6 Game-Changing Ideas to Build Wealth as an Entrepreneur

If you want to learn how to build wealth as an entrepreneur, you need a lot more than just strategy. You also need the right mindset. When you truly understand what it means to make money, this will change your entire perception of wealth building.

Over the last 10 years, I have learned a lot of strategies that helped me go from making minimum wage at a coffee shop to becoming a 7-figure CEO

Regardless of whether your goal is to make 7-figures or 4-figures, these income-generating tips can help you at any stage of your business. So, if you want to learn how to build wealth, check out the following YouTube video or keep reading! 

The Truth About Passive Income

“Passive income” is one of the most popular buzzwords in the marketing industry these days. Considering the overwhelming amount of blogs and YouTube videos covering passive income, it can lead you to think that you can have thousands of dollars flowing into your life with the press of a few buttons.

If it were that easy, everyone would be doing it. While I have been blessed to generate anywhere from $100K to $200K in “passive” income per month, I had to put in years of work upfront building up revenue streams that allow me to make this income without having to work constantly. 

It took years of building up my brand, traffic streams, social media presence, and website to the point where I could even imagine having this passive income stream. 

Even if you manage to generate income following these “get-rich-quick” schemes I see floating around on social media, they most likely aren’t going to be sustainable long-term. 

If you want to build sustainable wealth as an entrepreneur, you have to put in the time and effort necessary to make it happen.

Realize that you may have to trade your time for money in the first few months – or even years. It took me a few years to build up my flagship program, The BOSSGRAM Academy (BGA)

I worked with clients individually so I could understand my zone of genius, strengths, and weaknesses. Once I got clear on what process helped my clients achieve the best results, I was able to package everything I learned in BGA

With the help of email marketing, funnels, and my team, I’m able to continue making sales from this program – even in my sleep! 

As long as you remain committed and persistent, you will eventually achieve your goals and generate the income you’ve been yearning for. 

The Truth About Success

If you want to build wealth or achieve success in life, there’s one important thing you should remember:

We often overestimate what we can achieve in a year, but underestimate what we can achieve in 5 years.

Your life can change a lot in 5 years, which is why a lot of successful entrepreneurs plan out their lives in 5-year segments. I know it’s hard to imagine what you want to be doing with your life in the future, but it’s important to understand who you want to become in 5 years.

Don’t worry about the details like where you’re going to work or how much money you’ll be making. You can plant so many seeds that will allow you to get as close as possible to who you want to become in 5 years.

“Success is not defined by the goals you set.” – James Clear

This is one of the most inspiring quotes I ever read in his book titled “Atomic Habits.

When you think about people who go to the Olympics, all of them have the same goal, right? They want to win and bring home the gold medal!

Regardless of what your specific goals are, the actions you take are what will get you closer to the person you want to become in the future.

This concept helped me understand how to quantum leap my life and get in control of my destiny.

How to Build Wealth as an Entrepreneur

The hard work it takes to build passive income is undeniably worth it. You just need to know who you want to become and the steps you’re going to take to reach your goals.

Now, I want to share some ideas from 6 of my favorite books that have been instrumental in my wealth-building journey. I’ll only be sharing one idea per book, but all of these books have countless, game-changing ideas.

These ideas helped me shift my attitude towards money, change the way I show up in my business, and open my eyes to what was actually possible for me to achieve in life. 

Idea #1: Discipline and Compound Effect

Book: “The Slight Edge” by Jeff Olson

I read this book when I was in university, and it completely changed how consistent and disciplined I am. This book teaches the concept of “how little actions add up over time and compound into big results.”

This book helped me get fit, improve my GPA, and achieve my career goals. 

Once you learn how to break down your seemingly unreachable goals into small, bite-sized, actions that you can do every day, you will notice how quickly things begin to fall into place.

Idea #2: Move Away from Self-Interest

Book: “How to Win Friends and Influence People” by Dale Carnegie

I read this book in my senior year of high school, and it greatly influenced the way I communicate with people and how I see things from someone else’s perspective. 

Whenever I did anything in the past, I was always thinking, “what’s in it for me?” This book helped me think about what’s in it for other people.

If you want to become more charismatic, land your dream job, and network more efficiently, I highly recommend you check out this book.

Idea #3: The 4 Ways to Build Wealth

Book: “The Almanack of Naval Ravikant” by Eric Jorgenson

I have raved about this book many, many times because it’s that good! This book teaches that there are 4 different ways to build wealth as an entrepreneur. 

The two traditional ways to build wealth are through capital and labor.

