Let’s be real. Not everyone can become a billionaire. At least being a millionaire is a more realistic goal.
It doesn’t mean you are limited to just that. It’s just that you need to think about making millions first before making billions.
Besides, being at least a millionaire is already difficult unless you do something illegal. While “investment” has always been the term, there is a misconception because people don’t understand the true meaning of it.
It could be money, it could be time, people, or most importantly, effort. That is what we are going to talk about right now.
Give yourself a raise and use these 4 Innovative Strategies to become a millionaire.
Find a problem to solve
Harvard business courses online call it “institutional voids.”
You can even use Mr. Bigweld’s slogan in the movie Robots; “See a need, fill a need.” There’s an amount of passion involved when you solve problems.
It’s human nature for us to solve problems already. Money shouldn’t be the goal though as it becomes secondary. The savings come in for each need filled anyway.
On the business side of things, you need to have the right timing too. You need to come in just when a certain business or market needs it.
Amazon was in the right place at the right time during this pandemic. They turned from being just an online shop to being the only shop open 24/7.
The same theory should apply to finding a problem to solve. Focus more on selling human needs than material wants. It makes buying your product a mere formality.
Look through industry trends
Industry trends are key in finding a problem to solve. You can have the most feasible business idea but if it isn’t an industry trend, it wouldn’t generate as much income.
Figuratively speaking, it’s striking when the iron is hot. You need to identify the gap wherein you can insert some retail investors for a certain product that’s going to boom.
If it’s already booming, you need to be in there during it’s early and middle stages because it’s in the latter part where prices may soon normalize hence, decreasing your margin for income.
Since you already found a need to fill, there’s no sense trying to figure out how else to solve it. You’ll need to pay heed to the industry that will solve it and make sure they do so long-term.
Most millionaires don’t really hit from a raw product or material, they’d rather add value on both ends of the company and get a piece of the pie for it.
Finding problems to solve and talking about industry trends are just words. Grabbing such opportunity is the action.
You’ll need to do that in order to make money out of those ideas. It’s also where the dirty work starts.
While you aren’t expected to do all the manual labor, grabbing such opportunity and leading the charge is still what’s going to generate the real cash flows.
It’s the concept to flipping cars and houses as well. They see a good finished product selling for less and they buy it only to sell it for more. That’s one example of opportunity.
Another is when you are able to add value to a company whether through current employment or a job opening. If it is being put on your lap, always say yes now and worry about it later.
One opportunity that most companies don’t grab on immediately is digitization. Most millionaires capitalize on that to cater to a wider audience since most people are already on their mobile phones.
A ton of opportunities already opened up in 2020 when the pandemic made a bunch of new industry trends. Most of those who invested time into building opportunities during the pandemic most likely have turned a profit by now.
A lot of self-made millionaires have helped others become a millionaire too through inspiring.
Not everyone has the means to fund them but some ideas are just so feasible that it can add value to a bigger business. That means a bigger profit share than what they are currently getting.
The millionaire mindset is always to lift other people up because if they help themselves, it can add value to your own ventures too.
You can take the TV show Undercover Billionaire as an example. How does a multi-millionaire or billionaire turn $100 into $1-million? Through inspiring innovation to those who want to help themselves.
Such practice was able to turn people who are broke and in debt into co business owners through a shared goal.
Steve Jobs didn’t know how to assemble the chipsets of Apple computers and iPhones but he inspired someone to make him a prototype using their knowledge. The same goes for most tech companies.
The only point here is when you inspire others to live up to your strengths, it will add more value to your business someday.
The bottom line
Being a millionaire isn’t as hard as it seems. You just need to play the contacts game rather than the money game.
You will need to use all these four tools into your arsenal as the whole world is your battlefield. Instead of fighting for survival, you are at war with your own personal limits.
Let’s be real here. Money is everything. Without money, you can’t buy food, pay electricity bills, medical care, or even taxes. Every material human need requires money.
Of course, you shouldn’t enter a certain venture blindsided by money. You need to pick a field and be passionate about it whilst living through your current means.
Rich people buy sports cars because their means are higher and sports cars are suddenly cheap.
If you only have 10 percent out of 100 dedicated to your livable means. You’ll have to find a way to either increase the 10% or the hundred percent.