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What I Have Learned From Losing $1000.000

Reaching that first million, keeping that first million and continuing to make more money afterwards isn’t easy.  I bought expensive houses and fancy cars, because I hadn’t adjusted my mindset to prepare for and be a good agent of that amount of money. I quickly blew through the cash.

I prefer to share with you my lessons so I hope you don’t have to repeat my mistakes.

To make and keep more than $1 million requires you to focus on key strategies. These strategies include preemptively adjusting your mindset, becoming good at spotting trends, providing customer service and making strategic alliances.

Related:

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1. Adjust your mindset and  discretion.

mindset

Ask yourself what you’ll do with it once you have first million before you make that money,  Adjust your mindset beforehand and have a plan  is very important for what percentage you’ll spend, save and invest.

Build a plan your research shows can yield more than $1 million, because nothing in life goes exactly according to plan.It is halfway to reaching your goal, start implementing your money plan. With the percentage you invest, will it all be invested in your company or other investments also?

As you get about 80 percent of the way there, re-evaluate what you really want, because the situation changes after you earn your first seven figures. I quickly spent and lost my first million because my mind wasn’t prepared the first time around,

2. Always develope opportunity.

 online store

You should keep your eyes peeled and your ear to the ground for the next opportunity to expand your company. Where’s the money, where’s the next revolution, where’s everything moving toward? Continue to hone your skills at more quickly figuring out who has the background, budget and willingness to buy from you or help expand your company.

Too many people get caught up in the long-term opportunities sacrificing everything today. I’m willing to sacrifice 30 percent or 50 percent today for the bigger long-term opportunity but I won’t sacrifice 90 percent.  Your mindset need getting some money today. It’s important for your well-being and continued ability to stay in the arena  

3. Develop a spotting-trends radar.

Where is the money flowing? How do we find the money? You may pay attention to social media, economic shifts, hot new trends and what’s in. Check here to know How to boost your startup store with social media 

One mutually beneficial way I do this is by mentoring young entrepreneurs. I observe new trends they’re high on. They benefit from my business experience. If you choose this path, your mentoring benefits them and their trendiness can be invaluable to you.

4. Create strategic alliances.

trust

Working with fewer people who pay you less than a ton of people who pay you more. Ally with people who support you and have your back, those who don’t let money be the sole driver of the relationship. The way to earn trust and deepen these relationships is through mutual respect. Identifying and creating strategic alliances is another thing my company has done well from the start.

5. Practice customer service.

customer

You should always look at the bigger picture to improve your business. In addition, take care of your customer’s needs, answer their questions and use live chat to support for them. So you Want to boost profits your online store? Try those 6 live chat tips

Legendary customer service is rare these days so it’s a neglected way you can stand out above your competitors.

Allow people to understand who you are. You need respond to their questions quickly so they’re confident that’s how you do business and will continue to do so in the future. They’ll keep spending their hard earned money with you because of this. This is one thing I did get right throughout my entrepreneur life.

6. Build smart.

build

The final thing that fostered my success was my intention to build a quick and clever company that could adapt in this crazy modern world. I find mentors who had already achieved what I was looking to do and followed their advice.  

Next, boost a culture in your team that encourages failure because you’re reaching for big ideas. Learn from those failures and underline to each of your team members that the main goal is co-creating opportunities together. This builds trust that you’ll have their back during tough times and they’ll do the same for you.

Remember to act with knitting while funding on where money is flowing. Invest in yourself and your team, because making $1 million or more is a team sport. Adjust your mindset so you’ll be ready for the big dollars. Plan how you’re going to use that first million to lengthen your growth and your company’s growth. Finally,  enact a plan your research shows can expose more than $1 million, then you won’t be upsetted if you fall a little short.

 

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