It’s 2017. Mail is now delivered by drone, head transplants are totally possible (crazy, right?), and becoming a millionaire is certainly attainable before age 30.
Becoming a millionaire before 30 isn’t easy, but it’s possible, and a lot more so in our current golden age of entrepreneurship.
We tracked down tips from seven highly successful millionaires who reached seven-figure status before 30, and condensed them into this handy graphic and explainer below. If you’re not sure how to get started on your own path to success, following this advice will make a huge difference in your progress toward becoming a thriving entrepreneur—and maybe even a millionaire.
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How to Become a Millionaire Before 30: Tips from 7 Folks Already Making the Big Bucks
It’s All About Information
Michael Preysman, founder of Everlane, says that the modern consumer wants one thing: information. He’s made consumer education a priority while building the Everlane brand.
If you want your brand to succeed, you must educate your customers. Gone are the days of cold calls and even colder advertising. Today, consumers discover brands through inbound marketing efforts, specifically content marketing.
Between social media, blogs, email newsletters, and ebooks, successful brands make a conscious effort to connect with, excite, and educate their audiences, not merely sell to them.
Consider Jungle Scout, a SaaS tool that helps Amazon vendors track products and discover new niches. They offer tons of free resources, including an ongoing webinar tracking the creation, branding, and growth of a live Amazon physical products business. Their founder, Greg Mercer, has attributed Jungle Scout’s success—almost 100,000 customers in under three years—to avid and authentic content marketing. They’ve prioritized customer education, and their company has reaped the benefits.
Start With the Customer
Andrew Mason, creator of Groupon, attributes all his success to “starting with the customer and working backwards.”
Business is all about the customer. Truly knowing your target audience will allow you to work less and sell more. No matter what industry you’re in, understanding the problems, needs, and desires of your customer base is the most effective way to make important decisions and grow your business.
Bringing a product or service to market with your target customer in mind ensures your brand will be seen and understood.
Get Personal
Niall Harbison, founder of Simply Zesty, sold his startup for £1.8 million just 1,000 days after its inception. During its initial growth phase, Simply Zesty lost three of its biggest clients in three days. To ensure this wouldn’t happen again, he wrote personalized letters to his 30 remaining clients; he didn’t lose another client for the next year.
Make a consistent effort to build personal relationships with your customers. Entrepreneurs and founders are already at an advantage with this because we’re not hiding behind big brand names. As you grow your business, stay connected with your customers. This will also help you keep tabs on their feedback, opinions, and needs.
The same goes for building your network. Entrepreneurship can be a lonely career, and those who stay connected are more likely to succeed. Treat your professional network with the same grace as your customer base; you may derive new ideas and opportunities from your peers, too.
Be Obsessed
Drew Houston, founder of Dropbox, compares an entrepreneur’s obsession with their business to that of a dog with a tennis ball. If you’ve ever played with a dog, you know that fetching the ball becomes the dog’s only focus, doing whatever it takes to get that ball.
It’s also so much easier to stay motivated and driven when you’re working on something you love. Business (and life) has got to be about more than making money…although that’s nice, too. When you prioritize helping and inspiring others, your work can take on a whole new meaning. It’s okay to start a business with the intention of making millions, but along the way, don’t forget to work hard for yourself and for others, too.
In 2014, Elon Musk spoke at the USC Marshall School of Business commencement. In his speech, he said, “Work hard every waking hour. If you do simple math, like somebody else is working 50 hours, and you’re working 100, you’ll get twice as much done in the course of a year as the other person.”
Stay passionate, and you’ll stay on track.
Do It Now
Fred Schebesta is the founder of Freestyle Media (sold for $1.3 million) and co-founder of Finder.com.au. He revealed that one of the five business lessons he learned from his mother was “do it now.”
There’s no room for procrastination in business. Why put off for tomorrow something that you can do today, or better yet, right now? As humans, we’re all prone to procrastination, especially when faced with our least favorite tasks. But those who are the most successful are the ones who simply do what they need to do. And one of the biggest hangups for new entrepreneurs is that they just never get started.
Here’s a tip: First thing in the morning, right after your feet hit the floor, make it a point to complete the tasks you dread. Whether it be making an unpleasant phone call, running a difficult report, or even exercising (which is something that millionaires do every day), get it out of the way first thing.
If you are looking for ways on how to become a millionaire, procrastination is not your friend. To be super successful, you must rise above any mental blocks or false priorities.
Think Bigger
Grant Cardone, millionaire entrepreneur and New York Times-bestselling author, says that his biggest financial mistake was “not thinking big enough.” He says that if you aim high and put in enough work, you could easily make seven figures before 30.
It may seem cliched, but if you’re looking to reach millionaire status, you must think bigger and better than those around you. Every super successful business once started with an idea that was most likely dubbed “crazy,” “too big,” or even “impossible.”
Can you imagine if Bill Gates or Steve Jobs shied away from big ideas? Where would we be today?
From airplanes to Airbnb, every single founder has faced adversity over their ideas. But pushing forward is what made them, and their ideas, successful.
Mark Twain once said, “Whenever you find yourself on the side of the majority, it’s time to pause and reflect.” The same goes for your ideas. If you’re thinking bigger than those around you, you’re on the right track.
Don’t Give Up
This last tip is pretty obvious, but there’s a neat story behind it. Brenton Hayden, founder of Renter’s Warehouse, started his property management company by making cold calls. His first few were absolute failures, but his fourth one was more than successful, jumpstarting almost $1 million in revenue within the first year. Had he given up, Brenton wouldn’t have been able to retire at 27.
I recently saw a tweet by Noah Kagan, founder of Sumo, that totally changed the way I think about persistence. I’ve included it below.
When it comes to working hard and working often, that’s pretty much all it takes—persistence.
It goes without saying that, when you’re working on your business, you must never give up. Success is right around the corner. If you believe in the power of your idea, don’t shelve it when things get tough. Nothing worth having comes easy.
Conclusion
Becoming a millionaire before 30 is absolutely possible, albeit not easy. Thankfully, the advice we’ve gathered above comes from trusted authorities—real millionaires who want to help you succeed. Pull these seven levers, and you’ll see the changes come to life in your business and bank accounts.
How have you implemented the advice shared above? What changes have you seen in your business? Do you have any other tips that have brought you success?
