How to Become a Millionaire - Choosing the Right Business Opportunity

Ok, so a million dollars ain’t what it used to be but it’s still a lot of money and so I’m sure many of you are wondering how to become a millionaire by starting or running your own business? Right now millions of business owners are becoming millionaires even if the overall global economy is experiencing a financial crisis. As the saying goes, ‘there is opportunity in crisis’. So, if you've ever wondered how to become a millionaire by running your own business, this article gives you some rules on how to choose the right business for you.

So, how do you go about choosing the right business opportunity for you? You know, life is just a bunch of decisions strung together. Choosing the right kind of business opportunity for you could be one of those important decisions on the road to wealth creation. Making the wrong decision could cost you millions and making the right decision could make you millions. Here are a few simple rules you can apply to choosing the right type of business for you.

1.Follow Your Passions (But Not Your Hobbies)

Nothing great in the world has ever been achieved without passion. The best kind of business is always to make or sell a product or service you know and love. This is because if you’re starting a business, you’re most likely going to be in it for the long haul. Passion is like … Without passion you’ll run or of steam real fast especially under trying circumstances and the business is likely to fail. Passion and love of what you do will sustain you through the ups and downs. And your successes will taste that bit sweeter if you’re passionate about what made you successful.

However, it’s important not to confuse your passion and your hobby. Just because you love baking apples pies doesn’t necessarily mean that starting an apple pie business is a good idea. In fact, it’s probably a bad idea. Most likely you will become sick of apple pies and realize that baking 1,000 apple pies a day and distributing them to retail outlets just isn’t the same as baking an apple pie on a quiet Saturday afternoon in your home.

2.Get Skilled or Be Killed

Passion first, skills second…but a very close second at that. Skills and talents are the prerequisite tools you will need to just ‘do the job’. Skills and talent won’t guarantee you will become a business sensation but combined with passion and business savvy you give yourself more than a fighting chance of success.

Apart from the technical skills you need to ‘do the job’ you then really need to get on top of business skills like finance, sales, marketing, management, operations etc.
You won’t garner these skills from a textbook. Sure, you can learn about and understand the concepts in theory from a book but you have to implement and learn though trial and error what’s gonna work in the business world. It doesn’t matter if you’re the best poodle clipper, stockbroker or second-hand car salesman in the world; to develop a successful business requires completely different skills. Eventually, to be truly successful in business you must move beyond being a “technician” i.e. just doing the job to becoming a true business person i.e. leading the business”.

3.Know Your Lifestyle Requirements

Starting a new business is not glamorous. Exciting - yes but glamorous - no.
You will have more flexibility as regards working hours, location etc. but even less freedom than you think. A new business can call upon 24/7 commitment from you. Contrary to popular opinion, you will work longer hours, have less time (for yourself and family), more stress and more sleepless nights than you could ever have working for someone else. If you’re not mentally prepared for this reality your dream business could quickly become a nightmare.

Make sure the type of business you chose fits the kind of lifestyle you want to lead. If you’re very social and enjoy interaction with people than retail, sales-oriented business could suit you. If you’re a little less social and want to spend more time at home, than a home-based business such as an Internet-based business might suit you better. If you prefer to keep irregular hours than you might consider a project-based business that doesn’t require regular 9-5 hours but rather a commitment to delivering by a deadline.