  1. Capital: If you inherit money or if you have a lot of money to spend and invest, this is one way you can build your wealth.
  2. Labor: You can hire employees or contractors to do work for you. This helps you focus your time and energy on income-generating activities.

The two non-traditional ways to build wealth are through media and code.

  1. Media: Building a brand online and productizing your knowledge can help you generate more wealth.
  2. Code: Successful CEOs like Jeff Bezos, Mark Zuckerberg, and Elon Musk are a few of the top leaders in the tech space, and they were able to do this by creating code that makes people’s lives easier.

Media and code are permissionless, which means pretty much anyone with a wifi signal can learn these skills for free. 

For example, social media is generally free, so anyone can build a brand and increase their wealth using this method.

Idea #4: Boss vs. Owner Mentality

Book: “The 4-hr Workweek” by Timothy Ferris

I stumbled upon this book when I was miserable in my corporate 9-to-5 job. Think about a train chugging along the railroad tracks.

This book explains that a lot of entrepreneurs in our lifetime want to be the boss of that train, but the wealthiest entrepreneurs on the planet don’t want to be the boss of that train. They want to be the owner of that train.

I had an epiphany when I discovered this concept. If you’re anything like me, you don’t want to be the conductor of one train. You don’t even want to stop at being the owner of one train.

You want to be the owner of multiple trains. This concept fueled my interest in entrepreneurship and being a part of something greater than being an employee.

Of course, there’s nothing wrong with wanting to work within a company. There are a number of benefits that come with working in a company, but this concept changed my entire perspective on what I wanted to do with my life and who I wanted to become.

Idea #5: Recognize Self-Sabotage

Book: “The Mountain is You” by Brianna Weist

I recently read this book when I was dealing with a few problems within my business. This book helped me become self-aware of the destructive patterns that caused me to encounter major setbacks in life.

This book helped me realize that having a gut feeling isn’t a bad thing. However, having a lot of anxiety about something that hasn’t happened yet is not a part of your intuition. 

This is a projection of your own insecurities or unresolved issues, and this way of thinking can cloud your judgment and affect your ability to make rational decisions.

If you’re someone who deals with self-sabotage or you want to learn more about self-sabotaging habits, this book can help you break through any roadblocks that are hindering your success. 

Idea #6: Set Goals with Intention

Book: “The Desire Map” by Danielle Laporte

This is the book that single-handedly helped me quit my job. Setting goals with intention is much more effective than basing your goals on something physical.

When you set a goal to purchase something new, the object isn’t what you actually want – it’s the feeling associated with getting that object.

For example, if you want to buy a house, maybe you want to feel safe and secure. If you want to go on vacation, maybe you want to feel relaxed or adventurous.

Reading this book helped me realize that I want to feel purposeful, limitless, loved, and appreciated. I wasn’t feeling any of these emotions at my corporate job, which helped me understand that it wasn’t the right path for me.

When I quit my job to become a content creator, I was dead broke. So, I decided to become a coffee barista at Starbucks.

Although this wasn’t ideal and I didn’t want to work at Starbucks forever, I felt a true sense of purpose because I was working towards something bigger. 

It’s okay if your goal is to make 6-figures or land your dream job, but this can lead to disappointment if your goals don’t have intentions associated with them.

Viewing your goals through this lens can help you become more appreciative, flexible, and content in your business – even if you haven’t reached your goals yet.

If you’re struggling to find your purpose and set goals with intention, I couldn’t recommend this book enough!

Are You Prepared to Build Wealth as an Entrepreneur?

It’s a huge misconception that you have to start a business, invest in stocks, purchase real estate property, buy crypto, or have passive income to build wealth. None of that means anything if you don’t invest in yourself.

Whether you want to work for a company or work for yourself, increasing your skillset and acquiring more knowledge are the best investments you can possibly make for your career. 

The more invaluable you become, the more opportunities you will encounter. You can invest in yourself by reading the books I mentioned, listening to podcasts, or watching YouTube videos. You can also invest in courses like The BOSSGRAM Academy if you want to learn how to monetize your content on social media!

Learning never stops. If you remain stagnant, you will get left behind because the market is always changing. 

I’m not telling you this to scare you. I’m telling you this because I want you to grow and evolve no matter what path you take to success. 

Once you reach one milestone, aim for the next one! 

If you enjoyed this content, make sure you subscribe to my YouTube channel! I post a new video every week to help you increase your visibility and attract clients who will pay you for your knowledge. 

Want to learn how to build wealth as an entrepreneur by leveraging the power of social media? Check out my free training HERE!

Rooting for you,

Vanessa

 

Keep reading

Want to go behind the scenes?