Most of us never make a million dollars in our life, much less $100 million. David Meltzer has made that, lost it, and made it again, rebuilding his life from almost nothing to a multi-millionaire today. Knowing what he knows has allowed him to change what he does and how he does it.
Meltzer Had To Change Who he Was Fundamentally
Meltzer always wanted to be rich because he saw it as a way to earn what he wanted. Yet this driving idea of being rich made him think the best way to get there was through manipulation and guile. This led to his first successes and the eventual downfall, which saw him lose everything.
He wasn’t going to remain down, however. He knew that he had to be a different person than the one who earned that first $100 million. He learned how to grow, change, adapt, and be a better person. Through this struggle, he learned how vital resiliency was to an entrepreneur.
Don’t Shy Away From Failure
Businesses and entrepreneurs fail sometimes. It’s just the way things go from time to time. Meltzer suggests that entrepreneurs should not run from failure and fear but embrace them and learn from them. He sees fear and failure as guideposts to success. He suggests harnessing fears to become a more dedicated entrepreneur.
Meltzer further states that there are two kinds of fear: fear of the past and fear of the future. Fear of the past causes regret, and fear of the future causes anxiety. Embracing failure allows entrepreneurs to be more objective about their past and more logical about their future, reducing the incidence of those things.
Build Community Through Relationships
Meltzer’s initial drive to become an entrepreneur saw him forge friendships and business relationships, but none of them were deep. He would always put himself first and find ways to leverage his relationships for a benefit instead of genuinely helping someone else out.
Meltzer says that the best way to build relationships came to him eventually, and he advocates doing so with open hearts and minds. He suggests entrepreneurs should seek to provide value as well as receive it. However, they should never leverage the relationship for personal or business gain.
Be Consistent
Goals don’t simply and accidentally appear. They require constant work to achieve. Meltzer suggests that entrepreneurs need to go the extra mile and not be lazy to develop their enterprises into something they can be proud of. That requires showing up daily, even when they don’t want to.
He suggests using a “Triple-A” formula. First, there’s Alignment, where the business owner creates a strategy. Next, there’s Action, where the entrepreneur puts that strategy into motion. Finally, there are Adjustments where the business either performs or stalls, and the owner has to figure out how to fix the trajectory.
Be Grateful and Have a Humble Mindset
Simple things like saying thank you and please could change how an entrepreneur approaches life. Business can be cutthroat, but that doesn’t have to turn a business owner into a monster. Understanding that your success depends on others is vital to maintaining your humanity through business.
The mindset of gratitude allows you to have ideas that will help others. If you make that help the first thing you think of when you do something, you will effortlessly create what you want and have a ready audience for it. The power of helping others is what allows all entrepreneurs to become successful.
Ensure You Have a Balanced Life
Remember consistency? Meltzer is all about that but warns entrepreneurs not to become too caught up in the trees and miss the forest. It’s tempting to just give yourself to your business and keep doing what you’re doing until it works, but everything requires balance. Work-Life balance is something only you can ensure for yourself.
Some days, you’ll need to give your business 90% of your time and effort, but those shouldn’t be every day. Try to make time for yourself and your family, or else there’s no reason to spend so much time trying to be successful. Goals should be spread out between personal and business, and you should spend equal time trying to achieve each of them.
Never Stop Learning
Meltzer has never stopped reading, learning, and growing. He reminds new entrepreneurs that their goal should be to be more interested than interesting. He also reminds them that if they’re in a room where they’re clearly the most intelligent person, they need to find another room. He advises them to keep learning.
While you might make millions and lose millions, no matter what you gain or lose, you will always have your mind and your intellect. Always learning means adding to that never-ending store of information that can be useful when you least expect it.
Empowering Others Empowers Yourself
These days, Meltzer is trying to change the lives of a billion people. He thinks that making an impact in their lives will make an impact on his. He advises entrepreneurs to do the same since everything is connected. The world goes beyond business and into other people’s lives.
Similar to his advice on building relationships, the natural evolution is to empower others to change their lives. Entrepreneurs can be influential people, even beyond having a lot of money and time. They are examples of what’s possible, and encouraging others to do the same thing can only benefit humanity.
A Treasure Trove of Information
Meltzer has experienced more ups and downs than the average rollercoaster, but his life experience has taught him a lot. It has also changed him from being manipulative to being a human being who wants to see others succeed. His growth and development as a business owner are intertwined with how he sees people and how he can help them. All the advice he gives comes from his own personal experiences and offers a much deeper insight than many entrepreneurs think is possible to get from a multi-millionaire.
