What makes a true and successful MILLIONAIRE? Find out the answer to that question here! [Tuesdays: Return Driven Strategy]
Miles Everson’s Business Builder Daily speaks to the heart of what great marketers, business leaders, and other professionals need to succeed in advertising, communications, managing their investments, career strategy, and more.
A Note from Miles Everson:
Are you familiar with Return Driven Strategy (RDS)?
This pyramid-shaped framework has 11 tenets and 3 foundations. When applied properly, these principles can help firms achieve true wealth and value creation.
One of the things I like about RDS is its applicability to one’s career. Just apply the tenets and foundations to the microlevel and you have Career Driven Strategy (CDS).
Today, let’s focus on one of the most important aspects of ethically creating and maximizing wealth.
Keep reading to know how this aspect can positively impact your career growth and development.
Return Driven Strategy
Who are the average millionaires for you?
Are they the ones who always eat gourmet and never fast food?
Are they those who drive luxury cars and take grandiose vacations wherever and whenever they want?
Are they people who resole their shoes, turn off their air conditioning units when they leave the house, and spend time with their loved ones?
According to Thomas J. Stanley, a New York Times bestselling author, researcher, and lecturer, there’s more to the life of millionaires than others would think.
Through his study of over 1,000 millionaires, he provided further insight into the thought processes and lives of this wealthy segment of the population.
“The Millionaire Mind”
Photo from Amazon UK
In this book, Stanley shares his findings about the kinds of people millionaires truly are. Interestingly, his study showed many of these people weren’t straight-A students in school, nor did they attend prestigious colleges.
In fact, when they were young, these millionaires were told they were NOT bright and they wouldn’t be successful.
Well, look at where they are now!
Thanks to their positive attitude and response to various insults and challenges thrown at them, they learned to surmount obstacles, try harder, and take risks to get ahead not only in their finances but also in other aspects of their lives.
Stanley says many millionaires share similarities in techniques to allay their anxieties and stay on track. These include:
- Believing in themselves
- Counting their blessings
- Countering negative thoughts with positive ones
- Visualizing success
- Outworking, outthinking, and “out-toughing” the competition
- Constantly upgrading their knowledge about their occupations
- Spending considerable time planning their success
- Having strong religious faith
Another factor that helps these people achieve success in their careers and personal lives?
Photo from Integrity Solutions
Stanley’s study revealed millionaires usually have a strong sense of what is right and wrong, and that’s why many in this population segment lead relatively frugal, economically productive, and happy lives with their family and friends.
Integrity and Career Driven Strategy’s (CDS) Tenet One
Ethically maximizing personal wealth (CDS’ Tenet One) is known as the “Commitment Tenet.” According to Professor Joel Litman and Dr. Mark L. Frigo, this tenet sets the parameters for your career strategy in terms of wealth creation.
Let’s focus on the idea of ETHICALLY maximizing wealth…
While Professor Litman and Dr. Frigo say ethical behavior doesn’t always ensure success, it greatly helps in reducing the risk of failure.
In fact, the most frequently mentioned success factor ranked by millionaires in how they’ve come to be successful was integrity—similar to Stanley’s concept in his book, “The Millionaire Mind.”
According to these people, having integrity requires having an understanding of your long-term goals. It also requires a philosophy of understanding how creation of wealth is driven from creating value for others.
Here are some reasons why integrity is beneficial for your career:
- It makes you a better leader.
- It helps foster an open and positive work environment.
- It promotes an ethical approach to your decision-making.
- It establishes strong teams or departments.
- It actively builds and maintains trust between you and your colleagues.
So… how can you exercise integrity as a career-driven individual?
- Communicate openly and honestly. Transparency and good communication are ways to ensure your staff, clients, or colleagues know what’s going on around them and where they stand in an organization.
- Be a role model. Follow company policies. These are designed to guide you as to the best practices in a firm.
- Demonstrate responsible behavior. Make sure there is no reason for your staff, clients, or colleagues to question your conduct by demonstrating ethical and moral behavior at all times. This includes signing in for work on time, showing enthusiasm and commitment to your work, etc.
- Work diligently. Focusing on your responsibilities during work hours will show your colleagues, manager, personnel, and clients that you have strong work ethics.
According to Professor Litman and Dr. Frigo, the first step to showing integrity and ethical behavior in your career is defining what “personal wealth” means to you.
They say personal wealth can mean many things: Financial wealth, freedom, where you live, who you work with, your lifestyle, your ability to learn and grow, or your ability to make a difference.
Answering this question and having your personal definition of wealth is important. Without it, you’ll lack the anchor or compass that will enable you to make good decisions for your career.
We hope you find today’s article helpful and insightful!
Remember: Integrity is an important factor in achieving CDS’ Tenet One. Many of the world’s successful millionaires ethically maximized their wealth because they understood true wealth creation comes from creating value for others too.
(This article is from The Business Builder Daily, a newsletter by The I Institute in collaboration with MBO Partners.)
About The Dynamic Marketing Communiqué’s
“Tuesdays: Return Driven Strategy”
In the book, “Driven,” authors Professor Joel Litman and Dr. Mark L. Frigo said that the goal of every long-term successful business strategy should incorporate the combined necessity of “making the world a better place” and “getting wealthy.”
That is why they created Return Driven Strategy and Career Driven Strategy―frameworks that were built to help leaders and professionals plan and evaluate businesses so they can also help others achieve their organizational goals and career goals.
The frameworks describe the plans and actions that drive returns for anyone in an organization such as independent contractors, marketers, brand managers, communicators, and other people in any field. These actions lead to the creation of wealth and value for customers, employees, shareholders, and the society.
Every Tuesday, we’ll highlight case studies, business strategies, tips, and insights related to Return Driven Strategy and Career Driven Strategy.
In planning, building, or managing brands and businesses, these strategies, case studies, and guidelines will help you choose what specific actions to take and when to take them.
Hope you found this week’s insights interesting and helpful.
Stay tuned for next Tuesday’s “Return Driven Strategy!”
Head of Marketing
Valens Dynamic Marketing Capabilities
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