Entrepreneurship-How To Make Money-Self Development4 Comments

Ask anybody if he or she wants to be a millionaire in Nigeria, the obvious answer is yes. But ask how?  And it is likely they would tell you it’s just a dream. As much as many people would want you to believe that becoming a millionaire is impossible, it is not true. Quite the contrary, becoming a millionaire is a simple task, but no one denies that simple isn’t easy. With the right determination, discipline and perseverance anyone can become a millionaire in a matter of months.

There are some peculiar characteristics that millionaires possess, that made them what they are today. Besides the will and determined focus to achieve their dreams, they adopted certain principles of spending money and earning it back (usually double fold) that we will be learning. Let’s look at some of the invaluable pointers that makes one a millionaire.

1. Learn To Save Money

It is perhaps the most crucial aspect of becoming rich. Saving money helps you generate a large income over some time. This will accumulate into a capital for a business you think is right for you. By saving you put a percentage of your earnings aside, an amount you feel comfortable with.

SEE ALSO: How To Reduce Your Monthly Expenses

There is a saving’s rule considered divine among entrepreneurs, it is called the 50/30/20 rule, they say you save 50% of your earnings, use 30% to buy all the necessary stuff you may need like soap and other toiletries, and then keep 20% as pocket money.

2. Invest Your Savings

When you have stuffed enough money to fill your room to the ceilings, the next step is not going for a vacation to Paris, Italy or Dubai. You find a really good avenue to invest your money. One could invest in already established businesses, or buy merchandise and sell, or best of all build an entirely new business from scratch.

SEE ALSO: How to Create Wealth Through Principle of Compounding

There are so many opportunities out there, you just have to conduct a fine research, a really fine research. Where you must learn the kind of business you want to start or join, know how much you will be earning, know the demand for the goods or services in the business and so on. You should be wary of handing your money out to shady characters, disreputable companies and family members you don’t trust.

3. Work In Between A Job

Unemployment doesn’t work, you cannot become a millionaire in Nigeria with the little change your father sends to you every now and then. You need to get a job no matter how small or demeaning it may seem, because without a way of earning you cannot expect to save, and without it the whole millionaire scheme just goes out the window.

SEE ALSO: Jobs You Never knew You Could Do But Might Be Right For You

Once you have enough to start a business, be your own boss.

4. Become An Entrepreneur

To become a millionaire in Nigeria, first you have to become an entrepreneur. Which invariably means to start a business where you are the owner, you control it and you are earning from it. It works best if you find something you are passionate about and then jump right into it, if you love fashion, you could start a fashion house, if you love photography you could become a photographer, and so on.

SEE ALSO: 5 Plus One Reasons You Should be an Entrepreneur

But, it doesn’t always have to be that way, you could according to your best judgment start a business you think is lucrative and worth your time, or even, you could just invest in a business that for all you care is your profits at the end of each business cycle, that works too. One thing you could be sure of is working for someone or the government is not the way to become a real millionaire.

5. Prepare Action Plan

All this action will not take place without a well thought out plan. Plan your daily activities, plan how much you want to spend each day, how much you want to save, is it going to be weekly or monthly. Take every step to ensure you have covered every possible angle, by writing it down, making lists, creating and adhering to timetables, etc. And most important of all set a specific time you want to achieve your goals.

This is the stage where after picking a business idea you like, you draft an outstanding business plan. Once you are satisfied with all your planning, then you execute it, because it wouldn’t mean anything if it’s just piles of paper lying around in your bedroom.

6. Build Your Character

In business, it is serious business to command a strong character and personality. By strong character I did not mean tall and intimidating, but one with discipline and determination, one that could fend off failure and disasters easily, because the entrepreneurs terrain is not a very smooth one.

SEE ALSO: 10 Important Entrepreneurial Traits You Need To Cultivate

Without an outstanding character one will only indulge in laziness, cheating and get rich quick schemes (which never works), and I assure you nothing has ever come out of laziness and its subsidiaries.

7. Take Risks

As a matter of fact it seems the millionaire’s only way forward is by taking risks. You have to prepare to make inglorious decisions hoping it will turn out alright at the end, in your way to becoming successfully rich, because as it is popularly said “With great risks, comes great reward.” Slouching on your couch and waiting for an easy catch isn’t going to make it big for you.

SEE ALSO: 6 Key Differences In The Philosophies Of The Rich And The Poor

Summary – Becoming A Millionaire

So, if you are really willing to become a millionaire take these advice to heart. Remember it is not a mystery or for a select few, anyone can become one, you could become one if you put your mind to it and plan carefully. Good luck on your mission.

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