The Millionaire Myth and the Business of Web Design
This article has something to do with my Business of Web Design video course, so please bear with me!
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What I am about to say, will probably get me into some trouble. Yet, it needs to be said because it is true.
In a nutshell: chances are, you will not become a millionaire!
A little background:
There is a popular belief, that if you follow the right steps, read the right books, that you can become a millionaire. The sense you get (from all the books and tv infomercials) is that it’s possible … very possible.
Some facts:
- Only 1% of Americans make $250 000 / year … let alone becoming millionaires.
- Something like 85% of self made millionaire live very modest (middle class) lifestyles.
Before I go on, I am not saying that we can’t reach financial independence (I will get into what that means later). Rather, I am saying that if you want to live the life of a movie star, drive around $250 000 sports cars, and live in mansions, then there is a 99% chance that you will NOT make it.
What it takes to become a millionaire:
After doing a lot of research, and having had few millionaire mentors of my own, I’ve found the following to be the keys to making it big:
- You probably have to work much harder than most people.
- You will have to be luckier than most people.
- You will probably have to be talented. Although many times, luck can make up for the lack of talent.
- You will have to take risks.
There is one thing that (just about) every rich/successful person I have ever spoken to, read about, or watched on TV has said:
that they have been very lucky.
… They had some stroke of dumb luck, that made things happen for them.
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So, if you want to base your life on that less than 1% chance you will make the ‘big time’ … then good luck to you! I prefer to work toward the very attainable goal of financial independence.
What is financial independence?
For me, this means that you have more money coming in, than you need (to live comfortably,) … WITHOUT having to bust your butt, or be under massive pressure.
I did this through the web design business (but that’s not the only way,) and it is something that can be reasonably attained, even by reasonably untalented people … people like me!
About Talent:
It’s a sad fact in life, that not all people are created equal when it comes to talent. If boxing (and my broken nose) has taught me anything, it is this.
But it’s not all bad:
It is also true, that each of us can excel in one thing or another (and the trick is to find your talent!) but the fact of the matter is, that if you want to reach the very top of some profession, you need to have that natural talent that makes it easy for you.
What can talentless people do?
Ah, now that’s the trick: realize who you are, and then come up with a strategy!
- Find out what your talent really is. You don’t have to be the best (and you probably wont be,) just so long as you are naturally able.
- Start doing what you are good at.
- Get people around you who can make up for your lack of talent.
In the ‘Business of Web Design’ videos, I teach you the brass-and-tacks of building a home-based web design business, and I also teach the strategy to becoming financially independent.
For example:
You may not be the best coder, or perhaps your design skills suck. Not matter, you can make up for that by leveraging other people and other peoples work (I show you how in the videos,) freeing you to excel in whatever aspect of web design you happen to be good at.
Thanks so much for reading!
Stefan Mischook
www.killersites.com
June 12th, 2007 at 10:03 am
Dear Stefan,
I love you website. It has given me so much useful information. It never fails to inspire me and gives me the encouragement I need to follow my dream of becoming a successful web designer. Thank you so much!
Connie
June 12th, 2007 at 10:10 am
Hi Connie,
I’m glad I can help in even a small way.
Thanks for writing!
Stefan
June 12th, 2007 at 11:11 am
What? Stefan – Why didn’t anyone say this sooner? Ack!
Actually this little article you wrote was clear and to the point, with some very grounding insight. I get approached all the time by the next web 2.0 entrepreneur looking to make millions on the internet and I often have to be the bearer of bad news and bring them back down to a level of reality and a sound business plan, with realistic financial forecasts. I like the way you’ve put things in perspective.
- Jason
June 12th, 2007 at 1:17 pm
Perhaps the way to become a millionaire is therefore by writing books about how to be one and selling them to people who didn’t get there first? Ack! I am ten (twenty? thirty?) years too late!
Good article.
