You might have a goal of becoming a millionaire (having at least $1 million in net worth), but you will probably achieve that faster than you think. $1 million is not the same as $1 million 10-20 years ago. When you have reached this goal, your next goal may very well be to actually make $1 million in profit.
Check out this article from entreprenuer.com:
“…Every entrepreneur dreams of reaching his or her first million dollars in profit. I was no different when I started my first business with only a few dollars to my name. You often hear people talk about how high their revenue is. To me, that’s just a vanity metric. There is no point starting a business if it is not sustainably profitable.
Here is a list of nine factors that helped me reach my first million in profit — I hope they can help you reach this milestone as well.
1. Bootstrapping is important in the first few years.
I started my business without any outside capital and without any business loans. I used every penny that I generated to grow the business. Bootstrapping allowed me to concentrate 100 percent on building my company without worrying about loans and debt. I worked hard and rolled all of the profit back into the business. It required personal sacrifices but in the end I was able to build a successful debt-free business…”
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