I was on a business trip to one of the richest countries in the world.
There, I heard how the average business owner takes only one day to learn his or her profession and two days to run a profitable business.
Furthermore, I heard of the most successful business owners in the world who earned an average of USD 10 million a year each, were able to grow a company from an initial investment of USD 500,000 to millions of dollars in a decade.
On the contrary, the youngest owner in that company had never worked in a business environment before and was looking forward to realizing his dream of becoming a businessman.
Unfortunately, he fell into a pothole and couldn’t get out of it. His efforts failed, he lost his company and was fired. He was no longer the owner of the business he was so passionate about.
It took him more than a decade to reach a more humble position where he is now again an owner of the company he dreamed of.
Yes, the dream of every aspiring entrepreneur is to be able to earn millions, but many don’t succeed.
You know, two millionaires are better than one billionaire. Yet, according to Forbes, less than 1% of the world’s population controls half of the world’s money.
Most people, for instance, would be happy earning USD 1000 per month after working for 40 years if they weren’t allowed to earn millions in just a decade.
What are the main reasons for the difference between a successful entrepreneur and a failed one?
1. Knowledge
First of all, it’s about your knowledge. Do you have all the knowledge about the business sector that you need?
Do you know the market and its consumers? Do you understand how your market functions?
Would you be a good entrepreneur if you hadn’t studied economics? I think we all know the answer to that question.
However, many people lack knowledge.
Indeed, you can’t become a successful entrepreneur without knowledge.
However, you need to know what knowledge you are lacking and how to get it. If you don’t know what you don’t know, likely, you will never get it.
You have to do your homework and learn all you can about your area of business to become an effective entrepreneur.
2. Will power
Another key factor is how much discipline you have. Do you want to succeed, or are you going to let yourself down just because you think that you aren’t qualified?
Successful entrepreneurs are very disciplined and determined. They never take chances.
Many unsuccessful entrepreneurs take massive chances and get caught.
If you make the same mistake, it’s better to die quickly, than to live with regret for the rest of your life.
3. Time management skills
The third key factor is how well you handle your time. Time is a precious commodity.
It is important to realize that it is more important than money.
Many entrepreneurs spend all of their time on the wrong things and lose everything.
4. Passion
Do you love what you do? For example, do you really love your job or do you feel that you only go there because you need to make money?
Do you love what you are doing or do you just think that you have to do it because you are addicted to money?
Do you have a passion for your business? If you don’t, maybe you should get a job.
5. Confidence
In short, you have to be confident. Many people believe that they can’t do it, which is the biggest obstacle for them to succeed.
If you think that you can do it, you probably can. You should know that people who don’t do something are those who have always given up.
I know this guy who got stuck in a job, which he hated, for eight years. After that, he finally made a big decision: he left the job and started his own business.
After a few years, he built a great business that made him a lot of money.
Although he did a lot of work to get where he was, he never let himself get discouraged.
Instead, he always believed in his ability and his hard work and was able to create a successful business that made him millions.
It’s about time management
But now he feels that he can have more money than ever before, and he is working very hard to make it happen.
He’s willing to do whatever it takes. In fact, he even gets out of bed in the middle of the night to get on the computer and work for several hours.
I asked him why. He said that the past few years he’s focused on getting money for a specific purpose, and he’s almost reached his goal.
Now that he has finally reached his goal, he feels that now he can make a lot of money.
He said that he needs to set the next target, and he is willing to work hard to achieve that target.
He also said that he wants to be successful, and he will never let himself fail again. He is convinced that he can achieve his target, and he will never give up.
