Richard Branson, Bill Gates, Oprah Winfrey and Warren Buffett haven’t succeeded in every project they have begun. However, that hasn’t stopped them becoming the world’s most successful entrepreneurs.
People go through life jealous of other people’s success, ignoring all the hard work and failures they had to endure to get there. Why struggle through life blindfolded. Simply immerse yourself in whatever industry drives you and the rest, as they say, is history.
There are certain traits every entrepreneur needs to embrace to ultimately become successful.
They get comfortable with failing
In every failure, there is a lesson to be learnt. Some entrepreneurs actively go out trying to fail as that is where the lessons are. No one learnt anything by striking gold first time round. If they had to replicate that success, I can almost guarantee they couldn’t strike gold again, as last time they were fumbling along, not knowing what they were doing and BOOM, they somehow struck gold, but for the 2nd time round …. now that requires a bit of skill. A skill that you probably didn’t learn previously.
They network with like-minded people.
You will notice throughout your financial freedom journey, is that everyone who has an opinion on everything! For example, people who have bought their own house and/or renovated their own house means they know everything there is to know about buying to let – WRONG!! (this really frustrates me) Renovating your own house and purchasing a B2L property are two VERY different things. Investing in B2L property or anything which solely relies on you – to spot the opportunity and take that plunge – will show you who you really are.
There will be many dark nights of the soul in your journey to master property investing, this is why you need to be careful about what advice you listen to. Only listen to people who are deep in the B2L industry, they will know exactly how you feel and what you are going through as I can almost guarantee that they have felt the same at some point.
They practice self-discipline
We live in a world where most people want instant gratification, however, this is not a suitable mindset for an investor.
There was a series of studies on delayed gratification called the Marshmallow Experiment completed at Stanford University by Professor Walter Mischel, were 16 boys and girls were offered a small reward instantly or if they waited 15 minutes they would receive a larger reward or 2 smaller ones. During the experiment, the tester left the room and returned 15 minutes later to see what the child has chosen. Over a series of follow up studies, the researchers found that for the children who waited the 15 minutes for their reward seemed to make better life choices.
Think of investing like a game of chess. You need to make, relatively small yet important decisions whilst thinking about the next 2-3 moves, sometimes sacrifice a pawn or two, but with calculated strategic decisions you will ultimately win at the financial independence game.
A lot of people that start the financial independence journey have been lead to believe (by who I don’t know) that you can get rich quick, but I ‘d like to ask two very simple questions:
1. How rich you think you can get?
2. How quick do you think it can be?
I can tell you this … There is no such thing as getting rich quick. You may hear it from companies trying to sell you their product. But this is merely a marketing strategy. (If you do know of a proven get rich quick scheme … then please comment below and I will be all over it, LOL)
They get plenty of sleep.
I know everyone says this but there must be some amount of truth in it. It is vital for our health and well being. Studies have shown that it is recommended for an adult aged 18-64 to get 7-9 hours of sleep to be productive. I know from experience, that if I get multiple bad nights sleep, I don’t quite function right. My thinking is delayed and I may very poor decisions.
They never stop learning
Learning is key to mastering the property investment game, there is ALWAYS something new to learn. Things change, demands and need change and to be a long term successful investor, you need to be on it. There’s a lot to be said about the value of education.
Be aware, you don’t have to spend tens of thousands on get rich quick schemes (there’s no such thing) you can gain knowledge with a good coach or mentor, reading books, listening to audiobooks, listening to podcasts and using and a lot of information is available free of charge on the internet.