Those who are successful in business often attribute their success to a number of key factors.
And in most cases, they align with what many other men and women have named as being integral to their own success.
Melbourne-based entrepreneur, Erin Henry, 27, runs online strategy and coaching business, The May Collective, and in just 10 months, made a staggering $100,000.
Melbourne-based entrepreneur, Erin Henry, 27, runs online strategy and coaching business, The May Collective , and in just 10 months, made a staggering $100,000
‘It’s really powerful to understand the belief systems and habits to the people you aspire to be like,’ she said
Throughout this time, the dedicated business coach spend a lot of time researching the key habits of successful people and millionaires and found that many of their key habits were similar across the board.
It’s really powerful to understand the belief systems and habits to the people you aspire to be like and really find ways to recreate those habits and beliefs in your own life,’ Ms Henry said in a recent YouTube video.
‘I’ve done a lot of research on the millionaires and really successful people that I aspire to be like and I have pulled together the habits that are pretty simple for you and I to start implementing that I know will help you achieve more success.’
‘I’ve done a lot of research on the millionaires and really successful people that I aspire to be like and I have pulled together the habits that are pretty simple for you and I to start implementing,’ she said
1. COMMIT TO 30 MINUTES OF EDUCATION PER DAY
According to Ms Henry, this habit is one of the most important ones to adopt.
‘[Do this] particularly through reading but there are also other sources like podcasts, sources, YouTube videos, documentaries, webinars and audio training,’ she said.
‘There are so many ways you can educate yourself but millionaires really do make sure that they are forever increasing their knowledge – particularly of their certain area but also of other areas that influence their success like money, real estate and relationships.
‘You have to be ever-increasing that knowledge.
Right from today, pick yourself up a new book or start a new series or whatever it is but make a commitment and schedule in your diary a time when you can listen and absorb new information.’
‘There are so many ways you can educate yourself but millionaires really do make sure that they are forever increasing their knowledge,’ Ms Henry said
2. FOCUS ON NURTURING RELATIONSHIPS
Ms Henry is a huge advocate of networking and said no matter what business you are in or however you are trying to succeed, other people and situations and clusters of like-minded individuals will help to propel you much further.
‘Really it’s all a people game and everything in life is an interpersonal thing unless you are meditating or spending time alone,’ she said.
‘Any area you want to have success in, other people will heavily influence that.
‘Surround yourself with like-minded individuals who by default make you increase your own gain. Network with people on Facebook groups, go to networking events, make friends and put yourself out there.’
‘Really it’s all a people game and everything in life is an interpersonal thing unless you are meditating or spending time alone,’ she said
3. WAKE UP EARLY
A commonality among so many entrepreneurs and so many successful people is that they really do value that first part of their day.
‘Cognitively we actually are more alert and more productive and our decision-making capabilities and our creativity does decrease throughout the day,’ Ms Henry said.
‘So when you are trying to be successful at something it’s more likely that you will more better equipped to do stuff to take big quantum leaps early in the morning.
‘Also starting your day off with a morning routine and putting yourself in a peak state in the morning is going to help you achieve more throughout the rest of the day. ‘
‘Cognitively we actually are more alert and more productive and our decision-making capabilities and our creativity does decrease throughout the day,’ Ms Henry said
4. DO NOT BUY DUMB STUFF
According to Ms Henry millionaires ‘don’t buy dumb stuff’ – ‘they don’t spend, they invest’.
‘Yeah you might see them with nice cars but that’s all an investment in the quality of their own life,’ she explained.
‘What I’ve found is that people who are really successful and people who are really well off with money is that they don’t waste their money on stuff they don’t need.
‘They are a lot more cautious with their purchases and they are a lot more – I wouldn’t say frugal – but they understand how any particular purchase is going to increase the quality of their own life.’
Ms Henry said successful people don’t spend money for the sake of spending money.
‘What that looks like for a lot of people is going out on the weekend and drinking, going out to clubs and paying $30 for entry, buying clothes you will wear once or buying make up just because it’s a hype product,’ she said.
‘Really take an objective look at what you are spending your money on and if a lot of it is depreciating in value and really isn’t going to get you anywhere in life, then maybe it’s time to reassess where your money is going.’
5. HAVE MULTIPLE STREAMS OF INCOME
It’s very important that aspiring entrepreneurs have more than one income stream.
‘If you are an entrepreneur and you are trying to become a millionaire or if you are trying to have a six or seven figure business, it’s really important that you focus your efforts on building out your business model and not just having one product,’ she explained.
‘You need to have multiple sources of income and multiple ways you can make money.
‘For me in particular I now have courses, I do offer some mentoring, I will do a mid year mastermind and I am booking some speaking gigs.
‘I have lots of different ways that I am able to make money now – of course I didn’t start with those but they have built out over time.’
Ms Henry shared more key habits of millionaires on her YouTube channel, found here.
It’s very important that aspiring entrepreneurs have more than one income stream