10 Timeless Business Tips From 10 Millionaires

rich and poor

I always get asked the question of how I became successful. If you ever hang out with me for a day or two, you’ll notice that most of my friends are 30 to 50 years old. When you start hanging around with people in this age group, you will soon realize that they have tons of experience under their belt and they usually don’t mind sharing it with you.

Here is what I have learned in the last year from 10 successful entrepreneurs:

There’s no such thing as a safe bet – just because a friend or a family member tells you about an investment, it doesn’t mean it is a good opportunity. If it was that good, they wouldn’t tell you about it and instead they would put in all their money. The only reason people tell you about investment opportunities is because they want to diversify due to the risk. (David Niu – sold a company to aQuantive and is the co-founder of BuddyTV)

You don’t have to start a business to be successful – if you find a good business you can always buy it, grow it, and sell it for a good return. In many cases it is less risky to buy a business than to start it from scratch. (Ben Huh – bought I Can Has Cheezburger)

Just because you have money, it doesn’t mean you should blow it – there is no need for small companies or startups to waste money. You have to be scrappy at all times, such as subletting a 660 square foot office space at a good deal and squeezing 12 employees in there as well as a conference room. (Andy Liu – sold a company to aQuantive and is the other co-founder of BuddyTV)

If you want to keep making money you have to spend some on yourself – if you end up spending money on yourself, it will create a drive in you that will cause you to want to make more money. If you just keep on saving money, there isn’t much to motivate you to keep making more of it. (John Reese – the godfather of email marketing and a Lamborghini owner)

Have some balls – stand up for yourself and don’t be afraid to confront others. If you let people push you around, when will it ever end? Letting others push you around may not seem like a big deal at first, but it can impact your life and business in a negative way. (Jeremy Schoemaker – sold a company to MediaWhiz and made $132,994.97 from Google in one month)

Raising venture capital is harder than being stricken by lightning – a venture capitalist usually has no clue about most of the investments brought to him or her. But if you make the investor feel that they can contribute to your company and if you can show growth, the investor must be on crack if they don’t fund you. (Guy Kawasaki – writer, entrepreneur, and venture capitalist)

There is nothing wrong with being last in line – if you miss out on an opportunity, who cares, there are plenty more out there. See who else is involved and think things through carefully before you jump in and make a commitment. (Alex Algard – investor and founder of Whitepages.com)

Staying under the radar isn’t always a bad thing – getting press and buzz maybe nice, but it can also cause your company to be getting too much attention. This can lead to things like increased competition. It may just be better to stay under the radar and make millions while you can. (Edward Yim – sold a company to Marchex and founded a company that has been stealth for years)

Don’t judge a book by its cover – whether a Harvard MBA or a bum hits you up, take the time to listen and respond to everyone. Don’t judge anyone too quickly because you don’t know who is going to be the next Bill Gates (Geoff Entress – made millions by investing in companies that either went public or were bought out)

Ride other peoples’ coattail – being successful isn’t always easy, so why not increase your odds by following other successful people. You may not be as successful as them, but you’ll do well enough. (Mr. C – invested early into a company that went public with a 30 billion dollar market cap)

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Comments

  1. Yep. Pretty sure I’ve seen you do all of the above. Glad I fit in the age group of the friends you hang out with. :)

  2. Well, maybe I’ll be a millionaire by the time I hit 30. I’m almost there, and if I try and follow more of these tips I might just get there. Thanks for posting this article!

    • No problem! Let me know if there is anything I can do to help you get to the million mark.

      • Well, I meant I’m almost 30, not a millionaire or close. Being a millionaire would really help though. I’m in a wheelchair and everything is so friggin expensive! My wheelchair alone cost $25,000, but luckily I have a good wheelchair guy who dipped the price down to $17,000 and insurance paid for it. Unfortunately, insurance doesn’t pay for anything, but I watched your video from Izeafest (on Shoemoney’s blog) and I am a hard worker so I know I’ll get there…Hopefully in 2 1/2 years by the time I hit 30!

  3. Some really great tips Neil. I love reading about real life people I can relate to. I think the last tip is the easiest to accomplish. Find people who are successful and hang around until the glue sticks.

    • I totally agree. The cool part about riding coattails is many people don’t mind it. For example Mr. C, who gave me that tip, told me that I should keep riding his coattail as well as a few other people that are on this list.

      • I agree too. It’s really amazing when people spend the time to share a nugget of information that they have learned from all their experience. And Neil, it’s cool to see you passing that on.

  4. Well, it helps that many of the top bloggers are so willing to share tips and help people out (yourself included). You don’t see that in many industries. I was successful as a tech writer, but I didn’t like it much (like website copy type things and editing e-books). I’m more creative so blogging lets me write on the kind of things I want to write on! Luckily, my brain isn’t affected by my muscle disease, so there is no shortage on topics to write about.

