Traits of a successful entrepreneur - Is it possible for anyone to make a fortune by reading a collection of articles, attending training courses, or just listening to some lectures?
Traits of a successful entrepreneur
Many of us do all these things together in pursuit of the dream of getting rich, but we can't achieve it.
The reason is simple, that only work is the only way to earn money, and to achieve wealth it is necessary to work in which knowledge is used and converted into actions according to effective and successful strategies while managing time and risks, whether through the development of a new industry or by investing in the markets Finance.
Although there are no secrets or shortcuts to getting rich, outstanding entrepreneurs usually have certain characteristics.
Here remains an important question; Are the habits of those who achieve uncommon success usually learned and practiced (learned), or are they inherited, as some argue?
In a report published by the American Entrepreneur magazine, which specializes in entrepreneurship, investment writer Brian Robb answers this question, stressing that they are learned habits and instilling these qualities in anyone is a matter that requires deliberation and continuity, especially since it is available to everyone and can be learned, We may find the tendency of some to one of these traits and not others, and the most important of these traits are the following:
Those who cannot control their spending seldom make or keep a fortune
The writer points out that the "yin and yang" philosophy - an ancient Chinese philosophy - is related to self-discipline, which is the ability to control one's thoughts and actions, as many defined discipline as the ability to delay the gratification of desires, which is consistent with An investment that requires care to provide a portion of the income regularly, and to avoid the immediate pleasure of buying.
The writer says that those who cannot control their spending rarely create or keep wealth. Most successful people are not extraordinarily talented or geniuses with a high level of intelligence, but rather ordinary people who learn to connect the actions of today with the results of tomorrow, citing what the humorist Will Rogers says, “It enables you to Self-discipline from avoiding spending money you don't have, to buying things you don't need, to impressing people you don't like."
Many confuse knowledge that comes from reading with experience that comes from being able to use knowledge to get specific results
The writer believes that many confuse the knowledge that comes from reading, and the experience that comes from the ability to use knowledge to obtain specific results, explaining the extent to which successful investors need to know many disciplines - such as accounting, finance and security analysis - that can only be obtained through the study.
However, expertise develops by consistent and objective application of acquired knowledge, or what researchers call "deliberate practice," noting that research shows that by working on and developing what you can't do, you can become an expert if you want to, because experts are made , are not born.
And in another report by the financial expert, Todd Tarseder, published on the well-known American “Financialmentor” website concerned with education investment rules; The writer believes that there are main qualities that investors must acquire in order to be distinguished in their business, including:
The writer stresses that successful investors must understand the types of risks inherent in the business and reduce their likelihood (frequency) and the loss associated with their occurrence (volume), giving an example of the investment philosophy of George Soros, one of the most successful investors of all, which focuses on potential investment losses, where he says “It doesn't matter whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong that matters.”
The writer explains that daily life is replete with distractions at all levels, some of which are important and some of which are not.
He points out that achieving wealth cannot be considered an easy thing, as it can take years, or a lifetime, or it can be a stroke of good luck, explaining that most wealth is built slowly by continuous investment of a portion of the individual's profits wisely, where the focus must be on the destination. Avoid wasted time and energy, wrong directions and opportunities.