The life of an entrepreneur isn’t easy. The early stages of every start-up is fraught with obstacles, potholes, dead ends and wrong turns. I know a lot about successful entrepreneurs because I studied 177 self-made millionaires over a five year period in order to find out exactly what they did to become successful. I share much of that research in my book, Change Your Habits Change Your Life. One of the things I share in my book is that entrepreneurs have certain routines that enable them to navigate around or overcome the many obstructions that get in their way. Below is a snapshot of six of the top habits, the successful entrepreneurs from my study, had in common:
#1 They Are Obsessed With Self-Education
Successful entrepreneurs educate themselves like their life depended on it. They read books, articles and blogs. The listen to podcasts and audio books. They watch TEDx talk, educational videos and YouTube interviews of successful people. According to my research, 88% of self-made millionaires read thirty minutes or more every day solely for self-education.
#2 They Seek Out Expert Mentors
Successful entrepreneurs find mentors who are experts at what they do. They ask them questions, tapping their knowledge and experience. Finding a mentor is the fast track to wealth accumulation according to my study. Ninety-three percent of the rich in my study who had success mentors attributed their wealth to those mentors. Since the average rich person in my study was worth $4.3 million, this means finding a mentor is like having someone deposit $4.3 million into your bank account. Mentors smooth out the path towards success. They help you avoid making mistakes.
#3 They Are Real Life Action Heroes
Successful entrepreneurs are a lot like action heroes in that they take action that makes most people cower in fear. They take action because they know that only by taking action will you figure out what works and what doesn’t work. Action leads to knowledge, learning and growth. Successful entrepreneurs understand that in order to become successful they need to grow into the person they need to be in order for success to happen.
#4 They Are Process Oriented
Once they figure out what works, successful entrepreneurs document it. They create written processes for everyone on their team to follow. These processes automate success and minimize mistakes and errors.
#5 They Find Apostles for Their Cause
Successful entrepreneurs spend years finding and building a team of talented individuals. According to my research, it takes an average of three years to find the right team. Successful entrepreneurs are quick to fire and slow to hire, because most have very limited working capital starting out. They don’t have the luxury to carry anyone who isn’t adding value and helping them pull the cart. The successful entrepreneurs diligently search for talented individuals who buy into their dreams and goals.
#6 They Don’t Follow the Herd
Successful entrepreneurs are not followers. They’re trailblazers. Because they are pursuing a dream, they are forced to separate themselves from the herd. The herd is risk-averse. They avoid anything that’s outside their comfort zone. Successful entrepreneurs embrace the new and the different. Those entrepreneurs who succeed, soon find themselves with their own herd. Success brings more and more people into the herd of successful entrepreneurs. These entrepreneurs understand that the more people they bring into their herd, the more successful they will be and the more wealth they will accumulate. Millionaires have hundreds in their herd, deca-millionaires have thousands, and billionaires have millions in their herd.