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Crucial Qualities for Success as a Wealthy Entrepreneur

Crucial Qualities for Success as a Wealthy Entrepreneur

Creating a successful businesses by following the skills of wealthy entrepreneurs

Master Investor
May 11, 2024

SUMMARY

There are a few common traits that all successful entrepreneurs share.
Being a successful entrepreneur requires a team and self motivation, among other things.
Don’t look for the easy route - these essential traits are a must.

Even though every person's circumstances are unique, successful business owners share a few characteristics in common. These characteristics are necessary for success as a wealthy entrepreneur, according to many multi billionaires mentors.

#1 Be resilient (thick skin)

We must keep in mind that majority of the wealthy entrepreneurs in the world started a company that failed but never quit to learn from the failures in business. Sometimes that is our best teacher. Regretfully, we will make blunders when operating a company and sometimes we may be forced to close it due to financial difficulties. However, don’t ever let that shut down our entrepreneurial spirit. The more appropriate mentors in financial and self development we have the less we will fail along the way of our journey. Due to the fact that we can simply learn from others mistakes and don’t have to commit them ourselves. There is no rule that says we must be the ones making the mistakes. That is why reading and investing in one’s financial education is the key to unlock our financial freedom and true wealth.

In actuality, we can always tell the real financial health behind any person, company, or investment by imply reading the financial statement of the entity. Everyone has a financial statement. Majority people have never done their financial statements, and that is one of the reasons why majority of the population only knows how to work for earned income which is taxed at the highest bracket. We can tell if a business is effectively dead after reviewing the finances and knowing what lays ahead of the operation.

We can say with accuracy that the foundation of true wealth is in the ability to read financial statements and improve them starting with our personal financial statements.

To hear that and listen, we have to be really tough. Don’t fall in love with the investment vehicle, because if it needs to be shut down due to financial difficulties then it will be easier to do so if we have not build sentimental towards the investment vehicle. Anyway, we shall only build a company and brand for the world not necessarily for us because if it only for us then is only a hobby not a true business that solves other people’s problems.

We could have kept the company operating on life support, but that would have done nothing but postpone the inevitable.

It would have been simple for anyone to give up on their entrepreneurial goals after closing a business due to the disappointment but we must keep going. All we have to be right is one time. Rather, we threw ourselves into starting our next venture as soon as possible. Many will advised us to get employment, particularly because we have already experienced unsuccessful ventures. We must develop a thick skin when it comes to business and investing because we will encounter resistance along the way.

The bottom line is that having thick skin will be necessary for us to face hard truths and keep going forward if we want to be a wealthy entrepreneur.

#2 Create a fantastic network

Investing and business are team sports. Additionally, the adage "No person is an island unto themselves" is quite old.

Entrepreneurs that are successful are hustlers. We are constantly eager to network and form connections with individuals that could be of use to them and their business. This implies that we are not allowed to have a leisurely 9–5 schedule. It may be necessary for us to make that late-night or early-morning phone call in order to communicate with someone abroad. Or perhaps we have to attend a conference or convention for the entire weekend. Even at places like hostels, hotels, and other highly traffic hot spots we can network and increase our network fast.

We will also have to put in a lot of effort into developing our network of supporters. For instance, Master Investor’s team includes a variety of consultants, including accountants, lawyers, and advisors but not limited. We must treat a small business as big business, and vice versa. That way we are always on expanding and protecting our wealth.

Our inner team must be the greatest in the business and they aid in our achievement. This is as a result of the considerable time and attention we put into finding, connecting with, and partnering with the best individuals to fulfill our business mission.

The good news is that creating a strong network is among the simplest and most enjoyable things we can do. We can accomplish it today; all we need to do is get started.

It does not take us to greta to get started it, but we must get started to ever become great at anything.

