Work Hard - Secrets of Self-made Millionaires

By: Robert Riles

Since times immemorial, it has always been said that there is no replacement for hard work and dedication. If these two factors are fulfilled, any human being, irrespective of the level of intelligence or expertise, can achieve more than he or she has set out to achieve. There are hundreds of instances to prove that hard work pays off in more than one ways. Each and every sector has a success story to brag about. So just don't be under the impression that there is short cut to success. Of course, the short cuts have to be found by you working hard day and night when it matters most.

However, there are some useful tips and secrets provided by self made millionaires to reach their level. The first and foremost tip offered by such successful individuals is hard work. This factor carries a large proportion of weight that has the capacity to crush what ever hurdles come your way to success.

The second most important factor that has made the self-made millionaires so successful is their risk taking ability. Not every is ready to take risks because of the number of commitments he or she has. According to a recent study, four out of every ten people, irrespective of the sector represented by them, are willing to take risk. This trend is gaining importance with more number of people showing keen interest in taking risks in order to achieve success. However, the key to success depends on the wise moves made by an individual. While taking risks, people should also have alternatives to fall back on in case something goes wrong. You should also be in a position to mitigate that risk from nullifying its effect.

Let us take for instance, an investment in a product firm. There are chances that the product might succeed in the market or flop depending on the consumers' preference. There are two aspects to be analyzed here. It depends on whether the product was evolved keeping in mind the requirements of the customer. It also has to be ascertained whether the product has a local content in it. A product will succeed in a market only if there is greater degree of localization. This assumes importance since localization of products holds the key to success. Suppose, the product backfires, then you should have adequate forward cover to withstand the impact of the possible losses. Successful entrepreneurs have adopted this approach at varying stages to gain much.

The next key to success is innovation. In any venture, the quotient of innovation has to be very high. Unless a product is innovative, there is no reason that the customer should purchase it. There should be some unique selling point in the product that should attract the attention of the customer. Once the innovation quotient in the product becomes well known, naturally more people will seek out the product. The innovation need not necessarily be restricted to a product it can also be applied to various processes. An innovation in a process-oriented industry can make a vast sea of change to the organization in the long run.

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