    I like John Reese’s tip! I also like his car. Spending money on oneself is always a strong motivator!

    Oh btw, in reference to you at Izeafest, I’m a new fan of yours and I’m about as white as rice (so, I don’t fit your normal demographic)! First the whiteys will be hopping on the Neil bandwagon (like me) and next it will be everybody and their brother coming to see your site!

  5. “You don’t have to start a business to be successful – if you find a good business you can always buy it, grow it, and sell it for good return. In many cases it is less risky to buy a business than to start it from scratch.”

    –Very True, but there is never a guarantee that you will run the business as successfully or better than the previous owner. In fact, some businesses may take a fall after new ownership.

    Check out my post on a business takeover:
    http://venturelevel.blogspot.com/2008/09/new-business-takeover.html

  6. neil great 10 tips to follow all the way to make your million.

  7. Very inspiring post Neil! I’m impressed and last one is what most people can try to focus and achieve a ‘faster’ result. My personal favorite is “There is nothing wrong with being last in line” !!

    Cheers!

    • I love the last in line one as well. Based on how I have seen Alex use, it has worked well for him. From an investment standpoint he already had acquisitions from Starbucks and Amazon.

  8. Another tip you clearly embrace:

    “Accurate typing, proper english and grammatically correct sentences are overrated for the new age millionaire. Focus on the gist people!”

    ;)

    (I live this tip everyday much to the chagrin of my business partners)

    • Not a bad point of view, but most of the millionaires I know have exceptional grammatically and English skills. More than half the people on the list came from some sort of ivy league: Stanford, Wharton, Harvard…

  9. Great post, and sage advice. I’ve read in more than one place that your income is usually the average of the 5 people you hang out with most.

    Check that out in your own life and see if that’s true. If you think about it, it does mostly make sense…

    So use that as some back of the mind motivation to build those networks and develop those relationships!

    Keep it up Neil, always a good read.

    • Sadly my income isn’t the average. I am currently well below average. :(

      • Yea, it is the ones that I hang around with most. They are local people and are worth a good amount more.

        But the thing with me is I don’t hang around with any one person the most. I rotate in with different groups every few days.

        • And to clarify a bit more on why it doesn’t average out, is because at least 1 out of every 5 sold a company. So that one person could be considered an outlier because they mess up the average.

      • the bright side… hanging out with people of higher net worth helps you stay motivated! .. But after a certain amount of money it doesn’t really make a difference… $100 million or $200 million, either person can still buy just about anything they want.

      • It is hard to believe. You absolutely deserve more than average. Any reasons why?

        • It kind of makes sense. You are who you hang around with. If the people you hang around with are successful you will probably be just like them. If they all are poor, you will probably be poor.

          Now this doesn’t mean you can’t be an outlier. There are always exceptions, but you should try and hang around with people you want to be like.

      • Hello Neil, its not a sad thing that your income isn’t the average at present times, but iam sure, your income will be above average in the coming years. :)

  10. This is a good post…

    “Raising venture capital is harder than being stricken by lightning”

    he he…

  11. Neil, great post! Thanks for compiling all of this together. My fav is Don’t judge a book by its cover

  12. The two that really stuck out for me were Reese’s “spend money on yourself” and Shoemoney’s “grow some balls”

    I realized recently that my income is proporinate to one I curretnly desire… as soon as I increase my wants and desires.. my income rises to match it.

    and “grow some balls” is just classic advice that is good to be reminded of.

    JFK once said your success in life is directly proportional to the amount of uncomfortable conversations you are willing to have!

  13. I agree with most of those points except for the one about spending money. I think making money is much easier when you have more of it. Spending it on yourself is fine occasionally, but at some point you’ll need to amass it to succeed.

    • Yea, John’s advice to me was to spend money on myself “occasionally” because I tend to be cheap and never spend it on myself.

      Making money is easier when you have more of it, but you also get lazy. After a while, how much do you really need? That is why if you spend a little on yourself you will try harder to make more.

      By no means did he say go out there and blow a 100k.

    • I like to spend money, but definitely don’t like to waste it. I spend it by rewarding myself after I have accomplished something. So I guess there is always a goal for me and a reward after.

  14. Some great motivation to keep getting back up from unsuccessful projects.

  15. I say :
    Success :
    When people smile because of you, you are successfull
    Charity :
    When someone smile because of you, Charity is done
    Best-Wishes !

    • Not sure if that cuts it for me. I get the charity part and agree with it, but I don’t agree with the success part. Just because people smile due to something you did, it doesn’t mean you are successful.

  16. Cool article. I will think about some points. Thanks!

  17. Great post. I don’t think the key is hanging out with the older crowd who dispense tips – you’re not in that demographic and here you are providing great insights :)

    Hang with people that don’t define success based on other people’s criteria.

