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THE INC. LIFE

What Separates Millionaire Entrepreneurs From The Rest Of Us? Hint: It’s Not What You Think

Knowing the “what” is not enough to thrive in business.

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BY Tommy Mello - 07 Jul 2018

What Separates Millionaire Entrepreneurs From The Rest Of Us? Hint: It's Not What You Think

PHOTO CREDIT: Getty Images

If you are an entrepreneur fighting your way to the top, one great approach to rapidly growing your business is to learn from multimillion-dollar business owners who've been there, done that.

At the end of the day, who doesn't love a shortcut?

But there's a trap in this approach that most people don't realize.

Simply copying their strategies and tactics alone won't work. You need to first understand the mindset behind what they do.

I'll tell you, I see people making this mistake all the time. They discover that the big dog of their industry generates 80% of leads using Facebook ads. So guess what they do? They copy their ads and expect it to work.

After spending a few hundred bucks and not seeing any results, they turn their ads down and never touch it again. "I always knew that Facebook ads don't work for my audience." Seriously?

What those folks don't understand is that the guys who made it work for them have a completely different mindset. They focus on learning and experiment with several different variations until they find the one that works.

You see what I mean? It all comes back to your mindset.

Now, I've recently interviewed several multimillion-dollar business owners in my podcast, and I sat down with my team to analyze how these successful entrepreneurs think differently.

Here are three key mindsets that you can copy:

1. Put all your eggs into one basket

The average entrepreneur tends to struggle with what's known as Shiny Object Syndrome. They try to do everything at once -- we're talking multiple product lines, income streams, and business opportunities.

Millionaires, on the other hand, put all their eggs in one basket. They give the current project they're working on their 100% -- no ifs, ands, or buts.

I'm not going to lie - I fell prey to the Shiny Object Syndrome back when I first started my company, too. I thought that the best way of making money was to sell whatever my clients needed -- as long as they were willing to pay, I was willing to do the job.

One day, I was talking to a successful business owner, and he told me to stop running around like a headless chicken and to focus my attention on a single project. I took his advice, and my revenue shot through the roof.

2. Look for the root of your problems

Here's another way in which successful entrepreneurs think differently...

They look past the superficial and focus on the root of their problems -- this helps them solve their problems with ease.

When I encounter a problem, for example, I like to use the 5 Whys technique to identify the underlying issue. This is pretty simple; all you need to do is to ask "Why?" 5 times.

Say you're not hitting your quarterly revenue target.

Why? Because you don't have enough sales.

Why? Because you don't have enough leads.

Why? Because the marketing team hasn't generated enough leads.

Why? Because the marketing team is unaware that more leads are required.

Why? Because there's a lack of communication between sales and marketing.

Bingo -- you've now gotten to the root of your problem.

3. Progress over perfection

Last but not least, the average entrepreneur aims for perfection over progress, and they feel as though everything has to be in place before they make a decision.

On the other hand, successful entrepreneurs are comfortable with moving a project forward even when the conditions aren't perfect. They'd rather try and fail (and learn something in the process), rather than not give it a shot.

One of our coaching clients, unfortunately, is one of those guys who's trapped by his own need for perfection. He's making 7 figures per year, which is a great start -- but because he's obsessed with getting things perfect, he's become his own bottleneck. This guy's business has since stagnated, and unless he changes his mindset, he won't be able to grow.

As entrepreneurs, we typically look for tangible solutions that we can implement immediately. But keep this in mind: at the end of the day, it's how you implement these strategies and work past your challenges that determines if you succeed or not. Remember, it's all about the mindset.

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