Millionaire Mindset: Risks and Delegation

Develop your Millionaire Thinking with hypnosis

All self-made millionaires have had to use their judgement to make the right decisions and take calculated risks. Look at 31-year-old, Internet wizard Jason Drummond who made millions by spotting emerging markets and having the bottle to gamble on them.



After learning how to make money as a teenage entrepreneur, Drummond's Virtual Internet Group, which licenses and protects Internet domains and hosts Web sites, was the first web-hosting company to float on the Alternative Investment Market.

Drummond saw domain names as the key to successful online marketing. Today, Virtual Internet now serves 60 per cent of the FTSE index companies. "If you are frightened of failure and don't take risks, you just won't make it as a superboss," he says.

The true millionaire mind-set refuses to acknowledge failure, regarding it as a learning experience. An entrepreneur learns from his/hers mistakes and looks out for them next time so as not to make them again.

Learn To Delegate

A major key to business success is delegation. Indeed, one recent Manchester Business School study claimed to show that the inability to delegate efficiently is a significant cause of business failure.

"The majority of bosses waste huge amounts of time getting involved in things that should be left to other people," says Roger Faulkner, director of business coaching consultants Payne/Warner Associates.

"They should be able to identify the things they do that are of most value to the company - and then delegate the rest."

As a result of bosses being reluctant to delegate, up to 50 per cent of their day's work was not contributing to the organisation achieving its corporate goals.

Here are some reasons found by the Manchester Business School report why delegation leads to a successful business:

• Freedom to plan future strategy and time away from the daily routine, which allows you to see the big picture.
• The chance to develop employees' abilities and make them more valuable.
• Spreading accountability to encourage a stronger, more resilient team.
• Responding faster to business changes because staff are more adaptable.

When starting out some entrepreneurs try and do it all themselves. As your business grows it makes more sense to delegate the areas that you are weaker in so that they do not affect your business growth. Being aware of you weaknesses and allowing other people to work on these areas allows you to concentrate on the parts the you are good at and do them really well.