    • Good point. I started hanging out with these people because they were fun to hang around with and with many of them I didn’t know they had money at first.

      • that’s pretty ironic, but very very true. my uncle told me the same thing…hanging out with people older than you will sometimes help you avoid road bumps that they have had.

        • And if you can’t find older people to hang out with, go to your local Books on Tape store and buy a membership. It is always worth listening to the stories of retired CEO’s.

  18. Very good insight Neil…I def enjoyed reading it. I also think the pictures you choose for your post are freaking awesome! Keep it up

  19. It is a very interesting list of examples. They seem to be newly made millionaires, so close to the ordinary people, which provide most motivations to the mass.

    • It depends what you mean by newly made millionaires. Most of them didn’t inherit the money, but they have made millions years ago. Such as some have been millionaires for 10 or 20 years.

  20. Great post. I have recently started business, and this things will be a part of my thinking in new business. Thanks a lot.

  21. Some great tips there Neil.

    Standing up for yourself is a very important factor in being motivated and motivating the people around you. Staying under the radar has its benefits exactly as you pointed out.

    Thanks for sharing.

  22. Neil,

    Do you think living in NYC makes it harder to get funding for a tech company than it would say…living in”Southern California”.

  23. the age 30 or higher is the age or mature. On this age we have ability to control something and our selve.

  24. Excellent tips. There is one more thing I would like to suggest. Do not declare your premature success aloud until you get there. Getting too much attention is definitely not good.

    • Totally agree. I hate when people talk about their successes before they happen. If you have a goal from it, by all means do it, but if you don’t keep your mouth shut.

  25. Hi Neil;

    I stumbled upon your blog by mistake and this is the frst article I read from your site, I’m impressed on how simple you make it sound, obviously hundreds of people have become rich in the Internet era more or less following those guidelines, but for evey one of them there are thousands that didn’t make it, what do you think are the most common mistakes for not achieving success?

    • I think a lot of people 1) don’t research their market before they jump into it, 2) don’t plan properly for the up and down times, and 3) quit before they make it.

      Perseverance is crucial, and many people expect quick success and bail before they have a chance to really gain traction. Others do the opposite, explode from the start and burn out because they fail to plan and can’t handle the load.

      So in essence it comes down to planning and execution. That’s oversimplified for sure, but that’s it in a nutshell.

    • I don’t think there is one common mistake that causes most people to fail. The mistake I see most frequently is that people don’t learn from their mistakes.

  26. These are some great tips. I see people who have a start up and it starts taking off and of course they have to go buy the ferrari or bentley to make sure people know they have some money. Fast forward a few months and they have had to give the car back to be able to hold on during the regular roller coast ride that is starting a new business.

  27. fantastic tips! you have hit the nail on the head with this post!

  28. Inspiring article…. Nice tips for encouraging people…

  29. nice article and very inspiring me :)

  30. I honestly can say that this post just changed my life. I clicked here from SmashingMagazine – for the second time – and reread this post. Please keep putting awesome stuff like this up.

    • Thanks! I didn’t realize that other unrelated blogs would help increase readership. I was hoping that it would, but I wasn’t 100% sure that it would work.

      I am glad you like the blog!

  31. Also, I wanted to ask, is this site owned by the same people as Smashing

  32. The note: “”If you want to keep making money you have to spend some on yourself”” is best and 100 True, actually if you are making money from your blog, then yes you must spend few $$s on your blog to make it best, same thing applicable to your self.

  33. I think a huge thing is the taking risks thing. The difference between a few billionaires and those working small time jobs now was the billionaires had the balls to make the gamble.

  34. You do bring up a valid point that one can just purchase another’s business to start up in a quicker fashion. There is not always a need to start up a new concept with all new parts.

  35. Those are some great comments and helpful tips. Thanks Neil. I’d love to have lunch sometime in SoCal. I am part of a group of internet marketers and we have events every now and then. I bet you could teach us all a thing or two.

  36. I can’t believe you’ve said that:

    “You don’t have to start a business to be successful”

    The same is when you want to start a blog, why not save yourself the head-ache and buy it?

  37. Thessaly Nobility :

    Totally agree with don’t blow your money when you start making quite a bit. We’ve been in business online for over a year now. In month 12 we have made 1400% more than month 1. In month 14 we have made 60% more than in month 12. Once the figures get big, it is easy to spend a lot of it. You just need to remember don’t spend more than is coming in a slow month. Good thing to remember especially during an economic downturn.

  38. Vakfıkebir :

    I would even say 10 million provides a similar lifestyle. You can’t get a private jet, but you could live off the interest.

  39. “If you want to keep making money you have to spend some on yourself”.
    Yes you’ve mentioned that before (just another 0), and I’m just recently seeing the merit in this.

