World Class Entrepreneur

8/10/2019 World Class Entrepreneur

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The 5 Traits of Successful Entrepreneurs

2

#1 Driving Force 3

#2 Energy Management

6

#3 The Focus Habit

8

#4 Productivity 9

#5-Persistence 10



THE 5 TRAITS OF SUCCESSFUL E NTREPRENEURS

The internet has sparked the interest of millions of people wanting to build an

online business or to expand a brick-and-mortar business into ecommerce.

If this sounds like you, be prepared to keep your motivational “engine” firing

on all points. Having the desire to “be your own boss” isn’t enough. In this

report you’ll discover motivational forces which define the difference between

“hobby” entrepreneurs and wealth generating entrepreneurs.

The following describe five key factors shared by successful entrepreneurswhich are:

1. Driving Force

2. Energy Management

3. Focus

4. Productivity

5. Persistence



#1 DRIVING FORCE

Human motivation is a very complex thing and the driving forces behind what

motivates you may be obvious, but often are difficult to discern for many

aspiring entrepreneurs. Did you know that there is a hierarchy of motivation?

Once you understand the link between the levels in this hierarchy and the need

to satisfy them, then you can understand the main driving factors behind

human motivation.

Abraham Maslow was an American psychologist who created the theory of the

hierarchy of needs. The theory states that there are certain levels of human

needs which must be fulfilled before achieving self- actualization. Maslow’s

Hierarchy of Needs looks like this:

Maslow’s Hierarchy of Needs

At the very bottom layer are the basic human needs to live: food, water, sleep

and sex. If you can’t feed yourself or your family, you won’t be able to achieve

the higher layers in the pyramid. Once people have food and shelter, then they

feel secure in their environment. There is a sense of order and stability. At

this stage they have a feeling of belonging and are capable of developing a

Self-Actualization

Esteem

Love and Belonging

Safety Needs: Security, Order, and Stability

Physiological Needs





One path is the “take no chances” path. Usually, this is a quick response. The

phrase to “shoot first and ask questions later” sums up the “take no chances”

path.

The other path is more “thoughtful” and delivers a clearer interpretation of

events. It’s when you have a moment of terror, but then after a few seconds,

you calm down. Both processes are happening simultaneously. The difference

between responding with a “take no chances” or “thoughtful” reaction is

conditioning developed from lack of or extensive experiences.

Successful online business owners learn how to eliminate paralyzing uncertainty

by understanding what has to be accomplished to achieve their goals.

Entrepreneurs find success in both the mundane activities as well as new

opportunities. They are driven and are ready and willing to try something new.

Developing an entrepreneurial mind can bring great rewards and plenty of newfears. But you’ll get over them.



#2 E NERGY MANAGEMENT

If you’ve seen the trailers or the full movie, “Fast And Furious,” you know what

NOS is. This is a street racing term used to refer to Honda Preludes convertedinto street rockets.

Well, there probably are some Toyotas, Mazdas and Acuras in the mix, too.

A NOS system produces a chemical known as nitrous oxide (N2O), often used in

the performance optimization of car and motorcycle engines. The N2O pumps

extra oxygen into the fuel system which converts into extra horsepower.

Drivers only have to push a button and the car shoots down the street at

amazing speeds. Well, that’s the movie version.

One misconception is that NOS can be installed on any car. Another is that NOS

is nitrous oxide. NOS is an acronym for brand 'Nitrous Oxide Systems'. Nitrous

oxide can only be installed on some engines, and does not necessarily mean a

huge gain in speed.

What does this have to do with being a motivated entrepreneur?

Are you a high energy producer? Take a quick mental inventory of some

successful entrepreneurs you follow. Are they always delivering new products?

Are they full of energy in their presentations or videos? If so, they have a not-

so-secret fuel burning in their entrepreneurial engines. It’s not NOS, it’s a

power mixture of VISION + GOALS.

There’s that four letter word again – goal.

If you are trying to build a business without goals you are going to run out ofgas. A race car driver has a goal: cross the finish line first. The driver knows

how much fuel he needs to finish first. And if he misjudges it, then he knows

that more fuel is required for the next race.



