4 Things We Can Learn From Millionaires Who ‘Stumbled Upon’ Ideas That Made Them Rich
Written by
Cindy Lamothe
Edited by
Rebekah Evans
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Ever wonder how some people just seem to trip over million-dollar ideas? While many of us are busy brainstorming, hustling and planning, a few lucky (and savvy) folks have “stumbled upon” concepts that changed their lives — and their bank accounts — forever. But here’s the thing: even when success looks accidental, there’s usually more going on beneath the surface.
GOBankingRates spoke with Luisa Zhou, founder of LuisaZhou and Jimmy Fuentes, consultant at California Hard Money Lender, to see what we can actually learn from these accidental millionaires and how a little curiosity, timing and boldness can go a long way.
Start With a Business on the Side
“I actually stumbled onto the idea that made me a millionaire by accident,” Zhou said.
At the time, she was working a corporate job where they ran digital advertising for corporations like Volkswagen.
She said she didn’t feel fulfilled in her job and when she happened to come across a Facebook group where small business owners asked for help with their advertising, she realized she had a skill she could turn into a business.
“So I started coaching entrepreneurs on the side and helped them set up and run digital advertising campaigns,” she added.
Within four months of starting her coaching business, Zhou replaced her corporate salary and soon crossed the seven-figure mark by offering both coaching and self-study courses.
“Today, 10 plus years later, I’ve shifted to business coaching and run an eight-figure business,” she said.
Anyone Has Skills They Can Monetize
The best part is that anyone has skills they can monetize, Zhou said.
“Because the best business ideas often come from skills you already have and problems people are already asking you to solve,” she explained.
Instead of chasing trends, she recommended looking for what people naturally turn to you for. Then test it quickly by offering paid coaching or consulting and help your clients get results. Zhou noted that coaching is a high-ticket offer, so you can scale to six figures relatively quickly by getting just a handful of clients every month.
“And once you have those systems built up, you can scale with group coaching or courses — offers that can help you cross the seven-figure mark,” she added.
Big Ideas Don’t Come From Theories — They Come From Solving Problems
“I did not chase hard money. It found me — out of necessity,” Fuentes said.
At that time he was assisting clients who were continually being boxed out by conventional banks even though they had undervalued real estate in hot zip codes.
“A single investor had a Highland Park property on contract. Every lender passed. I intervened and had to write the loan myself on private capital and five days later we closed it,” he explained.
He said one of those deals led to a network.
“It did not concern theory — it concerned the solution of the present requirement,” he said.
Find Places Where Systems Fail
Banks stall. Deals are choked by bureaucracy. Fuentes explained that when you are able to cross that gap, speed, certainty and clarity will be paid.
“That model was projected into a full-time practice to serve investors in California — and I never ceased to build since that early five-day outlier,” he added.
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