9 Obstacles You Must Overcome to Make Your First Million
We all want to be successful in our business ventures and we all know that making your first million is a huge milestone in your company but why do so few businesses manage to reach that point? What are we doing wrong? In this article, John Rampton from Entrepreneur divulges the 9 obstacles that you must overcome in order to make your first million.
We all aim for some sort financial success. It makes sense. Having a significant amount of money eliminates a major worry and enables you to do more with your life. Money and financial freedom enable you to do more traveling, trying new things, and experiencing all that is life.
Despite all of these people that desire financial freedom, a huge proportion of them are not able to get there. Often, making that first 1 million dollars is the most challenging since it requires being different than everyone else that is trying.
Finding your own path can be extremely difficult. Here are nine obstacles to overcome to reach that first million and spark future financial success:
1. Bias toward inaction
It is easy to talk about how you are going to start working harder or begin a new project. The process of actually doing is difficult. People will validate your ideas and dreams all day, but the only way they are really going to happen is if you go out and make a change.
It can be scary and challenging to change your life or try something new, but it is the only way to get into a growth mindset and achieve your goals.
2. Worrying what everyone thinks
Not everybody is going to like you, or approve of your decisions. Especially not 100 percent of the time. We want to feel loved, and there is a benefit in doing what we can to make those around us happy. It should not be at the level of our own detriment, though.
When you are trying to live a different life, you are going to have to be different than others. This might mean saying no to your friends or going against the grain at work. Feeling nervous about what others think all of the time will make it infinitely more difficult to be different.
Life is too short not to be yourself and do what you want to do now. Worrying about what others think does not accomplish anything, and there are so many people out there that will support you and your dreams.
3. Spending time with the wrong people
We are the average of the five people we surround ourselves with the most. If that average is an average person in our country, although not bad, you are just going to be average.
This does not mean to abandon your lifelong friends, but rather to be thoughtful about who you spend time with and what the mutual value is in the relationship. Spend more time with people that motivate you, give you energy and make you want to be better. It will not only make you happier but will push you toward success.
4. A tendency to blame others
There are times when life is going to be brutal. We cannot control everything, and when things do not go our way, we have a tendency to blame others.
When the happenstances are out of our control, blaming others just diverts our attention away from what we should do next. When the results come from our own actions, blaming can be even more toxic. Instead, we have to look ourselves in the mirror and take accountability. We can go on blaming others our entire lives, but that is not going to make us any better. No matter how much better we might feel at the onset by keeping our image of a perfect self, taking the blame for our failures is a must on the path toward success.
5. Never thinking outside of the box
To be different than everyone, you have to think differently. That means stepping outside of conventional thinking and pushing yourself to consider alternative viewpoints.
Today, we have the ability to surround ourselves with people and content that confirm our beliefs. Yet, gaining different perspectives through experience, reading, and meeting others can open doors that will allow us to approach problems in a unique way. It takes vulnerability and leaving our comfort zone to get there.
6. Being complacent
Routines are difficult to change. That is especially so if you already have a family or other big responsibilities. Staying put in your current situation is a guaranteed way to stunt your growth, though. A willingness to take chances and challenge yourself will leave you better off on the other side.
7. Unwilling to change habits
To become the best version of yourself and reach your first million, you have to be prepared to make changes in your life. This does not mean to change according to some false standard. Rather, it means looking objectively at your life and habits to find places where you can be better.
A willingness to self-reflect and an openness to criticism will allow you to improve in the areas that are holding you back. Change is extremely difficult and can put your life in a flux, but doing so will make you better off.
8. Lack of confidence in yourself
As much as people want to be wealthy, most do not believe they can achieve that goal. Have faith in yourself and what you can accomplish! The people we admire most, overwhelmingly, are no different, genetically, then we are. They have just worked harder, smarter, been introspective and had a bit of luck.
The luck cannot be controlled, but you can give yourself an extremely high likelihood of success. Not believing in yourself will stop you from trying in the first place.
9. Not learning and exploring more
Successful people are always learning. When Bill Gates was asked what superpower he wished to have, he said "Being able to read super-fast." Warren Buffet relayed the same message. They have both been able to achieve extreme success, in part, because of their intellectual curiosity and hunger.
Staying up to date with new technologies and trends not only widens your horizon, but it puts you in a position to find new passions and areas to for impact. Curiosity, asking why and never concluding that you know enough will help you develop the creativity and aptitude needed for success.
Written By: John Rampton