  40. Great post Neil. @Mark…it’s so true though. When you spend a little on yourself it’s keeps you motivated and ready to face another day.

    Thanks for the post Neil. I should bookmark this one.

  41. Yup, pretty good tips there especially the riding over peoples coattails.

  42. Neil, how you do that? Allmost every your post is brilliant! (I am sorry about my English skills, I am from Central Europe.)

  43. These are some great tips.. I’m glad you had the “Related Post” feature in your sidebar, or I probably wouldn’t of found this artcile.

    I like the one about having some balls.. In today’s world, you really need to make yourself known, and can’t let ANYBODY push you around.

  44. very nice points.. some of the richest people I know never went to college

  45. Thankfully I just stumbled on this from the “Related Posts” feature, otherwise I would have missed the real nuggets in here. Very well written, especially because of the fact that you are speaking from experience. It’s so true that hanging around with those who are older, richer and more experienced will help – as it has done and continue to do for you. Awesome tips, overall! Thanks.

  46. Am Glad I fit in d age group of the friends u hang out with :) Bt hanging out with people of higher net worth helps you stay motivated…

  47. Hey. I’m 16. I want to make money. What do I do neil? There seems to be zero and I mean absolutely ZERO information that goes beyond mowing lawns on the internet, books, and etc… I know there are ways

    • There is no real answer… if there was it would be easy to make money.

      You should figure out what you want to do and follow your dreams. Along the way you will figure out how to make money.

  48. I’m sorry if this is such a newbie question but how do you ride somebody else’s coattail?

  49. I have a problem with these tips. Most of my friends are employees and almost nobody runs their own businesses. It’s not easy to talk about business with people who don’t run them themselves.

  50. Fantastic read. Great “timeless” tips indeed. Love the point its sometimes better to buy than to start your own.

  51. HAVE SOME BALLS. Couldn’t agree more, some of these other tips are bit predictable, but I love this one!

  52. Had a friend ask this question,I’m sorry if this is such a newbie question but how do you ride somebody else’s coattail?

  53. Could not have said any better Neil! How true these 10 things are. Its not that you are riding someones coattail. It is that you are following their example and trying to accomplish a goal. My friends father has always been a mentor to me with out him I would have been lost many a time! I don’t ride his coattail, but i certainly listen when he speaks!~

  54. “Raising venture capital is harder than being stricken by lightning”

    So true. This economy hasn’t made it any better.

  55. For this you must have to contact with business men and make a network.

  56. Ivan Nekula :

    Hello, thank you very much for your tips. As I can see you have become very succesful in this young age. I am now trying to make great business in financial sector and investment. It is very hard job and I have sometimes bad mood and I want to give up ( although I have big debts at the moment) but if I read your websites I realized I can manage it. Thank you very much Neil!!!

  57. cash loans uk :

    Could not agree more to all your points and one of the most important ones is having courage to confront others. If we try to be Ms. nice with everyone things dont work out the way they should. Speaking from experience :)

    • It’s not about being nice or mean, it’s about having the confident in yourself /your product/ or service, and being able to present it effectively.

  58. Great presentation of insights on entrepreneurship. I must agree with all of them. And yes, it is not too late for us even if others are already doing it. Like the Blue Ocean Strategy, there is always a vast of opportunities out there. And competition is replaced by cooperation. Thanks Neil for sharing this great article.

  59. Great post as always Neil :) Good tips but I don’t agree with “You don’t have to start a business to be successful”.. it is too pesimistic for every business owner, you have to start a business because you want to be N:1, this is my opinion :)
    Best regards!

  60. I’ll be a millionaire by the time I hit 150.Mayby later than that with my bad luck.:->

  61. I think having some balls is one of the biggest steps in making progress. Often people are afraid to try new things thinking they might fail, which actually leads them to fail for never trying.

    It’s also true that there are no safe bets, so it’s important to know what your getting in to. Research is something that should be done by all, because if tough work and research can come a lot of great things.

  62. Fahad (Make|Money|Online) :

    all tips are great it is right that we spent money on oourself to motivate us to spend more money in future.
    and it is also true to confront others with confident and never conclude any result too early about any person, product, company etc.

  63. Great tips.I like the one with money.If you have money to invest try to not blow it all.Go into business like you only had a panny.