Yet so many online businesses start and later fizzle because of a lack of

challenging goals. Once you have goals established then create the

intermediary steps or tasks to get to the finish line.

Having this in place will keep fuel in your entrepreneurial engine.

There are other physiological things you need to manage, too. Remember

Maslow’s Hierarchy? Watch your diet, implement an exercise program and get

plenty of sleep. Some entrepreneurs benefit from adding yoga and meditation

into their physical management practices. Establish a routine and make it a

habit.



#3 THE FOCUS HABIT

Remember the four letter word “goal?” Having measurable goals help you keep

on track. Losing focus is often caused by a lack of belief in a goal or simplybad habits.

Pursuing a goal without first breaking it down into manageable steps can cause

your mind to meander. Before you know it, you’re checking out unrelated

videos on YouTube or shopping for some new gadget.

The simplest way to handle this is to break down the goal into tasks and assign

due dates to these tasks. Next, and this is a critical point, you decide to meet

these tasks. It’s a personal choice whether or not you will complete goals.

Sure, you’ll run into problems, but that is all part of the game. Once you’veset your mind to accomplishing the tasks, the document due dates on your

calendar or better yet in a planner.

As a solopreneur, you are in charge of yourself. That’s what you wanted – right?

Now you have a schedule of tasks to accomplish whether you feel like doing

them or not. Here are some tips to keep you on track.

Stop multi-tasking. Do you try to complete two or more tasks at the same

time like trying to fold laundry and write an outline for your next Kindle book.

You aren’t focused on either task and will do a poor job of both. Instead, blockout a segment of the day to focus on the task. If you struggle with focusing for

more than 20 minutes, then use 20 minute blocks of time.

Schedule in “action breaks.” Take short breaks every two hours and try

walking or exercising. If you do better with a longer break then take 30

minutes out for a mini-workout or walk. If you walk, this is a great time to

pack along your MP3 player and listen to some motivational audio books.

Consistently accomplishing small tasks, on time, will strengthen your self-belief

and fire up your entrepreneurial engine.

Reward. Don’t forget to reward yourself for sticking with your daily routines

and tasks.



#4 PRODUCTIVITY

Along with focus, you must be productive. The knack for getting things done is

directly linked to your ability to define goals, tasks, due dates and scheduling,as well as committing to the work. Hey! This is sounding almost like a job!

The difference here is that your internal drive is motivating you to get the task

completed and not your boss or even the paycheck at the end of the week.

This habit is part of your daily routine. You may have to glance at your planner

to remind yourself of the weekly deliverables, but then you sit down and get

things done.

Do you struggle with getting things done or follow-through? Procrastination is a

bad habit spawned by lack of focus and fear. One suggestion is to start with

small wins in order to feel the satisfaction of completing tasks on time. Once

you get a few small wins under your belt, you’ll have to push for larger

accomplishments. If you don’t, you’ll become complacent about the overall

objective and due dates will pass by without competing tasks.

Once you get in the productivity groove, keep revisiting your objectives and

add in new ones – new challenges.



#5-PERSISTENCE

Here is a quote attributed to President Calvin Coolidge …

“Nothing in this world can take the place of persistence. Talent will

not; nothing is more common than unsuccessful people with talent.

Genius will not; unrewarded genius is almost a proverb. Education will

not; the world is full of educated derelicts. Persistence and

determination alone are omnipotent. The slogan ‘ press on’ has solved

and will always solve the problem of the human race.”

The point Coolidge makes is when faced with challenges, setbacks and failures,

persistence wins. Innovations don’t just happen overnight and often require

persistence in testing and development. Scientists and inventors understand

this and move forward through each iteration of testing driven by the belief

that they must prove out (or disprove) the idea.

As an entrepreneur, it comes down to having a strong conviction about your

vision, creating a plan and working that plan to fruition. New discoveries,

products and innovations are not won in a lottery pool and rarely possible to

make a quick buck as an entrepreneur.

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