*The Education of Millionaires* It's Not What You Think and It's Not Too Late.
by Michael ELLSBERG
First published September 29, 2011
*Beyond Education*
Focus on developing profitable, in-demand hard skills instead of collecting academic credentials. Many successful entrepreneurs and investors do not have college degrees. Acquire applied skills that provide value to employers or customers.
*Learn by Practicing*
The best education comes from real world hands-on experience, not just passive classroom learning. Seek Practice and all opportunities to gain practical experience. Starting your own business ventures, even small side hustles, provides invaluable learning.
*Learn from Successful Mentors*
Actively network and build relationships with people who are successfully doing what you aspire to do. Learn from mentors - successful entrepreneurs in your field. Insights from real-world experience are more valuable than academic theories.
*Making an Impact*
Requires Risks and Leadership (acts as an impact multiplier).
1. Get rid of debts, and have some savings.
2. Create room for experimentation in your current job.
3. Experiment: Using money from step 1, while working.
4. Follow successful Direction & Iterate.
*Ideas + Execution > Education*
Raw ideas and determined Action matter far more than Degrees or Credentials in the real world. Many highly Educated people plateau in the middle of their careers. Don't rely on pedigree alone - constantly develop skills and hustle.
*Mindful Connections*
Great networking is about giving without expecting anything in return.
1. Find people with great future potential and help them in reaching their goals.
2. Propose value to already successful people ; creating a win-win potential for both parties.
*Marketing Magic*
Marketing is generally perceived as manipulative. In reality Good Marketing means making your potential customers know about you (or your company). Out of sight is out of mind. A lot of businesses fail because they can't reach out to the right customers.
*Sales & Leadership*
Being a skilled individual is Good, but being able to sell oneself is Heaven. Success is a skill - a combination of these 3 : Marketing + Sales (knowing what a customer needs and offering a Good product) + Leadership (positively influencing people).
*Learning as an Adult*
Adults need a Purpose to learn something. They are involved in planning as well as evaluation, more interested in subjects having immediate relevance, more interested in problem-oriented (as opposed to content-oriented). And prefer self-directed Education.
*Building Your Brand*
Your Brand is what people think about when they hear your Name. Most people don’t realize that they can do better than work under someone else's brand. They just need to take some steps and build it. Having a Website ; and a Social Presence is a Good Start.
*Entrepreneurial vs Employee Mindset*
An entrepreneurial mindset focuses on contribution, outcome, and moves toward big decisions even without authority. The employee mindset, on the other hand, focuses on entitlement, and output ; avoiding even small decisions.
*Avoid Burden of Educational Debt*
Be wary of excessive student loan debt that constrains your options. Find creative alternatives to gain skills without expensive formal education. Debt impedes freedom, risk-taking, and flexibility.
Context : This thread exercise aims at enhancing my creative skills as well as an experiment to solidify Mindshift knowledge. By crafting this summary, I engage in content creation to enhance my learning experience. #ContentCreation #GrowthMindset #BrainHacking