Tips for becoming a successful entrepreneur

Think you have what it takes to be your own boss? Check yourself against my list.

I had the privilege of hanging out with many successful people and hours were spent chatting as I delved into their psyche to find out what makes them tick. I realized that great entrepreneurs have a three-step formula that’s present across the board. And, I am going to share my privileged knowledge with you.

Formula 1: Only the best will do. They identify what really works in business by learning from the best experts in the world. They do their research thoroughly and avoid the self-serving-hype that’s marketed as “the next great solution”.

Formula 2: Learn very well. You won’t find them skimming material, breezing through books and yawning at seminars. They systematically study and retain what they’re taught. Like scientists, they absorb, ponder, analyze and review the material over and over again.

Formula 3: Application is key. They develop tunnel vision and focus on their objective. They go and do the workand pay the price. They take the risks and understand that no matter how much knowledge they have, only action will help them achieve their goals.

10 traits and characteristics that stand out for entrepreneurs:

1. Restlessness - Job hopping and a general discontentment about making money for someone else.

2. Business-minded - You like to read about entrepreneurs and how much money they are making; you automatically calculate how much business companies are doing.

3. Risk-taker - You dabble in the stock market and are open to taking calculated risks. You are always looking for ways to leverage your capital.

4. Self- help - When you read, you are drawn to biographies about successful entrepreneurs, motivational business books and finance. You think that reading fiction is waste of brain cells.

5. Rally - If possible, you like to surround yourself with rich and successful people. Talking about business all day with them is a pleasure.

6. Thinking big - You are known for your lofty ideas and day dreams. You regale your friends and partners with your exciting business strategies.

7. Planner - On your desk are your goals for the week, month, year and the next five years. You have your life planned to the minute.

8. Walk the talk - You get things done. Sometimes, you are known to be impatient.

9. Fired up - Optimism and enthusiasm define you. The word “no” does not exist in your vocabulary.

10. Confident - You are brimming with self-belief and have complete and utter faith in your own capabilities. Naysayers be damned!