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Millionaire Upgrade, Lessons in Success From Those Who Travel at the Sharp End of the Plane by Richard Parkes Cordock

Recommendation

This business parable uses a composite successful entrepreneur who shares the principles of success that Richard Parkes Cordock learned by interviewing 50 self-made millionaires. The format of the story is based on a real event that happened when one of the Cordock relatives was seated next to Sir Richard Branson on a flight. Sir Richard, just like the Michael Redford of the book, was generous in sharing his business insights with the young entrepreneur. The book describes the key differences between the entrepreneur and the rest of us: attitude, persistence and tenacity. The acronym “I Believe” appears a bit strained, but the principles behind it are sound, established and timeless. getAbstract suggests this book may be best for a younger person ready to break out and take on the world, but even a more mature, seasoned entrepreneur may benefit from the pep talk.

Take-Aways

• Attitude is the difference between an entrepreneur and the rest of the world.
• If you are passionate and fully motivated, your work as an entrepreneur can create magic.
• You must have self-belief to be successful, but not arrogance or self-delusion.
• You will have to step outside your comfort zone. Each day, set yourself a difficult task. You will learn from it.
• Never lie to yourself or others: Retain your integrity and others’ trust.
• Build a chain of goals that will lead to your dream.
• Hard work is essential to success, so learn to enjoy it.
• Entrepreneurs are ferociously persistent and work creatively to turn a “no” into a “yes.”
• See failure as a lesson learned and a step toward success.
• Surrounding yourself with great people as friends, associates and employees will energize and sustain you along the road.

Millionaire Upgrade Book Summary

The Road to Belief

Perhaps you are a young person full of ambition and ready to take on the world. Or, maybe you have been in the workforce for a few years and feel that you would rather be building your own business than functioning as a cog in a corporate machine. Whatever your situation, consider what you would do if you found yourself on a long flight seated next to a successful self-made millionaire.

“The millionaire mindset is a 180-degree shift from the employee mindset, so that you are following your passion, not your pension.”

What if the mogul took an interest in you and wanted to share the hard-won lessons he or she had learned on the way? Would you want to listen? Would you be ready to hear, understand and implement the advice you received while sitting in that lucky seat? What do you suppose you would hear? Better yet, what if you had the opportunity to meet more than 50 of these self-made, super-rich dynamos and could distill their lessons into an acronym? What might it be? What about “I BELIEVE”?

Confidence in Yourself

“I” stands for “I Believe in Myself,” an entrepreneurial mantra. Employees think in a completely different way to entrepreneurs. Employees look at the pay, the benefits, the pension and the security. Entrepreneurs may have riches as one of their goals, but money is not their driving force. They work to realize their passion in life. Some people contrast the two mindsets as “pension versus passion,” and they are fundamentally diametric.

“Knowledge is power, you need to know what’s going on in the world, and you need to have your views challenged.”

But although entrepreneurs must have the right attitude and an unwavering sense of confidence in their abilities, confidence must not turn into arrogance. Entrepreneurs are confident in their abilities to accomplish any tasks required to fulfill their dreams, and sure that they can overcome any obstacle that stands between them and their goals. But never replace confidence with arrogance, since work won’t do itself and obstacles won’t disappear simply because you feel they are beneath you.

“You don’t find opportunities by sitting at home watching TV and you don’t make a million by being lucky – the harder you work, the more you create you own luck.”

Just as any athlete, artist or highly skilled professional must practice and train, you can enhance the abilities you need by exercising your skills. Get into the habit of pushing yourself and doing things you would not normally do. Entrepreneurs have to face difficult situations every day. Their normal state is working on goals that no one else has achieved. Some entrepreneurs purposefully find ways to step out of their comfort zones not only in work, but in their private lives, too. Becoming comfortable with being uncomfortable can be useful in the life of an entrepreneur: It pushes aside self-doubt.

“You must have urgency as an entrepreneur. Good things come to those who wait – but only what is left behind by those who hustle.”

