The Millionaire Mindset 5 Habits of Successful Entrepreneurs

The Millionaire Mindset 5 Habits of Successful Entrepreneurs The Millionaire Mindset: 5 Habits of Successful Entrepreneurs Image Source: iStockFOR the sheer diversity and multiplicity of ways in which entrepreneurs have  become almost unimaginably wealthy through product or service innovation, many of them will state that their success is no great secret. And their stories demonstrate that thing most common to successful entrepreneurs and wealthy people is their behaviour. For instance, consider the following 5 habits of successful entrepreneurs, and how applying them in your daily life could make a huge difference in your personal and business life. (adsbygoogle = window.adsbygoogle || []).push({}); 1.  Hard Work“Genius is one percent inspiration and ninety-nine percent perspiration.”DURING his 84 years, Thomas A Edison acquired a record number of 1,093 patents (singly or jointly),  drove  such innovations as the phonograph, the incandescent light bulb and the  motion picture camera, and set up  the world’s first industrial research laboratory.Edison’s story is the epitome  of what innovators a nd entrepreneurs have stressed throughout historyâ€"that success and wealth come only to those who work almost supernaturally hard.There are sacrifices that must be made, but achievement of the long-term goalâ€"in Edison’s case, changing the worldâ€"make the personal sacrifices worthwhile. This is probably the most potent illustration of the  habits of successful entrepreneurs.2.  Focus“I can tell you where every screw, nut and bolt is in my company…  Never, ever, underestimate me.”LORD Alan Sugar has a formidable reputation, familiar to many through his starring role in the UK series The Apprentice,  and his attention to detail is awesome.Over 40 years, Lord Sugar  amassed an estimated fortune of £1.4bn, according to the Sunday Times Rich List for 2015, which ranked him as the 101st richest person in the UK. He’s a man who would provide a rich field of research for anyone interested in emulating the  habits of successful entrepreneurs.And so it proves. Some might regard  Sugar  as impatient and bad tempered. But his long-time associate Nick Hewer provides probably the most rounded assessment of Lord Sugar’s business approach: the man in a hurry.“A 12-second phone call was the absolute maximum,” Hewer has said.A  Sugar  trademark has been his consistent  ability to get products to market, at low cost,  faster than his rivals.His fledgling  years selling  wholesale electricals  taught him to  focus on consumer needs. A notable success at Amstrad was his decision to market the computers as word processors, due to the relatively “technophobic” nature of the British market in the early 1980s.Interestingly, he sharply acknowledges that  his key failures experienced during the 1990s occurred when his attentions were divided between Amstrad and his chairmanship of the football club Tottenham Hotspur. He looks back on the latter as a “wasted ten years”. (adsbygoogle = window.adsbygoogle || []).push({}); 3.  Calculated Risk-Taking“I like to take risks.  That’s how I make money. But they are calculated risks.”SHARKTANK’S ‘Mr Wonderful’, Kevin  O’Leary’s words will resonate profoundly among all millionaires.  It seems like an obvious thing to say, but you will probably never make any money  from investment if the risk is greater than you project the reward can be.  However, if the potential reward outweighs the risk of loss, the chances of a golden opportunity are much higher.This is risk calculation, and to describe it merely as one of the  habits of successful entrepreneurs is somehow to downplay its significance.Richard Branson’s views on calculated risk are  fascinating because they  stem from his worldview: “In life,” he has said, “its better to stick to a few simple values and aims; the same holds true for business. One guideline that we rely on is that if a new business has the potential to damage your brand in any way, you should not invest in it.”As Branson astutely identifies, calculated risk is a process that can be applied to anything in your life. In brief, it’s about valuing the long-term goal over the short-term objective, but having the wisdom not to let a potential opportunity slip through your fingers on the way. That’s no easy task. Yepâ€"it comes back to hard work again. Reward is not granted.4.  Generosity“The delicate balance of mentoring someone is not creating them in your own image, but giving them the opportunity to create themselves.”AS THE words of legendary movie director Steven Spielberg indicate, true generosity  is more than being charitable with your material richesâ€"it is also being willing to give of yourself, in the service of another person’s development.Mentoring is probably the most significantâ€"and least expensiveâ€"way that the most remarkable millionaires can make a huge difference in the lives of those who admire them. And so it is that mentoring tends to be one of the notable habits of successful entrepreneurs. Not leas t because they have often benefited from it themselves.If someone who has attained that level of success  is willing to devote even a short period of time to helping a young person starting out in business, it can, in some cases, make a potentially world-changing impactâ€"and  not only on the mentee, but on what that student might be  developing.In that regard, one of the most famous business mentor / mentee relationships was that between Facebook cofounder and CEO Mark Zuckerberg and the late Apple CEO Steve Jobs.Jobs undoubtedly was a pivotal figure, both inspirational and also spurring the young Zuckerberg to follow his conviction that “what you build can change the world”.Perhaps the ultimate expression of  Zuckerberg’s gratitude for this relationship was his posting of those very wordsâ€"“what you build can change the world”â€"on Jobs’s Facebook timeline after the Apple CEO’s death. (adsbygoogle = window.adsbygoogle || []).push({}); 5. Lifelong Learning“Wisdom is not a product of schooling, but of the lifelong attempt to acquire it.”ALBERT Einstein was speaking about his own experience as a scientist, but his words apply to many of the most  successful people in the worldâ€"with fortunes tens of millions or billions in valueâ€"who either flunked or dropped out of education at high-school or higher level to focus on their dreams.It’s perhaps partly for this reason  that  millionaires  tend to spend their downtime  not in the pleasurable and diverting cul-de-sacs created by the entertainment and leisure industries, but instead reading and researching ways, both cutting edge and historically tried and tested, to grow their businesses. Self-education is typically prominent on the list of habits of successful entrepreneurs â€"  particularly in the modern era, when the Internet  puts the accumulated wisdom of successive generations of life-changing millionaires and billionaires at the fingertips of anyone with  access to broadband.And the i ncreasingly social-networked nature of the world makes it much easier than ever before to reach out to and connect with your business idols.