June 12th, 2007 at 2:14 pm
Richard,
Did you know that some of the biggest get rich gurus were actually poor before they sold their books/tapes on how to get rich.
Robbins was broke and the Poor Dad Rich Dad guy (who’s whole thing is to own property) did not own any!
Anyway, thanks for the comments.
Stefan
June 12th, 2007 at 2:20 pm
Hi Stefan,
At last a Guru who doesn’t fill our sails with hot air. I have become an avid follower of your work and recommended you when I can. You speak words of wisdom and this article is no exception.
I work in Internet marketing which is full of “gurus” who tell you that they “earned $50000 in one day and if you follow my plan……”
How can they be telling the truth? how can everyone “make it”? Truth is only 2% will actually follow their “plan” to the letter discover it is cr@p and demand their money back leaving 98% of people still wondering if it would work for them – dont bother I say!
Nice work and I look forward to the next edition!
Damien
June 12th, 2007 at 2:27 pm
@Damien,
“I work in Internet marketing which is full of “gurus” who tell you that they “earned $50000 in one day and if you follow my plan……””
If I had a trick that could make me that kind of cash in a day … I doubt I’d be telling everyone else how to do it!
Thanks for the kind remarks.
Stefan
June 12th, 2007 at 3:43 pm
Stefan,
This was such a great article. I always look forward to your tutorials and newsletters! This article is an eye opener for those who think they can just sit on their butt and make websites. I prefer a more active approach, but I can guarantee that I will not become a millionaire from it. I’m having trouble becoming a thousandaire. I just started in the web design business about 2 years ago, and your guidance has shown me the light. You’re the best!
Manny
June 12th, 2007 at 6:49 pm
Hi Stefan
Thank you for your wonderfully informative teaching videos and for passing on your experience to people like myself and at such great value and I am sure there are many others who have benfited from your pragmatic approach to teaching the basics in such a through manner.
Regarding your article about millionaires: All I can say to is, do what you like do and do it with passion and enthusiasm and the money will follow and if you are very lucky you just might become a millionaire.
Paul
June 13th, 2007 at 2:03 am
Thanks Stefan
Love your site. been reading site now for only about a month but great.
This article is fab. I have just launched my own business (www.creativerush.co.uk – holding site) with a business partner and we plan to make our own ‘millions’ with this and see our lifestyles change dramatically. One thing that I think that I wouldn’t necessarily agree with, is the whole ‘luck’ thing.
Being a Christian businessman, I can see how people would put things down to chance, being in the right place at the right time etc, but I am a greater believer in effective marketing and building a name that is trustworthy enough for people to pass on.
I agree that business is about working harder, being talented and taking risks, but the key thing is managing that risk. 80% of SBE (small business enterprises) here in the UK fail in their 1st year. Cash is king, and the main reason for failing is bad management of risk. Spending too much when you don’t really have it, or borrowing too much. We have borrowed nothing to start up. We have worked full time for other people in the field we’re in for years, built up some money to be able to survive for a few months, built up some key contacts and have produced an effective marketing strategy for ourselves.
Many people will say that marketing is only one part of business life. I agree, but most people treat it as a very small part and don’t value it at all in some cases. How will you get work if you don’t let people know that you are there?
Anyway – I don’t mean to preach to the converted…
Thanks for the great articles. Keep them coming.
Ant Hodges
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ant@creativerush.co.uk
http://www.creativerush.co.uk
June 18th, 2007 at 9:06 am
Hah! I don’t think financial independence is in my genes. I spend way too much money on things that are not important.
July 3rd, 2007 at 11:00 am
Oh say it ain’t so???…. No.. its not true YOU can become a Milloniaire Anyone can;
If you have two things:
A. Time; To let the power of compounding work.
B. Extra Money; A little extra money each year.
With these two things you can buy an investment vehicle that can’t lose and give you a return of 6-9% annually, with no goverment taxs to pay, therefore in 15-30 years anyone who chooses can be a millionaire.
Thank you,
Clark Mandrell