But a loss of confidence – the sinking feeling that your inner sense of assurance is being replaced by a nagging and questioning doubt – can be toxic in the life of an entrepreneur. Ask questions, but never allow self-doubt into your mind or heart.

Driving Passion

“B” stands for “Believe.” It is having a passion about what you really want in life. No one can be successful at anything for any length of time without a firm, deep-seated commitment to a dream. Entrepreneurs must want something so fiercely they can see it as if it were already real. They care about their dream more than anything else in the world. Other people find this passion infectious and the fire of success draws them into the entrepreneur’s vision. Entrepreneurs realize their desires by keeping a clear head for business. Using experience and analytical thinking, they fashion their original idea into something the marketplace wants.

“Whether you believe you can, or believe you can’t, you are right.” [– Henry Ford]

The road for most entrepreneurs is long and tough, and money does not provide enough motivation to keep them focused. The money that entrepreneurs earn usually comes after a great deal of work at little or no pay, after facing the possibility of losing everything they have worked for and after overcoming rejection. Quick success or instant wealth happens so rarely that it is all but a myth. If your motivation is money, you can get it much more quickly in a good job. However, if you have an all-consuming passion to turn your vision into a concrete reality, the life of the entrepreneur may be for you. When your energy, passion and vision meld in your work, magic can happen.

Outside Your Comfort Zone

“E” is for “Extend Your Comfort Zone.” Henry Ford was right when he noted that whether you believe you can or you can’t, you’re right. This is a critical issue for any entrepreneur. You have no one else to turn to when something needs to be done; you are alone. You have to push past your apprehension and get the task done simply because it needs to be done. Nearly every time you try to do something completely new, you will surprise yourself. You will do things you never expected you could do and you will see your fears about the task disappear.

“You must have personal honesty, integrity, respect and trust – you cannot build lasting success without it.”

Surprise yourself every day. The discomfort will become more familiar and less unpleasant. You will develop the habit of stepping into discomfort to get something done. Another good habit is to look at difficult situations and turn them into opportunities. If an opportunity emerges, be prepared to help it germinate.

Create Your Own Luck

“L” is for “Lies and Luck Don’t Work.” Entrepreneurs create their own luck. The outside world sees only the success, but you know how many failures it took to get there. A farmer knows that not every seed he plants will sprout and not every plant that sprouts will yield usable crop. Yet, he puts in the work and he harvests the crop that comes. Is that luck? You will find that the harder you work and the more you prepare, the “luckier” you will become. Develop the ability to spot and create opportunity. Read material relevant to your dream and see what others are doing in your field; make sure your work is up-to-date. Create a social network with people who can help you in your career. These connections will become the seeds that will bring you the fruit of opportunity.

“Written goals program your subconscious mind like no other tool – this is vital.”

The most costly lies are those you tell yourself. They may seem like simple and comforting delusions, but they are time wasters at best and, at worst, can cause the complete destruction of your dreams. Be harshly honest with yourself. Don’t spare your feelings, but don’t drift into destructive self-doubt, either. Entrepreneurs lead action-based lives. Idle hopes and wooly daydreams are not the stuff of business success. You must convince other people that what you are trying to accomplish will be worthwhile. To do this, your credibility must be impeccable. If others sense dishonesty or believe that hype has replaced substance, you will lose your vital support base. You must maintain your integrity; you need the respect and trust of others to succeed. Honesty and integrity are the foundation of your success.

Well-defined Goals

“I” means “Install Goals.” Big dreams inspire your passion. To make them real, create a way to realize them. The mile markers along your road are a succession of clear, well-defined goals. Writing down your goals and setting deadlines for meeting them will force you to think more clearly and allow you to analyze your goals. Review your list of goals daily to help you meet your deadlines, and feel the fire and passion that connects your goals to your dreams. If your interest in a goal wanes, rethink it and question why you originally included it. If you realize that the goal is out of kilter with reality, revise it and make it more relevant to your larger plans.

