Have you ever wanted to pick the brain of a millionaire entrepreneur? Imagine how powerful a quick 30-minute conversation could be to help you overcome challenges, create clarity and motivate you to keep striving towards your business goals.
Well, Jaime Masters has made a career out of it by interviewing over 350 millionaire/billionaire entrepreneurs on her show The Eventual Millionaire. Jaime and I have been friends for several years now, and recently we were able to chat about her experience. I decided to interview her because I have always wondered how her interviews have helped her grow such a successful brand and coaching business.
So what inspired her? The fact is, Eventual Millionaire started as a pet project. In the early days, she used the blog to chronicle the steps she took to dig out of over $70k in debt. At the time, she was extremely unhappy in her career and just knew she had to make some changes. It wasn’t until later, after successfully paying off the debt, that she decided she would use the Eventual Millionaire blog to help her achieve her lifelong goal of becoming a millionaire entrepreneur.
1. Never Stop Pushing Beyond Your Comfort Zone
One of the most important things she has learned on her journey is the importance of getting out of your comfort zone. For early stage entrepreneurs this can come in the form of just taking action by more decisions. The momentum you get from making decisions, right or wrong, will move you forward faster than sitting stagnate because of fear of failure or falling victim to paralysis by analysis.
For experienced entrepreneurs, she calls it “leveling up.” Even though you may have built a successful 6 or 7 figure business, you always need continue to push yourself beyond your comfort zone. That doesn’t mean abandoning what’s working, but it does require a willingness to seek out barriers that could be preventing you from taking your business to the next level.
Personally, I couldn’t agree more. I’ve often said that success is just beyond your comfort zone and there is no way around it. For some people reading this article, it might be writing a blog post, for others it might be shooting a video, making a sales call or hiring their first employee. Whatever it is, challenging yourself daily to go beyond your comfort zone is the key to developing the skills, confidence and momentum needed to become a millionaire entrepreneur.
2. Quick Implementation Drives Success!
During our conversation, she shared several nuggets that helped her build a successful podcast and coaching business. What I didn’t realize was that her next tip was going hit me right between the eyes. It had to do with a huge mistake I had made after taking over a year to create my first version of my online LinkedIn training program.
The words, ‘quick implementation drives success,’ really hurt because while I knew it to be true, I failed to heed the warning. She went on to explain how the quicker you can bridge the gap between recognizing a problem, figuring out the solution and then getting to market; the more likely you are to succeed.
Like never before in the history of business, entrepreneurs have the power of the Internet to to gather intelligence on their target market, rapidly evaluate product market and test their hypothesis in the real world. The faster you can test your idea, the more ideas you can test, the more you learn.
This is how many of the successful entrepreneurs on her show have made their millions.
3. You Can Never Make the Same Mistake Twice
The second time, it’s a choice. Jaime was open enough to share with me one of her biggest failures. She explained how in the early days the Eventual Millionaire blog crashed—she was using shared hosting—after unknowingly being featured on the Yahoo home page. Fortunately, not long after the site crashed, she was featured on Yahoo again.
Because of the crash, she reaped very little benefit of what could have been an incredible opportunity to leverage major media to launch her brand. Needless to say, she rarely, if ever makes the same mistake twice these days.
4. FOCUS— Follow One Course until Successful
Most successful entrepreneurs will list FOCUS as an important ingredient of their success, while many of them in fact struggle with attention-deficit disorder. Jaime and I both agreed that having a coach or mentor can really help entrepreneurs stay focused and get the clarity and systems needed to generate meaningful results.
The power of focus is not just in limiting your scope of activities, but is in fact in your willingness to stay the course for an extended period of time. Most entrepreneurs are not very patient, and if their idea doesn’t ‘go viral’ or immediately get traction, they give up. Hustle is critical but success requires you to think about success as an entrepreneur as more of a marathon than a sprint. You might be surprised by this, but it takes an average of 32 years for a millionaire to hit 7 -figure net worth for the first time.
5. Success Leaves Clues
The fact is, ‘success leaves clues.’ Jaime realized this long ago, and it is a driving force behind why she continues to interview millionaire entrepreneurs today. If you don’t have a millionaire mentor already, then I highly recommend you let Jaime help by tuning into her show The Eventual Millionaire or check out her book, The Eventual Millionaire: How Anyone Can Be an Entrepreneur and Successfully Grow Their Startup.