  64. My main goal ever since I was a kid was to be a millionaire, from living in a 2 bedroom apartment with 5 other family members, to eating potatoe shavings for supper and moving from house to house and school to school. I knew I wanted more for myself and my brother/sisters. I went down the wrong path and decided to sell pot. It felt good to be making money, actually buying nice things, I even prevented my mom from getting evicted from our house. Times got rough though and I went to prison for 2 months. At this time I was 18. I got out of jail when I was just about 19 (1 week after Xmas, 1 week before my birthday) I decided I want to stay out of trouble. I stayed away from my old crowd and started looking for work. I knew that I was a great salesman from my previous experience so I applied at a sales company selling electricity. I did great, went through the training and my first couple days and actually got about 350$ worth of profit from sales in my first 2 days…not bad,,the next morning I was fired because of my criminal record and the fact that I am not “bondable”. This upset me because I was very excited to work in the sales field. I applied at many more places but my criminal record held me back. Now the recession is here and its harder than ever to find a job. Even factories are doing criminal record checks. im not a killer or rapist! why should things be so hard for me? I need advice. It is 7 years until I can get a pardon and my record cleaned up. I am living at my moms house with nothing but a matress on the floor. I am not complaining, I know that I made mistakes and chose to go down the wrong path but why should this haunt me for the best part of my life. I’m 20 now and how can I ever have a girlfriend living at my moms house with a matress on the floor and nothing? I am always handing out resumes even to petty places, but wal-mart even does criminal checks. I need some advice. Thanks

    • Well it definitely looks like your a sales person. You seem to have that hustle type of mentality. You job right now should be find a new job. Spend 8 hours+ every single day finding a job. A good idea for you would be to look into sales jobs obviously… something like a loan officer or real estate or something in that type of field. Even with a negative background, you should be able to get an industry like this one way or another.

    • Hey there Jay,

      It sucks not being able to get a job. Contact me if you are able at sergiostephano@bonpastry.com and I will see what I can do. I am sure I can get you on commission to start selling our desserts to restaurants, cafes, & hotels. There are many things I can teach you to help us generate income. Possibly also remote. Please let me know and I will do the best to help you help me and help you in the process. Thanks!! Best of luck.

  65. Most of tips are right, i like these,
    may i be a millionaire just by doing these few things but success is not over just these 10 things.
    Anyhow, Thanks for such nice tips.

  66. Have some balls this is the main thing, along with knowing that there is no safe bet. i mean its a risk, but life itself is risk. you have to take risks to find out what is going to lead to what. and i think its that par that gets to many people who simply give up or don’t start the business because they already are thinking about the negative part of it and how bad it would be if they fail.

    • Risks are an important part of the game. You need to put some skin into the mix else you won’t be capable of doing things that allow you to have the ability to grow big.

  67. Great saying Don’t judge a book by its cover. there are many people who dont know how to read and write are owners of lots of money and big big cars.

    • It comes down to being the millionaire next door…. you don’t need to have all the talent in the world. You just need the dedication and persistency to go out there and make a ton of money.

  68. Most i liked : If you want to keep making money you have to spend some on yourself. Yes Neil, you are right like allways, the best investiment you can do today is an investiment to your self.

  69. Thanks very much for sharing these wonderful insights. I also love and value the company of older people because they’ve got tons of experiences behind them and they’re always willing to share their thoughts and experiences.

  70. Spend money on yourself. That is what I need to start doing. I live to save everything. I have fun saving but I want to let go and just start spending a bit.

    But on that note. To me it looks like :

    Just because you have money, it doesn’t mean you should blow it

    Just because you have money, it doesn’t mean you should blow it

    Those 2 kind of contradict each other.

  71. Most suitable sayings:

    If you’re doing your best, you won’t have any time to worry about failure. ~Quoted in P.S. I Love You, compiled by H. Jackson Brown, Jr.

    Failure is an event, never a person. ~William D. Brown, Welcome Stress!

    The only time you don’t fail is the last time you try anything – and it works. ~William Strong

    I have not failed. I’ve just found 10,000 ways that won’t work. ~Thomas Edison

    I don’t know the key to success, but the key to failure is trying to please everybody. ~Bill Cosby

    There is no failure except in no longer trying. ~Elbert Hubbard

    Supposing you have tried and failed again and again. You may have a fresh start any moment you choose, for this thing we call “failure” is not the falling down, but the staying down. ~Mary Pickford

    Try again. Fail again. Fail better. ~Samuel Beckett

    Failure doesn’t mean you are a failure… it just means you haven’t succeeded yet. ~Robert Schuller

  72. Great tips and post as I usually find is the case when browsing you blog. I like the quotes along the comments to and had one to ad, which is “fail forward fast”. I’ve implemented this quote specifically when I’ve found myself in an unforseen situation that was very difficult (more than onece) The solution, or decision made in this time took my business forward.

    Thanks

  73. MBA Interview :

    I think it would be good to add — question what success truly is. Is it really financial? For me, the deepest and most rewarding fulfillment comes from helping others.

  74. It’s amazing how millionaires have different principles yet they ended up with the same fate. Have you ever entertained the idea that we all have a unique way or principle to get rich? Yet, it’s good to know some reference how millionaires got their status. We can always follow their foot steps in case, if lucky, end up successfully like them.