#3 Seek to exalt rather than to be praised

Being an employee would be a better option for someone who need continuous validation than being an entrepreneur. Most workers receive ongoing feedback in the form of one-on-one meetings and reviews. The majority of entrepreneurs receive either no feedback at all or very bad feedback indicating that they've made mistakes, either in the shape of negative reactions from the market or staff uprisings!

Being an entrepreneur requires a high degree of self-awareness in addition to self-confidence. The most successful business leaders spend a lot of time reflecting on their decisions and making necessary corrections after talking with their excellent staff and networks.

This is significant since managing people is a major aspect of becoming an entrepreneur.

This implies that rather than waiting for recognition to come our way, we must truly enjoy praising our partners and staff. Giving people a job, seeing them succeed, and praising them are some of the greatest pleasures of being an entrepreneur.

#4 Have self-motivation

Workers arrive at work each day for fear of losing their jobs if they don't. When we first start our own business, nobody is forcing us to work. That is something we must undertake on our own. Starting and growing a business is a laborious task. We will fail if we are unable to motivate ourselves each and every day.

Furthermore, it can be simple to sit back and allow our business run itself once it is up and going. However, as they say, "We are dying if we are not growing." Starting a business requires a significant investment of energy, but the work doesn't end there.

To keep it expanding and changing as the market does, we have to be self-motivated, which brings us to Robert's final crucial entrepreneurial quality.

#5 Show adaptability

Many independent contractors want to consider themselves business owners, but in most cases, they are not. A self-employed person who prefers to genuinely wear one hat, such as a writer or a lawyer, and an entrepreneur who must wear numerous hats in order to establish a business are very different from one another. In addition, the business owner control system of systems that work hard for us doing the selling and telling to close new sales for us without having to work in the business. We will always work ON the businesses but not IN the business, very different.

A true business is build to run itself and raise capital through direct salesroom the front end and from banks or other lenders from the back end of the business. When we build a true brand not just a company then we will begin to have unlimited amounts of capital to work with to invest for passive income ( positive cash flow) and capital gains income.

Depending on the day, we may need to wear our manager hat to have a difficult conversation with an employee, our accountant hat to balance our books and project cash flow, our lawyer hat to negotiate a contract, our marketing hat to make changes to our website, and our sales hat to seal a deal. As we grow our cash flow and business, we will delegate to other professionals and independent contractors to fulfill the essential tasks of our businesses. Remember, a business must run itself without us in it. Focus on controlling systems and expand our assets column to become a wealthy entrepreneur.

To execute all of these things properly, we need to be highly driven and skilled at them. It takes a lot of adaptability to do this.

The most successful businesspeople can switch between roles as needed, every single day.

What are we waiting for now that we are aware of masterinvestor’s five requirements for becoming a wealthy entrepreneur? Now is the moment to begin.

Choose a side of the Cash Flow Circle

Where are we and where do we want to build for the rest of our lives. We have the left side and right side of the cash flow circle with four players:

Employee: has a job works for earned income (taxed at the highest bracket)
Self-employed: owns a job and he or she considered themselves as the best that can do what they do, therefore, they must show up to see their clients. Without the self-employed working they make no money alike to the employee.
Business Owner: owns and controls systems.
Inside Investor: makes money work hard through sound investing.

Each side speaks and thinks of money differently. What separates the left side with the right side of the cats flow circle is

As shown in the next diagram the wealthy mindset invest as follows:

Now that we know what it takes to become a wealthy entrepreneur we can start as soon as possible. If any of us have experienced failure in the past, then we must launch our next venture. The main difference between the wealthy and poor mindset is the way we spend our time on a daily basis. If a person works daily at a job for somebody else, then that person ironically has not time to make money as the time spent is not on their assets column but rather some body else’s assets column. Choose our roles in lives carefully and figure out our “WHY” we do what we do. Finally, if our “WHY” is strong enough then we can persevere through any difficulties as long as we equipped ourselves with the five essential characteristics mentioned above for a wealthy entrepreneur.