4 Business Tips for Creating Millionaire Success

You need to believe in your idea if you're going to be successful.

learn more about Timothy Sykes

By Timothy Sykes

Tom Merton | Getty Images

Opinions expressed by Entrepreneur contributors are their own.

There has never been a more inspiring time to get into business than now.

If you look at the huge growth in American, British, European and Japanese stock markets, and think you could be one of them too, it's time to get started. My Tim Sykes Millionaire Challenge has taught me a lot about what works and what doesn't.

Here are my top millionaire business tips for creating a winning business.

Related: 9 Everyday Habits of the Average Millionaire

You can do it.

Business has taught me is that you need a commanding self-belief. We've all heard the advise fake-it-till-you-make-it. And this is so true. You need to believe in your idea if you're going to be successful.

I like to look at Winston Churchill as a prime example of what it means to believe in yourself. All those often-repeated quotes come from the short period between 1940 and 1941 when Britain stood alone against the Nazis and was on the brink of defeat.

It's this unwavering belief that will keep you going.

Related: 3 Actionable Ways to Become a Millionaire

Are you looking at the big picture?

I looked at the news recently and I saw the US panicking. Analysts railed against the lack of US jobs growth. But if they viewed the big picture they would see a total unemployment rate of 4.1 percent, the best since the year 2000. That's massive progress.

Don't allow bad results to derail your confidence. You will always have bad months in business. Look at the big picture and see how far you've come and whether you're still on track to meet your goals.

It also works the other way. Don't let a single month of good results hide the big picture. Look at your long-term goals.

Related: 20 Signs You're Destined to Become a Millionaire

Risk correlates with reward.

In business you must be willing to take risks to gain those rewards. Every major businessperson in history has taken incredible leaps in the dark to achieve what they did. Take the formation of Rolls Royce. Only a partnership between a magnificent working-class engineer and a leading upper class marketer in England created this iconic brand.

They put everything on the line to do it. Sooner or later you will have to take those risks too. I believe that these risks are inevitable. At the same time, I always take calculated risks. I don't hit and hope, I research and ensure this is really the right decision.

Related: Wait, Did Elon Musk Just Announce A Flying Car?

Keep pushing onwards.

Setbacks, challenges and moments of self-doubt are all features of my business career. And that's fine. It's natural.

What separates success from failure is your ability to keep pushing onwards. I go out of my way to be optimistic and to dwell on the bright side of my business. That doesn't mean I promote blissful ignorance, but it's important not to live and die on your failures.

Related: 10 Blessings That Come Hidden in Rejection, Losing and Failure

Always keep things in perspective and to look to the future. Never allow your setbacks to define you. Think about how to avoid making the same mistakes and staying on track with your goals.

Timothy Sykes

Entrepreneur and Penny Stock Expert

Timothy Sykes is an entrepreneur and a penny stock expert, trader and advocate. He has been featured on CNN, Fox News, CNBC and more. Watch his media appearances and speeches on Youtube here.

Related Topics

Editor's Pick

This 61-Year-Old Grandma Who Made $35,000 in the Medical Field Now Earns 7 Figures in Retirement
A 'Quiet Promotion' Will Cost You a Lot — Use This Expert's 4-Step Strategy to Avoid It
3 Red Flags on Your LinkedIn Profile That Scare Clients Away
'Everyone Is Freaking Out.' What's Going On With Silicon Valley Bank? Federal Government Takes Control.
Leadership

How to Detect a Liar in Seconds Using Nonverbal Communication

There are many ways to understand if someone is not honest with you. The following signs do not even require words and are all nonverbal queues.

Business News

Carnival Cruise Wants Passengers to Have Fun in the Sun — But Do This, and You'll Get Burned With a New $500 Fee

The cruise line's updated contract follows a spate of unruly guest behavior across the tourism industry.

Business News

Amtrak Introduces 'Night Owl' Prices With Some Routes As Low As $5

The new discounts apply to some rides between Washington D.C. and New York City.

Business News

Meta Employees Interrogate Mark Zuckerberg in Town Hall Meeting

The CEO fielded tough questions from rattled staffers at an all-hands meeting.

Business News

A Laid-Off Meta Employee Says She Wasn't Given Anything to Do: 'You Had to Fight to Find Work'

Claims about the company laying off thousands of employees who didn't have real jobs have been discussed online.

Business Solutions

This Highly Rated App Could Help Business Owners Stay Organized

Get your business in order with this personal organizer app on sale for $60.