7 Principles to Building a Billion-Dollar Business

Posted on Nov 2 2015 - 7:04pm by Lance Edwards

Jim CrossmanBY JIM CROSSMAN (Via EzineArticles)— Do you know what the single most powerful asset your business needs?

I’m betting you’re thinking that it’s your credibility in your respective niche or the people who work for you. Maybe even your products or services, even your intelligence or something no business can succeed without – money!

Well the answer is a resounding ‘no’ on all accounts. In fact, by all accounts, it is your own attitude or more specifically your mindset that decides the fate of your business.

How many times have you read or heard that if you want to create a $1 billion company you have to think like someone who already runs a $1 billion company. You must already be that person. Or at least have the same mindset.

I know what you’re probably thinking: here we go again. More “mind over matter,” “you are what you think,” “what the mind can conceive you can achieve,” or “it all starts with the mind.” But the fact of the matter is that is precisely where it all starts.

The difficulty is in transferring that thought into a series of specific actions that lead to you running a $1 billion business. Let’s face it, only the very few do!

Here are seven mindset principles that are crucial to building such a business. If you are serious about it and you devote just a few minutes a day to adjusting your mindset towards this goal then it is the best investment you can make in that business.

But be aware that this will take time. You will in all probability have to do it in stages. First get to a $100,000 company, then a $1 million one and so on. Once you get to $10 million, according to the people who have done it, it gets easier!

1. The Principle of Defining Your Grand Purpose

Great business leaders and their companies do great things that leave a legacy, leaving the world a better place for it. These leaders create a cause, not just a business. They become philanthropists who use their incredible position and wealth to the good.

Their businesses became more than just a business, they became a conduit to something bigger than just a business, bigger than the leaders themselves and their self interests.

“Success, like happiness, cannot be pursued,” said renowned Austrian psychiatrist Victor Frankl, “it must ensue… as the unintended side effect of one’s personal dedication to a cause greater than oneself.”

What is your business’s grand purpose or cause? How can your business help enhance your the lives of your customers?

2. The Principle Of Thinking with Clarity

As Man Thinketh is a very famous book written by James Allen who spent 25 years interviewing famous and successful people of his time trying to figure out exactly what was different about them that made them successful.

He deduced that it was all down to their thoughts and acting on them.

If you focus on any particular problem, you end up with more of the same problem. However, if you focus on the solution you will find that solution and very probably other different and potentially profitable solutions will appear as a bonus!

What are you focusing on now in your business? The problems or a solution? Clarify your problem and then start thinking with clarity about solving it. Thinking with clarity sounds easy but it takes practice. People who run billion-dollar businesses do this frequently.

3. The Principle of Attraction

What you think can be attracted. This doesn’t mean that if you constantly dream of winning the lottery you will win. Dreaming or wishing isn’t the same as considered thought. In business and very often in life, what you seriously think carefully about you can and very often do attract.

The big difference between dreaming or hoping is the feeling that comes with it. Strong emotions help speed up the process. Don’t just dream, but really feel what having whatever it is you want would be like. Live it! You are only restricted by your imagination, so let it rip.

Do you only seem to attract difficult customers or ones that produce a low income for you? If so, then you almost certainly to believe that’s all you’re worthy of, at least subconsciously.

Paul McKenna, a celebrated hypnotist, was trying to help a client make his business more successful. The man sold his services by seminars and by doing so could only work for so many days and with so many clients a year thus capping his income. He felt he couldn’t charge any more than say $1,000 a client as in his own mind this seemed a fair but high price.

Paul asked him why he couldn’t charge more and the man answered that he felt no one would pay more. So Paul asked him to imagine charging the client $12,000 for his services. The man obviously could not consider it even if he thought anyone would pay it but then Paul began to drop the price first to $6,000 and then to $5,000 and then to $2,500, at which point he asked the man if he thought that was a fair price to which the man replied it was. Why? Because the man thought that compared to $12,000, it was a bargain!

This is a prime example of how someone running their own business can change his business around almost immediately by changing the way he thought about his business and what he could do for the client. The man changed his pricing structure, ended up with more clients than he could handle and has since raised his prices again.

Apparently your business is always a mirror of your inner thoughts. What do you have to do to get better prices? What needs attention in your business to enable this? What does your business need to get to the next stage?

4. The Principle of Commitment and Creation

So you want to create a billion-dollar business? On their own, your thoughts, hopes and dreams are not enough. You have to do something. Albert Einstein was quoted as saying, “Nothing moves until something happens.”

You have to make something happen and you do that by being 100 percent committed to your goal. No matter what, you will take your business to the next level.

Once you are 100 percent committed and focused on your goal then magic seems to happen. You find the right people and resources to support you, the right opportunities will appear as if out of nowhere. It’s called synchronicity.

Are you still dreaming or have you done something? Are you 100 percent committed and focused?

5. The Principle of Perception

When you market your product try to see it from customers point of view. How do you perceive your product?

I once worked for a company selling a high-priced product but in reality it wasn’t that dear to buy. However, the general view from our customers was that it was an expensive product and they expected to pay a lot for it, so they did!

How you market your product is crucial to how your customer will perceive its value to them. What are you doing in your business to create perceived value? Can you change it?

6. The Principle of Consequence

“Every action has an opposite and equal reaction” or so my physics teacher taught me at school. If this is one of Einstein’s unbreakable laws then it stands to reason that any action you take will have a consequence.

You may not be able to fully control the consequence or outcome but you can control your reaction to it. If you want a different outcome, you must change your actions that brought it in the first place.

If you want to increase your business from $100k a year to $10 million, then you have to take different actions than you are already. So what are they?

7. The Principle of A Rich Mind

It is your mental attitude that will determine your success. As I hinted at the beginning of this article “If you can believe, you can achieve and so shall you receive.”

Imagine how you would run a billion-dollar business, or even a $1 million one. How different would it be to the way you run things now? How different would you have to be?

Finally.

To change the way we think can be extremely difficult for some and almost natural for others. It’s the same in all walks of life. But if you are committed and focused by following these principles and practicing them even if only for a few minutes each day, you can shift even the most deeply embedded thinking to new level.

It’s all in the mind as they say!