But an overflowing bank account isn’t out of reach for every millennial. In fact, there are plenty of millennials who will take the same route Mark Zuckerberg and Snapchat’s Evan Spiegel took. Here are eight things millennials can do to have a shot at becoming multimillionaires by 2027.

Start a business.

This option gives you the best odds of becoming a multimillionaire in the future, but success is obviously not guaranteed. A winning idea is, of course, a very important ingredient, but you should also know other things you’ll need to do to improve your odds of success. Above all, be prepared to put in years of hard work and overcome multiple obstacles before you achieve your dreams.

Find a mentor.

Some of the most successful people in business today will readily admit that outstanding mentors played a significant role in their career growth. Studies connect mentorships to a surprising number of success stories. Find someone who has achieved the type of success you hope to earn someday and ask for the opportunity to learn from that person. Their insight and experience may make the difference that helps separate you from other millennials looking to succeed.

Develop a product.

In today’s Shark Tank-Kickstarter environment, it’s possible to invent a product concept, create a prototype, and get funding to begin manufacturing and distribution. There are multiple ways to approach taking your idea from concept to reality, but you’ll give yourself a great head start if you create something that is inexpensive to produce.

Take over an existing business.

Why start at the beginning when there are existing businesses that need ownership? Search for a business with an owner who may be interested in retiring or who is actually ready to move on. Be prepared to work with the business for some time before eventually offering to take it over. If you have difficulty locating one, a business broker can help you identify the perfect business to suit your personal and professional interests.

Invest

Investing can be tricky, but it’s one of the best ways to get a return on the money you currently have. If you want to make significant money quickly, you’ll need to take some major risks, which means being willing to lose all the money you put in. For best results, start by investing a good amount of money. You can make more potentially if you risk more. Pick certain sectors that you find yourself most interested in and concentrate on investments in those spaces. Before any of this though, take time to learn as much as possible about the stock market.

Save

With the nearly nonexistent interest rates on savings accounts today, you likely won’t see the money you put into the bank multiply. However, if you make significant sacrifices, such as living at home with your parents, working multiple jobs, or sharing a place with one or more roommates, you may be able to set aside a considerable part of your salary each month. Like my mom always said, you can’t save much money if you’re busy spending it just to live. If you conserve over time, you’ll have a nest egg you can put toward investing or purchasing rental property that can more rapidly multiply your monthly income.

Start a side hustle.

If you need the security and benefits that come with a salaried position, a side job may be a great way to generate extra income. This could be something as simple as delivering pizzas or bartending or something as complex as starting your own business on the side. The former can bring immediate cash, but the latter can give the long-term benefit of eventually being able to turn it into a full-fledged business.

Boost your salary.

The key to successful saving and investing is to first bring in the best income possible. Don’t settle for a substandard salary. Look at the market rates for your skills in your area and make sure you’re at least within the range. If not, search for a different job with people who will appreciate your education and experience. Learn top salary negotiation strategies to get the most out of every job offer.

With hard work and sacrifice, millennials can significantly increase their income over just a few years. While there’s no guarantee of becoming a multimillionaire, it’s well worth the effort. If you don’t succeed in that timeframe, at least you’ll have a good start at becoming a multimillionaire in the years that follow.

Credit: John Boitnott, contributor at Entrepreneur

For every quote on resilience there is probably a failure business that motivated its birth. Chances are you will not make it big in your first venture or first try at your business. Failures are part of entrepreneurship and success stories are easier to sell, you might not hear of the failures of many people who have made it.

Successful entrepreneurs are defined by their attitude. The willingness to learn lessons from your business failure will determine your chances of being successful. 20% of new businesses fail after a year in operation with about 40% of the successful businesses closing after 5 years.

While failure in business is common, it is however not a walk in the park. A business failing can strain your finances, relationships and your confidence in yourself.

What to do after a business fails.

Analyze your failure to figure out what went wrong

You may not feel like dwelling on it, but when a business fails, it is crucial to analyze every aspect that could have led to the failure. Find out what went wrong, where, how and why. Start by looking at what you wanted to achieve when you started the business and if you were able to accomplish it. If not, why not.

Did your product or service fill a noticeable niche in the market, did it have any competitive edge and did you communicate your value proposition clearly. Did you collaborate well with partners and employees? Look for any blind spots that could have contributed to your business failure to avoid the same mistakes costing you more in future.

After pinpointing what went wrong, you will be in a better place to determine whether you can improve on your idea or get a different one and start over.

Is Entrepreneurship the right choice for you?

Businesses are not for everyone, depending on your strengths you may realize that your personality and skills might not be sufficient to run a successful business. Before starting another business that could damage your finances, consider getting a full-time job for the immediate future to get back on your feet.

Read more on if entrepreneurship is the right thing for you at http://milhanaccesscapital.com/determine-whether-entrepreneurship-is-the-right-path-for-you/

Stay Positive

Getting excited again after a business failure is not easy, staying down is not an option either. Take note of things you enjoyed doing in your business to remind yourself of your passion for starting out in the first place. Look for ways you can maximize on the returns while noting down things that strained you that you can delegate or hire someone.

