Famous millionaire J. Paul Getty holds in his book,
'How to be Rich' that there is a frame of mind called
'The Millionaire Mentality' that will put you a long way
ahead on the road to success in business.
(Although Getty wrote this in the sixties, when being a
millionaire was perhaps a more true designation of
financial success, I think you will find the concept as
related to success is as valid today as it was then.)
'Luck, knowledge, hard work - especially hard work -
an individual needs them all to become a millionaire.'
'But above all, an individual needs 'The Millionaire
Mentality': a vitally aware state of mind which harnesses
all of an individual's skill and intelligence to the tasks and goals of the business.'
Yet this frame of mind Getty calls 'The Millionaire Mentality'
is not found in everyone.
In fact, Getty goes as far to break people in business
down into four distinct categories, each with a different
likelihood to hold this frame of mind:
'In the first group are those individuals who work best
when they work entirely for themselves - when they own
and operate their own businesses.'
'Such individuals do not want to be employed by anyone.
Their desire is to be completely independent. They care
nothing for the security of a salaried position.'
'They want to create their own security and build their
own futures entirely on their own. In short, they want
to be their own bosses and are willing to accept the
responsibilities and risk this entails.'
'Next are the individuals who, for any of a large number
of reasons, do not want to go into business for themselves,
but achieve the best, and sometimes spectacular, results
when they are employed by other and share in the profits
of the business.'
'There are many widely different types of individuals that
fall in this category.'
'They range from top-flight salespeople who prefer working
on a commission basis - earning in proportion to what they
produce, with neither floors nor ceilings on their incomes - to
top executives and managers.'
'The third category of individuals who want only to be
salaried employees, people who are reluctant to take risks
and who work best when they are employed by others and enjoy the security of a steady salary.'
'People in this group are good, conscientious and reliable
workers. They are loyal to their employers, but are content
with the limited incentives of a regular paycheck and hopes
for occasional raises in salary.'
'They do not possess the initiative and independence - and
perhaps the self-confidence and drive - of individuals in the
first two groups.'
'Lastly, there are those who work for others but have the
same attitude toward their employers that many postal clerks
of the sixties had toward the post office department.'
'These individuals are not motivated by any need or desire to
produce a profit for their employer. Such attitude is fatal to
any business operating in a free-enterprise system.'
'Yet there are far too many individuals who hold - or would
like to hold - positions in business that are like this.'
'They don't really care whether the company that employs
them makes a profit or shows a loss as long as their own
paychecks arrive on time.'
Which category do you fall under?
According to Getty, 'The Millionaire Mentality' is most likely found in the first two categories of individuals.
It is rarely found in the third category. And is '... entirely non-existent among individuals in the fourth category.'
What must one do to produce 'The Millionaire Mentality'.
One with 'The Millionaire Mentality' '... must direct every effort to insure that their company makes a fair profit... one not only large enough for it to continue in business, but also large enough for it to take advantage of opportunities for expansion.'
'An individual who understands this and acts accordingly is
already well on their way to establishing the frame of mind
that produces 'The Millionaire Mentality.'
What frame of mind do you have? More importantly, do you have 'The Millionaire Mentality?'