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How do I acquire the millionaire mindset?

How do I acquire the millionaire mindset?
How do I acquire the millionaire mindset? This post is a curated version of couple of best answers from Quora to the ineviatble question “How do I acquire the millionaire mindset?” Everybody wants easy and quick money now a days but never understand that it is next to impossible and money earned such is not going to make you happy. Even if your fore fathers had left a legacy to enjoy, you always have the responsibility of manipulating and multiplying it. So, what is the ‘X’ factor that makes only few people and their companies serve as index of stock markets? Start with this book. Read it as many times as you need to until you have internalized its lessons. Some of its important lessons include the following: Start thy purse to fattening Control thy expenditures Make thy gold multiply Guard thy treasures from loss Make of thy dwelling a profitable investment Insure a future income Increase thy ability to earn The Richest Man in Babylon (The Success Secrets of the Ancients – the Most Inspiring Book on Wealth Ever Written) by George S. Clason At this point, I have probably mentioned this book in a hundred different answers on Quora. I keep going back to this book because there are few other volumes that contain so much wisdom about wealth in so few pages. There is a reason why the book is still in print now, almost 100 years after it was first published. Its lessons are simple, timeless, and effective – as long as you actually put them into practice. Courtesy: Dan Kanivas, admirer of the millionaire next door? Here are some of the mindsets that set millionaires apart from the rest of us: Time does not equal money Most people trade their time for money. Millionaires realize that building assets that work for them is the best way to make money. Often, millionaires own more than one business. They almost build them as a hobby. Opportunity is everywhere Millionaires see opportunity every where. Every pain and problem is an opportunity to build a product or a service. When someone complains, it’s a potential money maker. Action is the best teacher Many get stuck in “student mode.” They read books, articles, and pay for online courses, but they never actually do anything. Millionaires are the opposite. They’ll learn the basics and then dive in. Most of their lessons are learned through experience. Mentors are a life hack Speaking of learning… millionaires often find mentors. They see the value in learning from others that have experience. This is a different quality of teaching than what is provided through a book or a webinar. This kind of learning is personalized, tailored specifically to them by an industry expert. Profit > Revenue Millionaires could often care less about revenue. They care far more about profit. Think about it: 10% profit on $100,000 is only $10,000. 50% profit on $20,000 is also $10,000. Which business would you rather own? (Yes, revenue does matter. A business with a 50% profit margin that only makes $10,000 a month is not a money maker) Money is a tool, not a goal Millionaires do not daydream about diving into a pool of money. It can buy fancy airplanes and cars, but for the most part, it is a tool. It is a tool to build things, repair things, and get things done. Determination Millionaires work tirelessly towards a goal until it is completed. They understand the “art of the finish.” Acquiring these mindsets is not entirely straightforward. There is no manual for how to do it. The best hack I’ve found is immersion. By immersion into the...
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20 Main Reasons for Startup Failure

