How To Start From “Scratch” And Become An Internet Millionaire [Case Study] – Almost everyday you can see on the papers, people of average intelligence making millions like clockwork.
It is very common nowadays to see such sight – especially in the internet days where you have the chance to grow as quickly as you can.
But what makes these people tick? What is their secret?
It might surprise you that not every people are gifted to become a millionaire – far from that. But everybody have a chance in their lifetime. It boils down to few basic principles which we believe is the core of becoming one.
So, let’s dive in …
Ben Simkin was hardly a model student. At 16, he was kicked out of high school for hacking their computer systems.
But that didn’t hold him back. At 20, the self-taught computer programmer launched an IT and software company which sold for 7 figures four years later.
Two decades on, the Australian self-made millionaire is the founder of BusinessNET, an online marketing business with $2 billion in sales, and business leadership program, Mastermind.
Here are five lessons he learned on how to generate a million dollars, as he told CNBC Make It.
Most jobs demand a basic trade-off: Time in exchange for money.
But with time a finite resource, the best route to a million dollars is to create your own intellectual property (IP), which you can then scale and sell to generate a continuous income stream — even when you’re not on the job, according to Simkin.
“The time and effort you put into work, use to create some asset that you can sell over and over,” he said.
For Simkin, that process involved applying his software skills to build digital marketing tools for businesses and create online workshops for business leaders. However, he noted that the same strategy can be applied to various disciplines and professional skills.
With the proliferation of technology, it’s become easier than ever to sell your services at scale. But, by the same measure, it’s caused competition to heat up. It’s therefore more important than ever to find a niche and master it, said Simkin.
When Simkin started in the IT industry in his teens, “everyone was focusing on Microsoft,” he noted. So, instead, he specialized in other, more obscure technologies, for which he could charge a premium.
“People who are great at what they do earn by order of magnitude,” said Simkin.
Ben Simkin, founder of BusinessNET
Once you’ve honed in on your specialism, it’s time to master “the number one skill” — the ability to make a customer, according to Simkin.
The entrepreneur learned it the hard way when he started out, he said.
“At 20, I was great at computers, but I was not able to make a customer. I was not going to be successful in business without that ability,” Simkin said, noting that miscalculation meant he struggled to cover his overheads in his early days.
Fortunately, however, he said there are now countless books and courses available to help, recommending Jay Abraham’s “Getting everything you can out of all you’ve got” as his top pick.
“It’s all about understanding the value of your skill and learning to communicate that effectively,” Simkin said.
After securing a solid network of customers, you need to prove yourself to them by going above and beyond expectations, said Simkin.
“How you do little things can make a big impact on how you’re looked upon,” said Simkin, “and you never know who’s watching.”
It’s an approach that worked for him early on, while working as a junior contractor.
“I would stay late and people recognized that,” he said. “I was later tapped on the shoulder and given bigger contracts because they trusted me.”
That can be disheartening, but it’s important to learn to put them into perspective and see them as just one part of the journey, said Simkin.
“It’s really easy to be put off by setbacks. But when you get further down the line, they’ll feel very small in comparison,” said Simkin, noting that losses that felt huge in his early career have now lost their significance.
“There are going to be ups and downs. It’s really about how you respond to them,” he added.
The greatest thing that happens in our modern age is – the internet.
It has catapulted your chances of being self made financial independent in no time. What puzzles me is …
There are lots of people who are not using the power of the internet up to this day. Certainly, you can make a living but if you leverage yourself a hundred fold … you will be amazed of what you can do.
Some individuals and companies I know started out as a freelancers on Fiverr – so why not have a go.
I’m taking care of the kids since they are on holiday. A lot of my work can be done at home anyway – so better spend more family time.
Doing a bit of client websites and SEO marketing. Oh and by the way, if you have been reading all my articles, you may have read one of our latest articles on our sources.
I do believe that if you are planning on doing some freelancing work in the near future – the sources that I highlighted recently will help you a lot – I mean really a lot.
OK, I think that’s all for now for me this weekend. Thanks for reading and I will see ya later alligator !!!