How to think like an Entrepreneur
I remember reading a book years ago called The Millionaire Next Door, and one of the things that stood out to me from that book was that anyone can become a millionaire and that most millionaires are people you would never suspect of being a millionaire―they’re the people who own things like dry cleaners, laundromats, simple mom-and-pop stores, and salespeople. Ordinary people who just grind it out day-to-day working hard and saving.
Everyone thinks that celebrities, musicians, professional athletes, big real estate developers and executives of Fortune 500 companies when they think of millionaires, and yes, these fields do produce millionaires but the majority of millionaires are just everyday people who are hard-working, have learned how to invest well, they save, and continued their education within their industry, and have the ability to keep their primary focus on forward-thinking.
Not every self-made millionaire went to college. In fact, most of them did not. What matters when it comes to education is, are you educated? This does not mean you must attend an institution of higher learning, it means you have to have an appetite for knowledge that can never be satisfied especially in the area of growing the business.
Most self-made millionaires are only of average intelligence. They are rarely impressed with their own intellect but they know how to acquire the education they need in the field they’re in―they work hard, they work smart and they put in the extra effort. The only difference between the ordinary and extraordinary is the word “extra” and self-made millionaires know that. They know that they have to put in extra time and effort with a large portion of that investment of time and effort committed to getting the education in the field of acquiring new customers and/or business.
You can absolutely start from nothing and become a self-made millionaire within a few years in any field as long as you learn the skills of sales and marketing so you’ll be able to promote and bring your ideas, products, and services to the masses. If you want to earn more, give more value. If you want to earn a lot more, give a lot more value to a lot more people.
I have listed eighteen attributes you must have to become a successful entrepreneur and if you’re really ambitious―a self-made millionaire:
First must-have attribute is common sense. If you do not have common sense, you automatically have a weak foundation.
Second must-have attribute is courage―courage to go for what you want, courage to take risk, and courage to make difficult decisions. Courage to ignore the naysayers, and courage to make mistakes, because you are definitely going to make mistakes, so just be prepared to fix them along the way and move on.
Third must-have attribute is education―you need to continually educate yourself in your field of industry and your position. If you manage a business, it doesn’t mean you only study business management systems, you should study every position you are responsible for, as well as those positions above you. The most important subject matter you must study is acquiring new business and becoming proficient at it because the bottom line is the bottom line and the only way to change the bottom line is by growing the business and be responsible for the action of those who are under your management.
Fourth must-have attribute is you must be responsible. You must take responsibility for the results of your decisions (good and bad). If the business is performing poorly, it is your responsibility to make it perform well. If the business is performing well, it is your responsibility to make it perform even better.
Fifth must-have attribute is belief―you have to believe in yourself, you have to believe in your dreams and ideas, and you have to believe they can and will materialize. Whatever you can conceive in your mind, you can achieve. Your subconscious doesn’t know the difference between what is happening in reality and what you are imagining. Create the world you want, create the future you want, and create the life that you want. Just know, if you believe it really can happen then you can make it happen and it will happen.
Sixth must-have attribute is the ability to trust your gut feeling. For example, are you in a field that you absolutely love? You would assume that this is a no-brainer because you should already be in a field you enjoy; and when you love something, you are going to excel at it. But this is not always the case; some professionals in any field may have lost their enthusiasm due to mundane day-to-day operations, the pressure to meet quotas, or the need to continually keep their overall performance fast and efficient. Either way, you need to follow your gut feeling. If you enjoy what you’re doing, you will excel in your chosen career, but if you don’t have the passion for it, you should reconsider your career choice and follow your instincts. Everything is changing no matter what industry you’re in, there are no ifs and buts about it. Adapt to your surroundings, and adapt to your situation.
Seventh must-have attribute is the ability to adapt. Most modern industries are continually changing the way they operate, so you will always have something new to learn. Stop depending on some of the systems of the past. Learn that you are now in an industry that is more competitive than any other time. Think outside the box and adapt to the changes and demographics, buying habits, cultural changes, and life in general. Winners don’t complain, they adapt.
Eighth must-have attribute is curiosity. Ask questions and then ask more questions. For example, the key to succeeding in any industry is being able to lock up long-term relationships with customers. Asking great questions will help you unearth customers’ needs and wants. This way, you can demonstrate how your products and services are far superior to any other offered in the same category. All questions are not created equal, so learn how to ask well-structured questions to get the exact answers needed.
Ninth must-have attribute communication skills. Written, oral, non-verbal, etc. are all tools that need sharpening. Customer relations, public relations as well as personal relations all depend on good communication skills. Communication skills go far beyond conversations. Communication skills include listening, asking questions, reading body language as well as knowing how to communicate with your own body language.
