Nine Characteristics of the Wealthiest and Most Successful Business Owners
It may seem that the wealthiest and most successful business owners are somehow just bred differently, or that they have access to secrets that most people do not. The truth is that unlocking new and extraordinary levels of wealth and success in business really comes down to fundamental changes in habits and in the development of character.
Today we will unpack nine of the top traits of the most successful entrepreneurs and how you can take the steps to develop these areas of yourself and your business.
They have a clear vision for their business. All too often, I ask business owners about their goals and plans for their company and they look as though they have never thought about them before. You always want to know where you are heading. You may not have the GPS to get you there yet, but you know what destination you are moving toward. A clear vision helps you articulate your focus and what it is you need, so you can seek assistance where needed and identify the resources to help you.
They are passionate about what they do. Don't be fooled, though. Your business is not meant to entertain you. Just because it doesn't excite you every day does not mean the passion is lost. You must always anchor your decision to stay and thrive in business back to a deep-rooted 'why.' You must have a strong sense of purpose and that drives passion.
They are laser-focused and always moving forward. Again, it is very important to know where your focus is directed and to avoid distractions. If your goal is to improve your operations and that is your priority, then maybe it may not be wise to invest in a huge ad campaign until you have some of your processes nailed down. You want to make sure your focus in the form of attention and investment is directed properly.
They surround themselves with positive people. This does not necessarily mean you want to surround yourself with raving fans to hype you up all the time. Cheerleaders do help with morale , but sometimes you need a coach in your corner to help articulate feedback, explore new moves and progress your performance forward. It is all about surrounding yourself with people who will make you a better person and not drag you down.
They take risks and are not afraid to fail. If you only take one shot, the stakes are definitely higher whether you succeed or fail. When you constantly take messy action, implement feedback and try something new, you are moving faster toward your success. You are also less bothered by failure because you know you can just try something new and that, in the grand scheme of things, this failure was one of many that moved you forward.
They are constantly learning and growing. You want to constantly put yourself in the rooms where the next level people are. When you immerse yourself in a culture of success, you cannot help but adopt the habits and build confidence. You want to always be open-minded about learning and should not be afraid to be wrong or say "I don't know." It is a sign of great respect for yourself and for others when you can admit that you may not know something but that you will make a commitment to helping someone get closer to the right answer.
They give back to their community. Generosity is a big part of living a wealthy lifestyle. One of the most rewarding feelings is when you can help a friend, neighbor or family member in a time of need, donate to important causes or make a positive impact for change.
They live a healthy lifestyle. This isn't about getting up at 3AM with The Rock and Mark Walhberg. This is about taking care of your own body so that you can think clearly and show up with energy for your clients, employees and those who trust you and so you can perform at your best both in business and in your personal life.
They have a strong work ethic. Lately, we have vilified hustle culture and lost a bit of respect for strong work ethic. Hustle and work ethic are not the same thing. We have to work smarter, not harder, but we have to be focused on discipline to get things done that will move the needle in business. Procrastination can lead to lagging performance and an overall increase in stress that gets projected on your team and comes through in customer interactions. Make sure you are remaining diligent in the work you have to do and if you identify a gap, that you address it.
You'll notice that none of these habit include having a college education, mastering their cash flow or even hiring a CFO. While all of these things are great for helping drive metrics and financial results for a company, the traits above are the fundamental must-haves in order to set the tone for success in business. You can have a gorgeous house, but it will not do you much good if it is built on a weak foundation.