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4 Traits Every Entrepreneur Must Have

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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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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

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Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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