You may think you have it all as an entrepreneur just because you have a business plan that seems to be working. You have sourced the capital and are in the midst of accelerating your product or service to the next level — and perhaps making a tidy sum.
But that route to the millions depends a lot on your habits as much as it depends on your business operations. Successful entrepreneurs such as Richard Branson and Warren Buffet have proven over time that winning habits must be ingrained in your business strategy.
While you may not necessarily tread the same path that they did, there are some traits that are common among successful investors. Here are a few of them to set you on the way.
- Start early
Invest when you are still in your 20s if you want to get that big house that you want by the time you are 30. It is never too early to start and retirement is not too far away.
Failing to catch sleep so that you can work does not necessarily mean you will achieve much. Sleep Your Way to The Top, a book by Jane Miller, explains that enough sleep goes hand in hand with success in business.
- Plan and make schedules
Create a daily routine that you follow to avoid wasting time on unplanned activities. For example, set a specific time during the day when you can read and respond to your emails.
- 4. Be one step ahead
Being ahead takes a lot of research into what other people in the market are doing. Understand your audience by following social trends as they will help you conform and update your business fast.
Success in business is more about the people you know and not your experience in business. Millionaires know that networking is one of the ways they get to meet the right people for their business.
- Take risks
Everything about running a business is a risk. From quitting your job to starting a business and expansion. However, do not confuse risks with gambles; a risk is a calculated move and a lot of thought is put into it.
Most of the top millionaires claim to spend some time reading each day, either after they wake up or before they go to sleep.
- Avoid lifestyle creeps
This is the tendency to increase expenses by buying bigger and better things due to an increase in income. People affected by lifestyle creeps might find it difficult to save or invest. Do not change your lifestyle suddenly because of a sudden increase in income.
- Have multiple sources of income
“Never depend on a single income. Make investment to create a second source,” goes a famous quote by business mogul Warren Buffet. One of the main reasons for this is to have a backup plan in case one source fails.
- Spend time with people who inspire you
“Iron sharpens iron” – meaning you can only improve your life by spending time with people who make you better. Take action and cut off any negative influence brought by the people you surround yourself with.
Credit: The Standard