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25 Things You Absolutely Must Do To go From Nothing To Self-Made Millionaire Within The Next 7 Years …

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I came across this interesting article by Bob Bly. I have added my comments in italics.

THE 25 PRINCIPLES OF BUSINESS SUCCESS BY BOB BLY:

  1. Have a definition of success.
  2. Live below your means – with occasional exceptions.

A good book to read about this is the Richest Man In Babylon

  1. Learn a money-making skill that will pay you at least twice the national average income.

Currently the national average wage in Australia is $65,000 (March 2010 figures). To earn double this my suggestions for well-paid skills include: Sales, marketing, copywriting, computer programming, public speaking, writing.

  1. Improve your level of skill or the demand for your skill until you are paid twice as much — $200,000 a year.
  2. Set a financial goal of a liquid net worth of $2 million excluding primary residence by age 50.
  3. If you are going to have children, have them young.

Not so sure about this one – I’m 40 now and I enjoy spending time with my young son very much.

  1. Assign a dollar value to your time and outsource everything you can, except what you are great at, to people who charge less than your hourly rate.

This is very important! Most small businesses I work with try to do everything themselves and work 60 hours (plus) per week. I usually initiate a program to delegate more low-skill level tasks to other staff (and external contractors).

  1. Learn how to negotiate win-win deals.
  2. Be a specialist, not a generalist; focus on core skills, markets, areas – three maximum, no more than that.
  3. Micro niche
  4. Become an information junkie and be sure to read in “adjacent areas”
  5. Modelling

Don’t re-invent the wheel. Another word for modelling is mentor. In almost every business situation – someone has been there, done that – find out who they are and learn from them.

  1. The Real McCoy Strategy

Not sure what Bob Bly is referring to about ‘The Real McCoy Strategy’ here.

  1. Don’t lower price; add value
  2. Do things that are important but not urgent
  3. Little details count
  4. Achieve balance between 4 success factors
  5. Attitude of gratitude
  6. Understand the best and worst investments you can make
  7. Do something you love
  8. Stop trading hours for dollars
  9. Stop making excuses
  10. Understand Robert Gibert’s success formula : SWL + SWL = SW
  11. Put it in writing
  12. ACTION

Lots of great ideas here – how many of them can you work towards this year?

About us. I’m Mark Fregnan, founder of Kinetic Media & Marketing, an Australian consulting business that focuses entirely on making our clients MORE PROFIT WITH LESS EFFORT. We understand the financial and time pressures felt by small business owners especially in the new world economy. We rely on our proven marketing and business strategies along with smart systems to produce and maintain a healthy increase in sales and profit for our business clients.

Article originally published: May 5, 2009 by . Updated: January 3, 2011.

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