8 Habits Of Successful Entrepreneurs And Self-Made Millionaires

things entrepreneurs do

This post contains some great habits that success entrepreneurs have that most other people don’t have and while from the outside it may seem that these habits don’t apply to “regular” people, once you begin to look a little deeper, you’ll see that these successful entrepreneur habits aren’t anything crazy or out of reach and can actually help you succeed!

Download the key points of this post as PDF.

And, more importantly, once you begin to cultivate these habits in your own life, you may find that you will begin to develop a lot more tendencies that will help you in life…so take a look at this list and see how you stack up:

1. Believe in their ideas. How many times have you found yourself thinking “that would be such a great idea” only to shrug, figure that someone has already done it, and move n with your day? Not an entrepreneur. You’ve seen Shark Tank. These are the people who have a brilliant idea, and are immediately at work seeing if it’s viable, checking if it has or hasn’t been done yet, and importantly, putting it into action.

Action follows intention, and successful entrepreneurs have that extra surge of energy necessary to put things into action. They are doers, but not because they are better than anyone else. It’s simply because they have the ability to believe in their ideas and to believe that they are worthy of time and attention. You can have the best work ethic in the world, but before you can attain success, you need to believe in yourself and your ideas.

2. Wake up early. Long before you woke up this morning, successful entrepreneurs all around the world were up and working. This is one of the things that even my millionaire trading challenge students and I do, even when we have been up late the night before.

So, why wake up early?  Because we are literally excited to wake up and start the day. We’ve been dreaming up new ideas all night and they only rest because it gives us energy to keep going the next day. Sometimes we barely even notice that we are physically exhausted because we are just so excited about all of the ideas and things to do all the time. There are literally not enough hours in the day for a successful entrepreneur to do and create all of the things they’d like…and literally every self-made millionaire I know thinks this way too.

3. Know everything that’s trending. Whether it’s a hot new commodity, the latest world news, or even the latest Cronut-esque food trend, a successful entrepreneur is on top of it. They’re always scrolling the news, their social media feed, and any other blogs or cultural resources they can. But as they do so, they are making mental notes and making connections about how trending objects or businesses are connected, and trying to see how they can take advantage of or monetize the trend. So this can be an invaluable trait, knowing what is of the moment.

4. Talk to everyone. An entrepreneur is all over the room at a networking event, fundraiser, or even an informal cocktail party. They are naturally curious, and they’re also always connecting potential dots. They’re constantly looking for opportunities to forge partnerships with other people. They’re evaluating the strengths and talents of others. But not to compare. They are doing this to evaluate how they can further each other’s projects. Entrepreneurs are good at knowing their strengths and weaknesses, and are constantly seeking out partnerships which can help and suit all parties. This is a common trait and one of the top things entrepreneurs do. Networking in this way is something I encourage in the Tim Sykes Million Challenge.

5. Start a hundred businesses a day. Yup: entrepreneurs start a hundred or more businesses a day…in their head.

While they may not be applying for that many business licenses on a daily basis, they would if they could. It doesn’t take much for an entrepreneur to go from “what if” to “let’s go”. If they have an idea, they know when it’s a really good one. They’re not afraid to pursue it. If anything, the “what if” excites them and inspires them to begin working and see it through. This is a trait that will serve you well as a penny stock trader, too.

6. Impulse-buy domains. Some people get drunk and dial an ex with unfortunate results. Not an entrepreneur. They’re so looking in the future that when they get excited (or yes, a little drunk), they’re far more likely to make impulse buys like domain names or investment opportunities. The “what if” is always so much more fascinating and alluring than dwelling on the past.

So yes, entrepreneurs are constantly investing in the future, sometimes literally but always in their minds. It’s one of those things entrepreneurs do practically without thinking about it. I encourage this trait in the members of the Tim Sykes Million Challenge Team. Perhaps not buying domains, literally, but suffice it to say that entrepreneurs are always thinking about possibilities and things to create.

7. Move on from failure in a flash. Entrepreneurs experience failure at a higher rate than most people. This isn’t because they’re not talented; often, it’s because either their idea hasn’t hit at the right time, or the world just wasn’t ready for it. Either way, it’s no big deal to them. One of the benefits of having so many ideas and things in action is that entrepreneurs get pretty good at letting them go and getting over so-called failures. Just like the overzealous geek who asks girl after girl to the prom until he’s not rejected, entrepreneurs don’t let their pride get in the way of getting ahead.

8. Leave before the party’s over. Entrepreneurs aren’t the type to stay at the proverbial party until well after last call. Entrepreneurs can see the wind changing, and when it does, they are off to the next big thing. It’s not that they are fickle or unloyal; this can be a common misconception. It’s that they see when things are not moving forward, and they know when it’s time to move on.

They never want to overstay their welcome, and they don’t want things to get awkward. Entrepreneurs know when to say when.

Some people are born entrepreneurs; for others, it requires careful cultivation. By carefully reviewing these traits and habits of successful entrepreneurs, you can begin to add them to your own life and routine and improve your finances and future over time. By developing more of these quality entrepreneurial habits in your own life, you might improve your business acumen and overall ability to make things happen and I think you’ll be surprised what can accomplish over time!

Leave a comment telling me your future goals and make a pledge right this second to go out and make it happen!