Enjoy the Work

“E” is for “Enjoy Hard Work.” The formula for success is quite simple – but simple does not necessarily mean easy. Entrepreneurs work more than 40 hours a week – usually twice that many hours. But, most wouldn’t be able to tell you the number of hours they work, since long hours are so commonplace. Their work matters so much to them that it is woven into the fabric of their lives. They don’t segment work from their so-called private life. If you believe in what you are doing and you want to become successful, your work will also be your fun and entertainment. Other activities will be a distraction from what you are trying to achieve. In reality, entrepreneurs are completely immersed in their businesses.

“Persistence is not willpower – it is much stronger – and is grounded in belief, passion and desire.”

However, you have to do the hard tasks, sometimes at inconvenient times. You need self-discipline to do what must be done, when it needs to be done, in the way it must be done. A true entrepreneur would consider it strange to take any other approach. Others may consider this a sacrifice, but an entrepreneur enjoys doing the difficult work and does not see it as a chore. Learn to feel pain when you even consider procrastination. Those who wait get the leftovers. Those who hustle get the best.

Persistence Pays Off

“V” is for “Very, Very Persistent.” Most people never see the persistence that spurs entrepreneurs to success. They don’t quit or abandon their dreams. If something blocks their pathway, they find a way around, under, over or even through it. Others may take “no” for an answer, but an entrepreneur keeps trying new approaches until that “no” becomes a “yes.” Some people mistake willpower or being strong-willed for persistence, but persistence is a fierce tenacity that moves entrepreneurs toward their goals. It is an energy that does not wane in the face of adversity. It is a determination that leads the entrepreneur to adapt to any circumstance to meet set objectives. Entrepreneurs think not only outside the box; they think outside the rulebook. They often appear to be slightly crazed. However, they remain focused on their objectives, even if the pathway takes them through a minefield.

True Failure

“E” is for “Expect Failure.” The only people who never fail are those who never try; people who never try are the true failures. As an entrepreneur, you will succeed if you maintain your enthusiasm and keep moving forward, no matter how many disappointments impede your progress. A true entrepreneur uses each failure as a learning experience and a stepping-stone to success. Failure is a great teacher; use it to enrich your wisdom and sharpen your judgment.

“Wisdom and judgment come from failure. You learn more from failure than from success. Failure is a great teacher.”

If the word “failure” is too negative and causes you distress, think of the situation as a mistake or simply view it as something that didn’t work out. It is much less important what you call it than how you use it. The key is not to make the same mistake again. If you find yourself in a similar situation, use what you learned to turn it into a success. Entrepreneurs never worry about something that doesn’t work. They put it behind them, focus on what does work, and then run hard and fast with it.

People Matter

“The Magic Ingredient” is great people. You will not achieve lasting business success alone. You need suppliers, customers, peers and, eventually, good employees. When you understand your own strengths and limitations, you will learn what skills you still need to develop. A team is greater than the sum of the skills of its individual members. The complete skill set a great team brings to a task can help achieve more than a disparate group of people of the same size. Lead your team into action. Coach your team members to actively participate and contribute all they can to maximize success.

“Entrepreneurs surround themselves with great people and build a fantastic team of people who complement their own skills.”

Reward those who help you succeed and give back to those who made you successful. You will get it all back in full measure, pressed down and overflowing. The final tip is to always take a notebook with you. If you don’t, you will miss important thoughts that occur to you: They’ll slip away before you can write them down. You also will not be prepared to capture vital information when an opportunity arises.

“There is one quality that one must possess to win, and that is definiteness of purpose, the knowledge of what one wants, and a burning desire to possess it.” [ – Napoleon Hill]

The thickness of a cigarette paper is the difference between success and failure. But you can become a success if you know what you really want, are willing to work hard to make it happen and never give up.

About the Author

Richard Parkes Cordock specializes in personal leadership and self-made business success, and is the creator of the self-development program Millionaire MBA.