everything.


Brain Storming

Now, finding something you have real passion and love to make or do can be quite a mind-boggling task. This step can be your major stumbling block to overcome, and you may find yourself giving up the idea of becoming a millionaire. You will be thinking that it is just too hard. Well, don’t think too much or too hard. Have a brain-storming session, write down as many possibilities as possible. When you have the list, go through the list, and start planning the business for each item listed. Consider the investment cost, the source and availability of the materials, the product manufacturing process (if applicable), then decide on the selling price, and finally think of all the marketing strategy. As you go through this process for each possible item that you have listed, cross out the least feasible business, and narrow down your list to one or two. Don’t worry too much over whether your business would be successful, since it is your first venture. You can always try again if it didn’t work out well. No millionaires in this world succeed in their first business attempt. The success will only come when we persevere, work hard and endure till we reach our target.


Start Small

If this is your first attempt to open up a business, to avoid falling hard, make sure that your investment is small. Don't put all your eggs in one basket. It would be good to have some backup in case the business did not turn out well. When success pours in, expand your business. In another word, think big, but start with small steps. Small step or small target is also easier to achieve, and small success is a great motivation to move forward.

Cameron Johnson
Cameron Johnson

Cameron Johnson became a millionaire before he finished high school. He started his first company at 9 years old, making greeting and invitation cards from his home using his own computer. At age 12, he made $50,000 a year selling Beanie Baby Collection. He launched a dozen of websites before he reached 20 years old, making millionaire of dollars. Cameron is always interested in making money, and he can sell anything placed in front of him. His advice to young entrepreneurs: "Put yourself out there. Get started, do something and start small. The lower your startup costs, the easier it is to find profitability. Create value for others, and you'll be rewarded."


Find Out Why Other Businesses Fail

Michael Dell, Cameron Johnson and Steve Jobs must be lucky to be millionaires, you may think. Well, partly. There are many reasons why some people fail in their business ventures. It would be a good idea to find out these reasons and avoid it before it happens to you, wouldn’t it ? Learn from others and you will be better prepared. If you google the internet, you can read many business failure stories. Write down all the pitfalls and things to consider and be mindful of them when you start your business. It costs less when you learn the mistake before you make it than after you make it.


Simple Rules to Successful Living in Life

Success in life is simple. It is not easy, but it is simple. People make it complicated. Not everything, but many of the most important things in life that we need to know we have learnt it in kindergarten. These are the simple rules to lead a successful living in life :

1. Take time to dream. (Many great achievement and notable invention started with a dream.)

2. Think often and think deeply.

3. Don’t be afraid to try. Take the first step, then the next step. If you fail, try again.

4. Treat others the way you would like to be treated.

5. Be generous in using the word “Thank You” and “Please”

6. Greet each day with a smile. Think happy thoughts, do happy deeds.

7. Never argue with the idiot. Never wrestles with a pig, you will both get dirty.

8. Make a commitment to excel in whatever you do.

9. See problems as an opportunity than obstacles.

10. Love life ! Have fun in whatever you do.

Always reach for the sky. If you miss, you will be among the stars.

Copyright

The text and all images on this page, unless otherwise indicated, are owned by Ingenira who hereby asserts her copyright on the material. Permission must be granted by the author in writing prior to copy or republish this article in print or online. However, please feel free to copy the first paragraph with a link back to this page. Thank you.

© Ingenira

Comments

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    • SavioC profile image

      SavioC 

      4 years ago

      Loved your article specially the "Simple Rules to Successful Living" . Thanks for Sharing.

    • Ingenira profile imageAUTHOR

      Ingenira 

      5 years ago

      thank you, weightlossgossips.

    • weightlossgossips profile image

      Lisa Joshua 

      5 years ago from Singapore

      Very inspiring article thank you

    • Ingenira profile imageAUTHOR

      Ingenira 

      6 years ago

      Thank you, AliciaC. Appreciate your kind comment.

    • AliciaC profile image

      Linda Crampton 

      6 years ago from British Columbia, Canada

      Thanks for the interesting and inspiring information, Ingenira. Anyone who's thinking of starting a business will find this hub useful!

    • Ingenira profile imageAUTHOR

      Ingenira 

      6 years ago

      Thank you, Scribenet for your lovely and wise comment. A good one !

    • Scribenet profile image

      Scribenet 

      6 years ago from Ontario, Canada

      Walt Disney was also a person who did what he loved and persisted with his vision through thick and thin.

      Maybe not everyone has such far-reaching vision but we can all certainly light the world with our individual talent. Certainly there is potential wherever there is passion and effort. Being prepared is definitely the only way to begin...

      Very inspiring Hub, Ingenira!

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