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4 Traits Every Entrepreneur Must Have

4 Traits Every Entrepreneur Must Have

Entrepreneurship can be a long windy road filled with obstacles and it is often traveled alone. Since almost no one cares to see you succeed but yourself, it is on you to find the strength needed to go on. Here are four traits every entrepreneur must have in order to get to the finish line.

1. Motivation

There is a reason you got motivated to bring your idea to life. That same factor is the one you need to keep close as no one out there will motivate you better than yourself. You simply have to remember what is that ticking factor that keeps you going. Try to make sure your motive is not driven by money, as many of the failed attempts to monetize your idea will in turn end up de-motivating you, instead of keep you going.

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2. Discipline

Waking up at 7am to go to work is probably not the life you envisioned living, especially if you are an entrepreneur but you will most likely have to wake up at 6am instead when working for yourself. It is ultimately your ability to keep yourself in check to maximize your productivity that will lead you to succeeding. If you worked at about 30% of your potential when reporting to others, you will have to triple up that productivity and do so without any reassurance that you are on the right track.

3. Belief

For every 10 failures, you might have one small victory. Make sure to hold on to that one victory and not allow the proportions of success to failure get to your head. Believing in your idea to the very end is key to succeeding, even if there are more rainy days that bright sunny ones.

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4. Determination

Being determined to win means being willing to do what it takes to win, and more often than not, you will be reminded of a 100 reasons why giving up makes sense.  Being determined means you must have the ability to work your ass off for 100 days in a row only to realize it won’t work and be willing to redo it all from scratch with no one to blame but yourself and no one to remind you that you got ways to go.

Despite having had many successful offline businesses, I hardly considered myself a successful entrepreneur and it wasn’t until I actually started and succeeded with one company that I felt the entrepreneur within me come to life. In 2008, my partners and I launched the business and it wasn’t until two years later that we defined what we wanted to be known for and experienced our hard work turning into what we originally imagined it would be like.  It has been one of the best experiences of my life, and continues to be the reason I work so hard every day.

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The reason I share this with you today is because without the four attributes above, my team and I would have never been able to see our vision come to life.

Without belief, we would have never kept tweaking our brand to keep improving it and without discipline I would have never stayed awake until 2am to start all over at 6am everyday despite not earning any money. It was ultimately our determination and ability to stay motivated that led us to be able to deliver a great all around motivational experience for anyone that visits our site.

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Just remember that you will encounter opposition and disbelief but it is highly irrelevant as others cannot see your vision, your goals, and do not wake up daily with the same feeling of fulfillment, which is ultimately why they don’t understand you and create opposition. People often fear the unknown and disbelief in anything they haven’t seen which is why ideas are attacked with disbelief rather than enthusiasm by others you share them with. I like to think new ideas work somewhat like this.

  • Year 1 – New idea – Everyone Including your family thinks it’s stupid.
  • Year 2-3 – Some traction – Your family still don’t understand what you do and others don’t care.
  • Year 4-5 – People start paying attention and talking about you with mixed feelings.
  • Year 6+ – Your family tells stories of your successful business venture that they still don’t understand, and your enemies join you thinking you won’t notice.

No matter how many businesses I start or work on, those behaviors don’t change and regardless of who you are and what you are doing, you are ultimately the greatest weapon against failure, so don’t give up.

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4 Traits Every Entrepreneur Must Have

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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