Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

More by this author

4 Traits Every Entrepreneur Must Have

Trending in Money

1 How to Use Credit Cards While Staying Out of Debt 2 How to Use Debt Snowball to Get out from a Financial Avalanche 3 How Personal Finance Software Helps You Get More Out of Your Money 4 The Best Ways to Save Money Even Impulsive Spenders Can Get Behind 5 How to Answer the Tough Question: What are Your Salary Requirements?

Read Next

Advertising
Advertising
Advertising

Last Updated on March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

Advertising

Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

Advertising

I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

Advertising

Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

Advertising

So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

Read Next