  75. kyra@forex cfd :

    Great! I am counting this to happen. Since I’m newbie, I’ll have to wait several years for me to be like you. But I am hopeful enough that I will be in the near future. I’m very positive with that ;)

  76. Shreya jain :

    “Think high till you reach the sky, there is always abettertommrow,What ever you do , do it with all your right ,Put your whole soul into it , Stamp it with all your own personalities, Be active energetic and faithful and you will accomplish your object.

  77. Great post, and sage advice. I’ve read in more than one place that your income is usually the average of the 5 people you hang out with most.

    I think having some balls is one of the biggest steps in making progress. Often people are afraid to try new things thinking they might fail, which actually leads them to fail for never trying.

  78. While all of those are great nuggets of advice, I think Edward Yim’s quote about staying under the radar hits closest to home for me. A local mentor of mine started a small business that has grown to over 60M in revenue in 10 years. He is still a virtual unknown in the small city of 150,000 where he lives and works. That’s staying under the radar,

    • To be honest with you Printer Ink,

      I would rather want to be on the radar because publicity with a legitimate business will give you more business in my eyes.

  79. wow, i wonder how you got hand on those advices. they’re great. and who wouldn’t agree that you should ask millionaires if you want to know how to make money :-)

  80. Ali-Buy Toshiba Laptops :

    All point are amazing specially for newbies like me, “If you want to keep making money you have to spend some on yourself” it’s really true.

  81. I would also add that for me this is about the long game. I know that so many other bloggers and/or website owners are going to just give up, whether that is after a few weeks, a few months or a couple of years and I just want to be around to take advantage when they do. Not rocket science I know but ‘stickability’ is a vastly underrated trait.

  82. The experience of that age of people is really important and always add value to the business. This is my experience. I always asks first to the people of that age. They know both the sides of the problem as they must have faced and also solved it to be successful.

  83. Kerry Fowler :

    Keep on keeping on my dad said because in every game or business sector, there are stories of so many people giving up because they cannot hang in there. I am not talking monetarily, I am talking from the standpoint of just not giving up when the going gets tough.

  84. Neil,

    This is a really good list. I think that bootstrapping is a much more intelligent way to start a business for most people. When you don’t have a big bag of venture capital money to throw out the window, you become much more conservative with your decisions and your business is better for it in the long-run.

    -Joshua Black
    The Underdog Millionaire

  85. Joe @ Making Money Ideas :

    I think success is more about taking care of yourself and your attitutude on a daily basis. It’s about increasing your openess to opportunity. I’ve been almost mugged by opportunity and ignored it until years later and at other times I’ve spotted very lucrative ways to earn money with very little ongoing time investment. I think too, being willing to loose, has been a big factor in having success over time. I’ve had to learn to get over stuff quickly and move on. I’ve done a couple good deals with people I swore never again to associate with. Growing up helps a lot.

    Thanks for the post.

    J.Crawford.

  86. “Know thyself” should be a point on the list.

    I have seen many examples, both friends and family, who have failed at starting up their own businesses, because they didn’t take the time, to have a good look at themselves.

    There’s so much talk about “knowing your strengths” and very little about “knowing your weaknesses”. If you are clouded by your own ego, it will be impossible to see all the potential pitfalls.

  87. How To Increase Sales :

    You don’t have to start a business to be successful:

    Great tip, you can pick up a business that someone has grown tired of and save years from trying to do it as a start up. You can pick up the time line from say year 3-4 and talk it to the next level, especially if the seller will offer vendor finance.

  88. Adwords Secrets :

    I’ve come to realize like you that:

    Just because you have money, it doesn’t mean you should blow it.

    Another version of the saying could also be:
    Just because you have money, it doesn’t mean you have to SHOW it.

  89. Staying under the radar, its a bit like some actors and actresses.

    Some are on the magazine with the personal live exposed to the world.

    Some make good films and you never hear about their personal lives. I like the under the radar concept personally.

  90. Have some balls….my favorite quote by far. I guess this is what separates entrepreneurs from the rest of us because an entrepreneur would back their judgement to the last few dollars whilst the rest of us would think what else could we spend that cash on.

  91. This is often a pretty decent website. I’ve been back a couple of times within the last 7-day period and wish to subscribe to your rss feed making use of Google but can not find out the right way to do it very well. Do you know of any sort of tutorials?

  92. Great Post for any area of Investment. The effort is everything, make sure that you know your job very well, then success itself will come to you.

