The Education of Millionaires by Michael Ellsberg

March 1, 2012 by  
Filed under Business, Personal

How do you develop practical success skills in the real world? Michael Ellsberg has some tips to share in his new book, The Education of Millionaires: It’s Not What You Think and It’s Not Too Late. Michael interviews several millionaires with no college degrees, such as Facebook cofounder Dustin Moskovitz and founding president Sean Parker, and WordPress creator Matt Mullenweg, to understand how they learn their skills to be successful.

In the book, Michael highlights 7 success skills that people are unlikely to learn in college, but are real world skills practised by self-educated millionaires.

Success Skill #1: How to make your work meaningful and your meaning work

It is not easy to learn the “Art of Earning a Living” or what Michael refers to as “the art of creating a career path that both provides a high likelihood of financial security and allows you to follow your dreams and make a difference in the world.”

He outlines some steps to aligning your money and meaning. First, get on your feet financially. Find a job and be financially stable first, so that you do not have to worry about the bills. Second, create more room for experimentation in your workplace, and free up time and space for some experiments in leadership, innovation, making a difference, and finding meaning. Ask for increased flexibility and find ways to lead in your workplace. Third, if your work does not reflect your meaning, start a small business or change careers to combine money with meaning.

Success Skill #2: How to find great mentors and teachers, connect with powerful and influential people, and build a world-class network

Michael shares that the secret to recruit mentors is giving. Find out how you can help your mentors and support them. Do it with zero expectation of getting anything in return, and focus your attention on how you can be of service.

It is important to invest in the growth and maintenance of “connection capital” or anything that can help you expand your network of connections, which includes your already existing connections and your ability to give good advice.

Success Skill #3: What every successful person needs to know about marketing, and how to teach yourself

Michael explains that marketing has to do with the concept of the product or service itself, and how well it is designed to meet needs or solve the problems of a specific target market. Good marketing is not about pushing your stuff onto an unwilling audience, but about listening to your audience.

Success Skill #4: What every successful person needs to know about sales, and how to teach yourself

The key to effective sales is to ask a lot of the right questions and then to listen to your prospect. The more your prospect talks about their problems, fears, and frustrations related to the needs your product or service addresses, the more likely they will want to do business with you.

Success Skill #5: How to invest for success

Learn to bootstrap your own self-education by studying with business coaches, seminars or books, and develop a passion for lifelong learning.

Success Skill #6: Build the brand of you

Build an online presence and develop your brand – what people think about when they hear your name. Cultivate and express your original and authentic personal brand.

Success Skill #7: The entrepreneurial mind-set versus the employee mind-set

Michael shares that the key difference between self-educated people who achieved success and other people, is that they chose to do whatever it takes to create the lives that they want – “The Entrepreneurial Mind-set”. People with the entreprenuerial mind-set focus on contribution and outcome; look for what is needed; make themselves indispensable; make big decisions without authority; and see their circumstances as illusory and temporary.

Buy The Education of Millionaires book today!

Images: Amazon

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