Look for mentors that can guide and jumpstart your enthusiasm. Talk about what you are struggling with, your mentor can offer business tips that might steer you in the right path.

Rise above your failure

Failing means you took a risk and went for what you wanted, not everyone can do that. If anything, it should give a boost to your confidence. Embrace the lessons that your failure brings. Do an audit/SWAT analysis. Determine the mistakes that you can correct and pick yourself up.

How to be a successful entrepreneur

Your success as an entrepreneur will be determined by your mental and emotional strength. Be of strong mind, have a willingness to sacrifice, be able to commit and have unwavering determination.

Be mindful of your circle of friends and have the right mindset

Mindset changes that successful entrepreneurs make.

Complaining does you no good– Complaining is a complete waste of time, hardships and challenges will undoubtedly arise, complaining about them gets you nowhere. Have the will to pick yourself up after difficulties and learn from your mistakes.

Learn from your failures– Every failure is a learning opportunity. Do not allow your mistakes to define you. Treat failures and mistakes as learning opportunities.

Get used to being uncomfortable– Comfort zone is not even an option when it comes to entrepreneurship.  Discomfort is part of running a business, you will have to push yourself outside your usual limits to stay on top of your game.

Keep an open mind- When times are good, you may be tempted to maintain the same way of doing things. It is however necessary to find keep abreast with new technology earlier on.

Take risks– Your business success and growth will be determined by your ability to take calculated risks. Challenge the status quo, have a curious mind, question everything, seek knowledge, understand why what works, works.

Believe in your idea– Your faith in yourself and your ability to execute your business idea and prevail in times of hardship is the make or break of your business. Believe in your eminent success and work diligently to make it happen.

We all love the idea of being self-employed and at some point we have had a side hustle to supplement our employment. While most of us toy with the idea of starting a business, entrepreneurship is a bumpy ride especially for the first timers. Before you quit your job to become an entrepreneur, it is important for you to examine if it is the right fit for you.

Finding the right business for you will determine your resilience when you experience any challenges. Put into considerations your passion, skill sets and your ability to solve problems for your target audience

How to determine whether or not entrepreneurship is for you.

To determine whether you want to venture into entrepreneurship, start by asking yourself;

• Are you risk tolerant? A big chunk of entrepreneurship involves taking risks every day to support and expand your business.
• Can you handle different responsibilities each day? Starting your own business means you have to think about all angles and cover them before the business matures enough to hire professionals.
• What’s your income preference, monthly paycheck or potentially unlimited earnings? Depending on the kind of business you want to start, chances are what you earn depends on the risks and the effort you put.
• Are you truly passionate about the business idea you have? While you may think passion is overstated, it usually comes in handy in terms of your commitment and the energy you put on it.
• How good are you in decision making? It goes without saying that you will be in charge of all the decisions need to be made pertaining your business and this can make or break your start up.
• What are the thoughts of other stakeholders in your life? Not everyone has your best intentions at heart, but getting the support of your friends and family is essential since they may be able to evaluate your idea in ways you hadn’t figure out.

Are you confident that you can take on the risks, responsibilities and rewards?

The next step is discovering your passion and learning how to turn it into profits. If your business is to stand the test of time, your motives for starting it should not be purely money. Turning a profit will eventually come into play and sure, the chance to earn more than your job feels like reason enough to start your own business but your reasons for staying in business will be determined by your passion.

Position yourself to solve the problems of your audience that you truly care about. Aligning your goals with those of the people you will be helping will give you more satisfaction when you are able to handle any challenges coming your way. The temptation to give in when pursuing a business opportunity that you are not into is high especially in the face of the first failure.

Set yourself up for long-term success in entrepreneurship

Discovering your strongest passions will help you determine which one has the highest potential that you can monetize for a long last successful business. Answering the following questions is a great starting point.

• What is the best part of your day?
• What is your favorite hobby?
• What do you love and enjoy doing?
• What topics are you an expert on?
• Which topics do you enjoy talking about with your family and friends?
• What issues do you feel strongly about?
• What skills can you boast of?
• What topics are you an expert on?

How you spend time after your 8-5 job is a great starting point to finding out what genuinely interests you. Another way to discover your passion is by doing a SWOT analysis on yourself to find out area you are really good at and the skills you will contribute as an entrepreneur. You will then be in a position to know if the business idea have in mind match your current skills.

For instance, what do your friends consult you mostly on? Then come up with a business model that clearly outlines what problem your skills will solve.

Which type of Business is the right for you?

You are now in a better place to decide which business idea suits you best. There are different ways you can monetize your passions and strong skills, for example if you are good in web design, writing or graphic design, you can turn it into a freelance hustle. You can also choose to manufacture a product or supply one, sell digital products, and start a blog or podcast

Being an entrepreneur means taking a lot of action daily, connecting with acquaintances and a lot of networking. Determine what problem you will solve and how and learn how to best reach more people with your solution.