  93. Ein sehr interessanter Artikel. Danke nochmals.

  94. Hi Neil

    I agree with all the above. I like the idea of buying a successful business thats drawing in current revenue.
    Starting up a new business with your own idea may not be all that successful. It could be a flop.
    I also would not be in a position to blow money that easy.
    I live on 5 basic finance principles:
    1. Live on less than you earn.
    2. Distinguish between needs and wants.
    3. Give 10 percent to a Church or charity of choice.Example Red Cross. Keeps my mind at peace,clear and concise ready and waiting for the next opportunity.
    4. Work continuously with a workable budget.
    5. Save, Save and save for a rainy day.

    I also like the idea of riding on the coat-tails of successful people. Success breeds success.

    Thanks Neil

    Richard

  95. Some very good advice in these! Thanks for sharing this.

    Cheers,
    Mike

  96. I love the point that “there is nothing wrong with being last in the line”. You shouldn’t just jump into an opportunity. You should think before you leap.

  97. “You don’t have to start a business to be successful.“ if you find a good business you can always buy it, grow it, and sell it for good return. In many cases it is less risky to buy a business than to start it from scratch.”

  98. Hey Neil,

    I am getting addicted to this blog! Nice post once again, although its been a long time since you posted this. I came around to it just now.

    The best part about the posts is that you have outbound links to many meaningful resources. This always gives me a lot of food for thought.

    Yasir

  99. Many of these tips are ones we should all live by, regardless of how much money we have. Great article.

  100. I think staying stealth can really help your business and is a good idea if you can do it. I know a person who has stayed below the radar for some time now and many people are coming out and asking, why? He just simply said “I don’t need to stand in the light to be seen.”

  101. Hi Neil,

    I always love your blog, and I have learned a lot from you. I remember one of your article that where I realize that we really need to grow like a tree – a growth that happens gradually but stays longer. I believe the Bible when it says that the hasty businessman will surely fall.

    I want to add that we can also get great and timeless business tips not only from millionaires. I even got s good business tip from a dog, who is very patient and consistent. :)

    Vic

  102. Hey Neil. Absolutely awesome tips but I could see how this would seem overwhelming to someone who’s just starting out, especially if they’re younger and trying to make a name for themselves. I take my own person as example, and I see I’m fairly easy to demotivate and loose my focus when things don’t go my way, and I’m 23. But then I read about people like Yuri Mintskovsky who managed million dollar businesses when he was 25, and then started his own personal projects, transforming them into cash cows. Age really helps a lot, and the mentality and patiences grows stronger as we get older, but yes, your entourage plays a very important part in this as well.

    I take your example as well Neil, because you mentioned your friends are mostly 30 – 50 years old, and I’m wondering, what would you have been like if your friends were more your age?

    Anyway thanks for the tips. I’ll need to buckle down and keep focused!

    • Thanks, glad you found the tips useful. Great points. To answer your question: I act the same around friends my age as I do with those older :)

      • Oh alright then. See that’s my problem. If I hang out with older people, we have more interesting discussions, I behave more respectful towards them and so on. I try to learn from their experience. But with friends my age, we don’t really dive deep in philosophical talks or business development ideas. :)

        • There will definitely be a maturity gap between most friend groups. I have tried to surround myself with great, mature, intelligent company. However, I do have friends who I joke around and have fun with.

  103. Precious and wise tips. What I consider important is business is risking and confidence. You must have so much confidence in yourself that when in comes to taking a risk, you stay relatively calm and relaxed. Panic has no room in business and a businessman’s mind.

  104. I agree, making money is not always about making all the work yourself, you can be much better to invest in somebody’s passion and expertise people that invested early in companies like Google and Facebook are financially covered for life so looking and investing in great ideas can be very lucrative job.

  105. wonderful tips. It is always beneficial if you have elders to guide you. I have friends much older than me who always give me precious advice.

  106. Hello Neil,

    Again Amazing tips you share about business.

  107. Student plus debt :

    Niel, Thank you for writing this post. You seem to have made wise choices in your friendships! What advice could be offered to college students, who seemingly have no choice but to stack up loans to pay for four years (if you’re lucky) of tuition? This is the widely accepted route after high school, but the student’s investment doesn’t always equal a job….

  108. Agree with the hanging out with an older crowd, but sometimes when you are old, like me, you need a younger person to help you out with certain things. In my case it´s creating profiles and fanpages on Facebook. I spent far too long trying to do this and eventually got it done in no time at all by a 15 year old kid.

  109. Every tip is great. I especially liked the one related to spending on yourself. If you just keep on saving then it kills the motivation for making more..

  110. I definitely agree with staying under the radar. It amazes me how many people are happy to talk about their business and income on forums, blogs etc. and then act all surprised when somebody muscles into their “niche”

    • and how they give a look to you lol,

      i always love to stay under the radar and it help me to grow my business.
      I believe if i do something great people will talk about me and people love those people who don’t talk about themselves only.

  111. I love the different perspectives here. So often it’s about starting a company, and getting all the buzz you can. Buying and keeping quiet is a fantastic idea.

