5 Qualities Shared by Great Entrepreneurs
Cathy Recto August 27, 2015

 

Do you want to make money work for you instead of you working for money? If so, then you have to start thinking like an entrepreneur. And before you think it’s all about wearing expensive suits or riding lavish cars, think again. That street vendor or guy wearing short pants aimlessly walking around might have more wealth in the bank than someone who works in a corporate office from 9-5.

No, being a successful entrepreneur isn’t all about appearance or even about what exactly you do for a living. It’s about the mindset you adopt. So unless you’ve inherited big or won the lottery, it indeed takes more than a revamp of your external image to become a great entrepreneur. To learn how to adopt an entrepreneurial mindset, you need to realize the traits shared by those who have such a mindset.

Here are 5 common qualities shared by successful businessmen:

They know what they want and are specific about it.

 

To achieve this:

  1. Understand your thought patterns to crush beliefs holding you back.  Know what’s stopping you from having this mindset. Is it mediocrity? Lack of motivation?
  2. Be clear of where you are and where you want to go.

They keep an eye on their target. Focused action keeps them from getting sidetracked.

 

To achieve this:

  1. Aim high. But don’t just think about your goals. Write them down and put them someplace visible. Studies show those putting down goals in writing more likely achieve them than those just thinking about them.
  2. Break down goals into smaller, more realistic, achievable ones.
  3. Think long-term and visualize wealth. See yourself winning all the time.

They focus on themselves as much as money. For them, developing their skills and being richer are inseparable.

 

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To achieve this:

  1. Leave your comfort zone. Explore new things to unleash your hidden skills and learn new ones. Never stop learning.
  2. Connect with rich, successful people. Make them your mentors.
  3. Likewise, change your concept of luck. It’s not just being at the right place at the right time but being the right person too.
  4. More importantly, take care of yourself. None of your money making schemes will matter in the long-run if you’re in poor health.

They conquer their fears. They have a “can do” attitude and “work hard” mindset.

 

To achieve this:

  1. Avoid complacency. Don’t just settle to avoid negative results like shame or debts.
  2. Embrace risks and uncertainty. The more comfortable you are with the unknown, the more flexible you become.
  3. Learn to step away from the norm. Avoid doing things just because others do them.
  4. See challenges as something to manage rather than something to escape from.  Count possibilities, not problems. Entrepreneurs always look for problems to solve.
  5. Likewise, don’t be afraid to seek help when needed.

They know their values and are firm about them. They don’t cave into the pressures of making instant wealth illegally. They know how to delay gratification.

 

To achieve this:

  1. Practice self-discipline and financial management. Frugality, starting early, buying sparingly, avoiding debts are just some habits entrepreneurs cultivate. Be patient and humble.
  2. Accordingly, stop making excuses.  Every justification you make is only a step back towards your goal.

As T. Harv Eker, author of “Secrets of the Millionaire Mind” said “you can have all the knowledge and skills in the world but if your blueprint isn’t set for success, you’re financially doomed.”

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Ultimately, your goal is not to reach a certain amount of money. Money is just the by-product. It’s reaching a certain amount of financial freedom. You’re free from the bonds of always worrying over money matters. You’re free to make your own choices and do what you want. In the process, this mindset helps you be the person you want to be. It develops your courage, character and attitude.

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