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The 5 mistakes standing between you and your first million

Don't let these mistakes prevent you from becoming a millionaire.
By Peter Voogd |

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Creating a seven-figure business online was improbable 10 or even just five years ago, but as technology improves globally, there are more seven-figure earners than ever before. With the technology, resources, mentorship, research, and information available it’s becoming easier than it has in the past. Sadly, most still won’t reach the seven figure annual mark.

 

Why? Learning is not the problem for most people, and lack of information surely isn’t the problem, as there is more than ever before. It’s the lack of real awareness and consistent study of the right information, mixed with inconsistent execution and implementation, that holds back the most. You don’t just listen to something then remember it. There are a lot of reasons why most won’t reach seven figures, but here are the top five.  

 

 

1. Most focus on perfection, not experiments.

Test all your crazy ideas. No matter how crazy they sound, try them out. Find out which ones work, then optimize how effective they are. Test all variations of that idea. Find out which variation works best. Ideas are nothing until executed and proven.

 

Related: 4 smart money habits to help you earn your first million dollars

 


2. Few thoroughly think things through.

One of the biggest missed opportunities for entrepreneurs is not preparing for, or pre-determining what, they want. Truly productive people know the result they are after and maintain acute clarity on it. Plan your long-term strategies before you plan your tactics. Strategy shows where you plan on going, who you want to be and what types of clients you want to attract. Tactics show how to get all of your strategy accomplished. You don't have a real strategy if it doesn't pass these two tests: that what you're planning to do really matters to your existing and potential customers; and second, it differentiates you from your competition.

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3. Most never learn intelligent delegation.

Your team must be value based. If somebody can do something 80% as well as you, they should be doing it. When you delegate a task, make sure the person you’ve hired has clear and defined roles. Most entrepreneurs hire very fast, but fire very slow. It should be the opposite. Hire slow, fire fast.

 

Related: The critical lesson of letting bad employees go

 


4. Most are making the wrong trades.

Focus on the power of leverage and how to create consistent income without trading time for money. There are many possibilities—investment properties, membership sites, angel investing, building an online empire, partnerships, affiliate marketing, different types of programs, etc. Take some time to really analyze if you're maximizing your time. If you are trading time for money, make 100% sure it's an intelligent trade. If you want to make more money, become more valuable. It's as simple as that.

 

 

5. Most are ego focused instead of customer centric. 

Do you really understand at a deep level what your customers want? Those at the seven-figure mark have a monomaniacal focus on this. You must realize that the likelihood of the marketplace responding because you want something is non-existant. It's about them, not you. Your customers are marketing geniuses, so make sure you do your due diligence. Find ways to survey them, or talk to them about their needs, wants, desires, passions, concerns etc.  Customers want a fun and personal journey through all points of engagement. Do you deliver? 

 

Related: 9 common mistakes made by new entrepreneurs

 

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Copyright 2015 Entrepreneur Media, Inc. All rights reserved.
This article originally appeared on Entrepreneur.com. Minor edits have been done by the Entrepreneur.com.ph editor.

 

Photos from Freedigitalphotos.net (Ambro and David Castillo Dominici)

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