You have probably read a few books, or listened to motivational speakers telling you how easy it is to become a millionaire. You might even have a good job, or a perfect business idea, but your bank balance or asset portfolio is yet to hit the magic number. What could be wrong?
Below are some simple, yet serious reasons why you are yet to reach your goal
Being Too Realistic
Maintaining some degree of realism is part of every success story – you can’t expect to build a whole estate with your first month’s salary when you get a job. However, being too realistic is what really holds people back. Most people look at those around them and decide how successful they can be based on what the others have achieved. For instance, someone might overlook a project because someone with more resources tried, and failed to carry out the same project. The argument in this case being “if so-and-so with all his money, and experience tried this and ended up making losses, how do I expect to turn a profit from the same venture?”
Such a project might still work for you because times have changed, or because you have some different trait that the other person did not have that will favor the business.
Caring Too Much About The Prevailing Situation
Have you read that story about Frederick Smith, the founder of FedEx who gambled to keep his company afloat when facing bankruptcy? Apparently, the company only had $5000 in cash but needed more to fuel its trucks and planes yet no one was willing to lend them more money. So smith took the $5000 to Vegas, played over the weekend and by Monday, the cash at hand had appreciated to $32,000. This was enough to buy fuel for a few more days.
How many of you would dare to gamble the last coin you have when facing bankruptcy? What this success story shows is that sometimes you have to ignore your current situation to succeed. Remember, even if Smith had held on to the $5000, his planes wouldn’t have flown without fuel. So even if he lost the money gambling, his situation wouldn’t have really changed.
It’s a fact, new ideas create more millionaires than the tried and tested ideas. I won’t even waste time giving you examples because they are too many. However, most people will ask “how many people are doing this?” if the answer is no one, they will not want to be the first. If you are in this category of people, please note that if you have to wait until others have tried something, then you will always be facing competition whenever you try to do something making it very hard for you to reach your goals.
This however does not mean that every new idea is good – most are actually total crap. What you should do is analyze every idea to find out whether it is worth trying. This is what experts call SWOT analysis. In simpler terms, ask yourself why you think you will successful, and in case you are not successful, what are you really going to lose. You might lose money, your reputation, or both.