Why You Can't "Think" Yourself Rich

By Yvonne Bynoe

Many successful entrepreneurs credit Napoleon Hill's book, Think and Grow Rich as the inspiration for their businesses.  However, most people don't know that Hill who wrote a best-seller outlining the formula to success, ended up broke towards the end of his life. 

W. Clement Stone, an insurance tycoon, who cites Think and Grow Rich as an influential work, would save Hill from financial ruin by hiring him to train his insurance agents. So what was the chief difference between Hill and Stone? Hill wrote a best-selling book based on his in-depth interviews with 500 of the nation's most successful business people---but failed to benefit financially.   In contrast, Stone used Hill's teachings to create a business that in 1979 had more than 1 billion dollars in assets

Here's the answer................

Hill: Thought about being rich

Stone: Took actions to become rich

I would never dispute the importance of having a positive mental attitude if you want to grow a successful business. However positivity has to be coupled with "success" habits if you want to see your business and income grow.  It's similar to weight loss. You can't go to the gym once and expect to automatically lose 30 pounds.  In order to lose your desired weight, you have to commit to exercising several times a week and changing what you eat.  As an entrepreneur you have to consistently market your business so that people are aware of what you do and how you can help them.  You can't send out your newsletter every 3 months, or place an advertisement in your local newspaper once a year and then wonder why you don't have a rush of clients.

Another myth about becoming rich is that you should follow your bliss and then the money will miraculously come.  Certainly, one reason to start your own business is so that you can experience greater professional satisfaction.  However, too many entrepreneurs get so fixated on pursuing their passion that they don't bother to ascertain whether or not people want their product or service.  Your goal as a business owner is to earn money; otherwise you have a hobby.  The profitable entrepreneur links her passion (what she love to do, or is interested in doing) with a legitimate need/gap in the marketplace.  For instance, it's not enough that you love painting rocks and want to sell them.  You have to determine are there people out there who need or want your painted rocks enough to pay you for them.  If that answer is yes, you then have to ask, "Are there enough of these clients to create consistent income at the level that you want?" You liking to paint rocks isn't a viable reason to start a business.

Common sense tells us that there are a multitude of good ideas.  However few of these have become financially successful businesses.  History shows us that the people, who created highly profitable businesses, didn't always have fresh concepts, but they had persistence.  This persistence pushed them to get up every day and make sales calls, or send out another proposal or attend another function where they can promote their business.  It's your thinking plus your habits that determine the future of your company and your profits.

Yvonne Bynoe is a certified business and marketing coach. She is the creator of Soul Affluence, a company that teaches women entrepreneurs how to position themselves as experts in their fields so that they can create 6 figure (and more) businesses, in any economy. Follow Yvonne on twitter @YvonneBynoe and visit www.soulfulaffluence.com/programs/

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