How different are entrepreneurs? Can anyone be like them? This trend is becoming more and more popular today. Less than ten percent of people create ninety percent of the world’s wealth. Sixty-five percent of them are self-made.
However, successful entrepreneurs are a minority. Twenty-five percent of businesses fail within the first year. After half a decade, ninety percent of them close. Of course, nobody starts a project expecting it to fail. That’s why it’s vital to learn how to make it the right way.
5 Things Only Real Entrepreneurs Do
Although the journey can be hard, starting a business is simple. Most of their actions fall into one of these five principles.
They Invest Their Money, They Don’t Save It
Many people get into this game because of financial freedom. However, what’s the point of making more money when you cannot keep it? Prices are higher than before. Every year, the value of our money reduces. That’s why over eighty million Americans invest instead of saving it in the bank.
If you invest in real estate, the risk is much lower because it’s a physical property. When entrepreneurs invest in REIT stocks, they get a return. Although sometimes it may not be much, it scales with your income level. It definitely counters inflation and increases your savings.
A Different Approach to Work Ethics
Everybody knows success requires hard work. The difference is the way people look at work. Employees use to look at it as a price to get something they want. The entrepreneurs, however, think of work as a way to challenge themselves. Would you keep working hard, even if you get paid nothing for years? Most businesses require work upfront before making any profit.
Although money is vital, work serves as a challenge to be a better person. That’s why most successful entrepreneurs keep working after winning in business.
They Know How To Make Decisions
Success is the product of our choices. From product creation to research, entrepreneurs take calculated risks to grow. It requires perspective and analysis skills to ask the right questions.
What is the upside and downside of my decision?
If it’s wrong, how easy is it to undo my mistakes?
Who has the information or skills we need?
How can we scale our business model?
What will competition not do?
Are we solving a market need?
If our product becomes unavailable, how disappointed would people feel? How much do they care?
Here are the habits that help them make good decisions. They take fewer of them to reduce decision fatigue. Remove everything that’s not unessential so that you save mental energy. Also, some decisions are made daily. You can solve that problem by removing or delegating them.
Regardless of popular trends, they do their research to think independently. Entrepreneurs don’t limit themselves to one answer for a problem. They are open-minded and use the right thinking patterns. Some of them require to think long term, set goals, or study the consequences of their actions.
They Read To Reach New Heights
Visionaries know how to change the world with new ideas. But entrepreneurs aren’t innate forward-thinkers. They learn from other people’s mistakes so that they can save time. Once you start reading the right books, you gain perspective. You start finding new paths to reach your goals. Also, you will be more aware of your actions.
How much reading is enough? What should you read? The average executive reads 60 books a year, but employees read less than one. Look at reading as a habit with indirect benefits in your life.
Now, each book is different. When it comes to your niche, you should learn as much as possible to keep everything updated.
For books in general, look for timeless topics such as learning skills, studying biographies, or changing your mindset.
Bounce Back From Failure Quickly
In business, there’s always something that will go wrong. If you stay for the long term, these events will happen. Then, what does makes them different? After bad events, it can take months for average workers to recover. The best ones can get back up within weeks. Entrepreneurs bounce back within days, if not immediately.
How is that possible?
Entrepreneurs expect failure. They have the right expectations, so they can recover and barely be affected.