  112. Don’t judge a book by its cover

    I liked this one
    i know,many people doing this wrong and it’s my number one life lesson i learned from successful peoples that Don’t judge someone so quickly.

  113. Dear all,

    i need few business tips that we 4 partners running a business since last 7 months the products of our firm is related to home appliances & securities solution but we are not geeting proper ( water purifier, Modular kitechen & cctv cameras) how to expand the business and the major thing is to shoutout the finincial problum pls give some tips.

    murthy
    aquatekplus marketing

  114. Just because you have money, it doesn’t mean you should blow it this is one for the books. I have seen companies think that just because they are doing well and have a good cash flow that they should open multiple locations. Then they are spread too thin and everything hurts.

  115. When you make money you have to spend some on yourself, this is really true, giving and receiving are different aspects of the flow of energy in our universe. We need to constantly balance it.

  116. I truly agree with all the facts you stated. One of the things that I’ve learned lately is, by surrounding yourself around people that are successful you can learn a thing or two. I had a friend-co worker that worked doing the same thing I did for a number of years become very successful. He would always preach to us about setting goals, writing everything down, and told us that if you found something you love to do and were passionate about it, you would be successful. I bought a planner from http://www.bulkofficesupply.com/ started thinking about goals that I wanted to achieve, wrote down the time in which I wanted to achieve them, and how was I going to achieve them. That is all I needed to do plus, I stuck to the plan and adjusted when certain things came in my direction. I now have a career I love and have achieved certain things or managed to work with certain people that I never dreamed of. If you don’t plan your life or goals and stick to them your life might just end up going around in circles.

  117. Hi Neil & all,

    I am very inspired with the enormous amount of entrepreneur wisdom & knowledge shared on this blog plus others hyperlinks – Thankio Tumas ( Thank you very much in Vanuatu dialect).
    I am from an Island in the Pacific Ocean called Vanuatu and have a strong desire to run a successful business in Whole selling and retailing. I am currently working but also own a small retail shop known as ‘BLUEZOP and it employs 2 youth in the community. My aim is to grow the business big enough to provide work for a least 50+ youths but my challenge is how do I find or connect with an oversea business partner that together we can drive towards this worthy goal while making a profit along the process. In a remote island in the Pacific, it’s always difficulty to find this kind of connection or network. Am wondering if anyone out there can help guide me to someone or firm that might be interested in expanding their brand to Vanuatu, a niche market, strategically located for Asian Market, too. Thankio tumas!! My email address is: jwilz@yahoo.com

  118. Rafiul Alom :

    Hi Neil,
    I find your site using google, thanks to google for showing me your site. I don’t know why I became to your fan, and checking out articles…..

  119. I love the idea of staying under the radar – too much exposure/business at once can cause unforeseen problems and many unhappy people!

  120. I love this one –> “Just because you have money, it doesn’t mean you should blow it”.

    So true, because millionaires didn’t become millionaires by spending willy-nilly. Careful decisions with cash is the name of the game and remains so, even after millionaire status is hit…

  121. “There’s no such thing as a safe bet” <—tell that to Martha Stewart!! ahahah

  122. My favorite: “If you want to keep making money you have to spend some on yourself “.

    I used to be so stingy w/ myself. I was thinking in poverty and that was impacting how I made business decisions. I’d do stuff like think twice before buying that infoproduct etc.

    It was just an attitude of scarcity I had.

  123. Sir can you plasecontact me on m email id pleaeit is lionking1996@yahoo.com

  124. These people are truly inspiring and their tips & quotes are quite motivating as well. Yeah, I agree that buying an already existed business (if you can) is a good choice rather than starting it from the scratch.

  125. what seems from the points in this post…is that running business is all about perfect permutation and combination :)…more accurate in sketching concept, leading to more success.

  126. There is nothing better than surrounding yourself with successful people or people that you want to be like whether it is in regard to finances, personality sports etc.

  127. Some guys have all the luck… I wish Im one of them

  128. Excellent tips. I’ve bookmarked this page.

  129. determination and drive never give up, anything is possible aslong as you are commited

  130. I see people who have a start up and it starts taking off and of course they have to go buy the ferrari or bentley to make sure people know they have some money.

  131. I wish that more householders would become more aware of the dangers posed by
    carbon monoxide poisoning. Every year more than
    twenty people are killed by this odourless, colourless gas leaking from faulty boilers together with hundreds more who suffer serious health problems caused by it.

  132. Hi would you mind sharing which blog platform you’re working
    with? I’m planninng to startt my own blog skon but I’m having a difficult tjme choosing between BlogEngine/Wordpress/B2evolution and Drupal.
    The reason I ask is because your design and sttyle seems different ten most blogs and I’m looking for something completely unique.
    P.S Sorry for getting off-topic buut I had to ask!

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