Tenth must-have attribute is the ability to think creatively. If you are doing the same thing as your competitor, you are not being creative. Most people live paycheck to paycheck, season to season, or month to month. Follow them and you’ll end up living hand to mouth also. Be creative and keep coming up with new ideas, especially those that can grow your business.
Eleventh must-have attribute is the willingness to make sacrifices. You can always spot the winners and losers in an organization by their willingness to work late, weekends, holidays, vacations, miss ballgames, social functions, and so on. Entrepreneurs put their goals at the forefront and graft in everything around them. This does not mean missing every one of your children’s school events or family get-togethers. It does mean prioritizing everything in your life and making necessary sacrifices when they arise. There are numerous sacrifices you must be willing to make especially when first starting on your journey which could include not buying the nice car you want at this time and settling for a less expensive car, not buying the new home you want but maybe buying a much smaller one with a much smaller more manageable mortgage. There are thousands, if not, millions of examples you will face but the main question will always be…are you willing to make that sacrifice to achieve your dream?
Twelfth must-have attribute is loyalty―loyalty is the key. You’ll never see a successful business person stay at the top that is not loyal. You must be loyal to your customers, your employees, and especially your boss. There are a lot of self-made millionaires that work for other people, and they’re very loyal to their boss and their company. It is probably one of the most important attributes a person can have to help them become successful because when you’re loyal, people will trust you and when people trust you, they’re going to bestow opportunities upon you because they know you’re going to be loyal to them and in the end, this one attribute will bring you a wealth of opportunities. One of the worst things you’ll ever hear is somebody who is in a management position bad-mouthing the company, the employer, or the employees, this will get you nowhere fast. You may be able to hold onto that position temporarily and believe me, it’s only because the employer doesn’t have any other options better than you at the moment. But once the employer is presented with a better option, you will be out. So, make sure that you’re always loyal to your staff, to your employer, and the company. And make sure that loyalty is based on hierarchy; you’re always loyal to the employer first. The employer is the most important person, then you’re loyal to your senior management, then you’re loyal to your subordinates.
Thirteenth must-have attribute is having a positive attitude and positive outlook on life. You should look at things positively. Keep positive images in your mind. Always expect positive results. Think positive and you will see an immediate change in your life. If you improve your thinking, you will also improve the quality of your life. There is always something positive in everything in life. It is up to you to look for it and bring it to the forefront.
Fourteenth must-have attribute is confidence. Self-made millionaires have an abundance of self-confidence. It may not show in all aspects of their lives, but they definitely demonstrate confidence in their chosen profession. They get their confidence from experience, from studying, and from knowledge. They are confident because they know what they’re doing and not just guessing. They’re not feeling their way through life, they’re in control of their destiny, and they’re confident they will succeed.
Fifteenth must-have attribute is having a fabulous vocabulary. Not only should you use words that have strong meanings, but also use positive words. Choose positive words over negative words. Command over the English language, or Filipino if your business is catering to Filipinos, or Chinese if your business depends on Chinese customers, written and oral is invaluable.
Sixteenth must-have attribute is you must know how to delegate and assign things to people who are experts in their field. Don’t try to be an expert in every field, yes, you should know a little bit about everything. But don’t try to be an authority on all things. Know what your real strengths are and focus on them and delegate the rest to people who can do those things far better than yourself.
Seventeenth must-have attribute is dedication. Self-made millionaires don’t watch the clock―they will work on their goals from the time their feet hit the floor until the time their head lays on the pillow. They know the first 40 hours they will work is just to earn a living and the second 40 hours in the week will be to create a life. The beautiful thing about success is when you’re doing something you love, it never seems like work because you are always doing something you enjoy.
Eighteenth must-have attribute is the ability to choose your friends wisely. Socialize with people who are striving and trying to become successful. Make sure that you’re socializing with the people who you want to be like. Negative attitudes, negative people, and negative thoughts are the source of most everything that goes wrong in life. Do not socialize with people that radiate negative energy, get away from them like they have an infectious disease, and run as far and as fast as you can. The people who you choose to associate with are going to affect your success whether it is for the good or bad, so choose your friends wisely.
These attributes can be acquired; you don’t have to be born with these attributes, they can all be learned. Like talent, some of us were born with some of these attributes and characteristics and like skill, some of these must be acquired. Nonetheless, they must be incorporated into your core being. Of course, there are a million more things a person can work on to improve their chances of becoming a self-made millionaire and most of them are little things that compound into gigantic things. Often you will hear, “Don’t sweat the small stuff,” but I disagree. The Tao (pronounced Dow) is in the details―the Tao is enlightenment. Pay attention to the little things as well as the big things and you will achieve financial enlightenment. Acquire the 18 must-have attributes and you too will become a successful entrepreneur and one day―a self-made millionaire.