Have you ever wondered how the most successful entrepreneurs in the world think and make decisions that get them to a level where few people can ever reach in business?
If you are a business owner, you have probably struggled with challenges and there have been moments when you have wondered what is the best decision or move to make to grow your business and achieve success in life. And there is a formula for that.
All the top entrepreneurs who have attained extraordinary results acknowledge that business success has a lot to do with the inner game. What is going on in your mind, how you think and how you make decisions is what determines whether you will succeed as a business person or not.
There are some common traits that all great achievers share. I learned them directly from one of my mentors John Lee of Wealth Dragons. By developing these qualities of a successful entrepreneur, John managed to build a multi-million dollar business and start living his dream life.
And now I’m going to share with you these 7 important characteristics that all successful entrepreneurs have in common. Cultivation of these traits will help you get in the right mindset, save valuable time and money and succeed faster in your business.
1. NEVER GIVE UP
Most important quality that you need to have if you want to become really successful is never to quit. No matter how frustrating and confusing it gets, never give up. You might be just 3 feet from gold. There is always a solution if you keep going.
The next trait is to listen. A big part of creating success in life is about listening to people and hiring those who are better than you and who have achieved more than you. Don’t try to figure out everything yourself. Don’t try to reinvent the wheel. Always hire the best, learn from the best and listen to the best. Success is not a straight line. A great mentor has what’s called ‘intellectual property’ to get you from where you are to where you want to go. They can help you save valuable time making mistakes and learning from trial and error and put you in the right mindset to take a shortcut to where you want to go.
3. IMPLEMENT IDEAS FAST
The difference between someone who is successful and someone who is not as an entrepreneur is the speed of implementation. There is no such thing as an original idea anymore. Technology has advanced so fast that everyone has an opportunity today to become a successful entrepreneur anywhere in the world. Innovative ideas are everywhere. It’s not about who has the idea, it’s about how fast and who will execute it.
4. MAKE MONEY FIRST BEFORE BUILDING THE ACTUAL PRODUCT
Great entrepreneurs and business owners are able to make a sale before they have an actual product. For example, Elon Musk has pre-sold thousands of Tesla Model 3 cars taking a deposit with each order before he has finished product development. So he is using the deposits people paid to pre-order their cars to build them. This is exactly what successful entrepreneurs do in order to raise funds for product development.
5. BUILD A STRONG TEAM
Hire the best. Don’t be cheap on paying consultants and great employees. You cannot do everything on your own. Therefore you should hire people who play at things you need to work at.
6. HAVE A BUSINESS THAT CAN BE SCALED AND REPLICATED
Every successful entrepreneur scale and replicate their business. They can do it through a franchise like McDonalds or in any other possible way. A business in order to grow, shouldn’t rely on you doing everything. To scale it, you need to have a system in place which must be designed for replication by people you hire. Everything has a process. Create and set up a process so that when you hire and train staff they follow the pre-set procedures.
7. BECOME AN INSPIRING LEADER
A real leader is not someone who forces or orders people to do things for them. Instead, it’s someone who inspires their team to do their best work, make decisions by themselves and take initiatives that grow and benefit the business. Richard Branson is an amazing example of an inspiring leader. He runs his businesses from an island in the Caribbean by being an inspiring leader for those who work for him.
If you manage to cultivate all these seven most important qualities of a successful entrepreneur, you will be a few steps ahead of the competition and closer to the business and life of your dream.