20 Main Reasons for Startup Failure
20 Main Reasons for Startup Failure Entrepreneurs start a business with the single goal of achieving success. But we also see them fail miserably. 80% of startup companies witness closure since three years of commencement says a statistics. So, what should entrepreneurs do to be in that 20% population range of successful people? One good way to start is to learn from the mistakes committed by other startup companies. Research Giant CB insights has analyzed 101 failed startup companies and found out 20 important reasons categorically. CB insights is a company that focuses on business, investment and investment strategies. Also they supply valid information on startups and their founders, venture capital and Angel investment. These are the 20 main reasons for startup failures: No Market Need – 42% Ran Out Of Cash – 29% Not the Right Team – 23% Get Out-competed – 19% Pricing/Cost Issues – 18% Poor Product – 17% Need/Lack Business Model – 17% Poor Marketing – 14% Ignore Customers – 14% Product Mis-Timed – 13% Loose Focus – 13% Disharmony on Team/Investors – 13% Pivot Gone Bad – 10% Lack Passion – 9% Bad Location – 9% Not Financing/Investor Interest – 8% Legal Challenges – 8% Don’t Use Network/Advisors – 8% Burn Out – 8% Failure to Pivot – 7% SIDBI, a government based financial organization caters to the financial requirements of small and medium enterprises. It plays a crucial role in the growth of SME’s. Startup India and Standup India are the two movements initiated by the central government to enhance the spirit of entrepreneurs. Now, SIDBI has also started SIDBI Startup Mitra to associate startup companies with incubators and investors. It is quite difficult for the startup companies to get guidance and funding. These two factors are very vital for the growth of a startup firm.  Various investment agencies, angel investors and incubators have associated themselves with Startup Mitra which in turn facilitate the tie-up. SIDBI startup Mitra also paves way for startup firms to reap the benefits of government plans. The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents, partnerships and news media. India’s top 10 funded startups of 2016 Ibibo Group : $ 250M Investors : Naspers Industry :  Online Travel Company Snapdeal : $ 200M Investors : Ontario Teachers Pension Plan, Iron Pillar, Brother Fortune Apparel Industry :  online marketplace BigBasket : $ 150M Investors : Abraaj Group, Sands Capital Management, IFC, Helion VC, BVP, Ascent Capital Industry : Online Grocery Shopping and Online Supermarket CarTrade : $ 145M Investors : Temasek, Warburg Pincus, Marche Capital Industry :  online auto classifieds platform Byju’s Classes : $ 75M Investors : Sequoia, Sofina Industry Byju’s mobile app has video lessons for IAS, CAT, GMAT, GRE, IIT-JEE & Class 6-12 and comprehensive study material Lenskart : $ 60M Investors : IFC, Ratan Tata, Kris Gopalakrisnan, IDG, Adveq Management, TPG Growth. Industry : Shop online for Sunglasses, Eyeglasses and Contact Lenses for men & women Mobikwik : $ 50M Investors :  GMO Payment Gateway, MediaTek, Sequoi, Tree Line Asia Industry : Online Recharge, Mobile Recharge & Bill Payments Lendingkart : $ 32M Investors :  Bertelsmann India, Saama Capital, India Quotient, Darrin Capital, Mayfield India Industry : SME-lending firm, Short-term loans for Small Businesses Nestaway : $ 30M Investors :  Tiger Global, IDG Ventures Industry : Marketplace for shared home, apartments, flats  rentals Droom : $ 29.8M Investors :  Lightbox, Beenext, Beenos, Digital Garage (Japan) Industry :  online marketplace to buy & sell used cars, bikes, scooters, bicycles, aero planes.  ...
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Management Skills for New Managers

Management Skills for New Managers

Managing people require a completely different skill set than managing tasks. The transition from being an individual contributor to someone responsible for the work of others and team performance results in a steep learning curve. Learn how to motivate, delegate, communicate and lead. Play to your strengths and improve on key weakness areas. With an emphasis on building high achieving teams, dealing with an increased workload and developing the influence, assertiveness and confidence necessary to be an effective manager or supervisor – this course will ensure you hit the ground running.

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Top 10 Qualities of Great Leaders

Top 10 Qualities of Great Leaders

Some are born leaders; some become leaders due to chance or situation- either way leaders have these peculiar qualities you would not see in a normal individual. Peter Drucker famously stated that when “management is doing things right, leadership is doing the right things.” Great leaders possess incredible social intelligence, a passion for change, and above all, vision that allows them to set their sights on the “things” that truly merit attention.

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Functions of A Finance Manager

Functions of A Finance Manager
The Key Functions of A Finance Manager Finance manager is one of the important role-players in the domain of finance function. He must have a complete know-how on the areas of accounting, finance, economics and management. His position calls for judicious capability and analytical approach to solve various problems related to finance. A person who deals with finance related activities may be called finance manager. “Focus on a few key objectives … I only have three things to do. I have to choose the right people, allocate the right number of dollars, and transmit ideas from one division to another with the speed of light. So I’m really in the business of being the gatekeeper and the transmitter of ideas.” – Jack Welch Finance manager performs the following major functions: Forecasting Financial Requirements It is the principal function of the Finance Manager where he is required to estimate the financial obligations of the business concern. He should evaluate how much finances are required to procure fixed assets and forecast the amount needed to meet the working capital requirements in future. 10 Ways to Become Financially Stable Acquiring Necessary Capital The next step of a finance manager is to focus on how the finance is deployed and where it will be available.  The Beginner’s Guide to Budgeting Investment Decision Best investment alternatives have to be considered to assure reasonable and stable return from the investment. He must be competent in the field of capital budgeting techniques to govern the effective utilization of investment. The finance manager must attach more importance to the principles of safety, liquidity and profitability while investing capital. 9 Personal Finance Milestones Everyone Should Reach Before 30  Cash Management Cash management plays a major role in the area of finance because proper cash management also helps to meet the short-term liquidity position of the concern.  5 Ways to Combine Finances with Your Spouse Interrelation with Other Departments Finance manager handles various functional departments such as marketing, production, personnel, system, research, development, etc. He must maintain a good rapport with all the functional departments of the business organization. “Rule No. 1 : Never lose money. Rule No. 2 : Never forget Rule No. 1.” ― Warren Buffett Follow ManagementGuru Net’s board FINANCIAL MANAGEMENT on...
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