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6 Things Successful Entrepreneurs Don’t Do

 

No matter how successful an entrepreneur is, they can quickly thing back to the beginning when they struggled. Entrepreneurship is very tough. It truly takes a lot to be successful with your own business.

 

 

From mentoring and coaching various entrepreneurs, I quickly started pin-pointing characteristics that were detrimental to their success. These qualities are very common and even I fell prey to some of these things when I had started.

 

 

In this article, I’m going to share the 6 things successful entrepreneurs don’t do:

 

 

1. They Don’t Do It For The Money

 

When I started my first business, I was seeking freedom from crappy minimum wage jobs by finding something I loved. I was happy with what I did, but the motivating factor for me was the money.

 

 

It took me almost two years to figure that out, which resulted in me selling my business and moving on to startups that had more purpose behind them. To be truly successful as an entrepreneur, money can’t be your primary motivator. You need to have a purpose that goes deeper than just the financial gains.

 

 

2. They Don’t Let Fear Run Their Lives

 

Doubt and fear kills more dreams than failure ever will. Successful entrepreneurs understand that taking action is the most crucial decision in their journey.

 

 

Many people prolong their dreams by making excuses, but successful entrepreneurs take massive action. The action they take doesn’t always immediately result in success, but by staying persistent, they eventually accomplish their goals.

 

 

3. They Don’t Allow Greed To Take Over

 

The toughest realization an entrepreneur has to make is that he himself can make his startup successful. Great teams behind good ideas result in success, but it can often be hard to share your prized possessions with others.

 

 

When starting my first business, I was the only one who held equity. My business did well, but it could have done a lot better if I had more resources and individuals behind it. When launching my next businesses, I’ve always been generous about giving out equity to those individuals who can create value for my company. The path to success is a lot easier if you have great people behind you and your ideas.

 

 

4. They Don’t Play It Safe

 

While successful entrepreneurs don’t play it safe, they sure don’t take stupid risks. There is a nice balance between the two that great entrepreneurs find. In order to be successful, you have to make sacrifices and take risks.

 

 

The art of making good decisions is to calculate the risks vs the rewards. If the rewards outweigh the risk, it’s a no-brainer to take a gamble. When taking risks, be sure that you’re taking calculated risks that always have a backup plan. Entrepreneurship is unpredictable, but you have to take a leap of faith sometimes.

 

 

5. They Don’t Lose Focus 

 

As an entrepreneur, it’s really easy to get distracted. A few small successes or a lucrative job offer can easy derail you from your journey. Great entrepreneurs understand that distractions will always exist, but they cannot lose focus of their dreams.

 

 

I am constantly distracted by outside influences and things going on in my life. Being an entrepreneur while all my friends attend college is a pretty tough thing to get accustomed to. However, I constantly remind myself of my long-term vision which keeps me grounded.

 

 

6. They Don’t Just Work 

 

Whatever it is you do in life, you need to find a proper balance. Work is the same way. You cannot be caught working 24/7 because it will exhaust you completely. As an entrepreneur, I’ve struggled with escaping my work.

 

 

It’s a tough challenge, but great entrepreneurs are able to find that balance. Make time for family, friends and going out. You don’t want to lose out on the important things in life. As Wiz Khalifa says, work hard and play hard.

 

 

Conclusion

 

Above all, remember that entrepreneurship isn’t easy. It takes a lot of patience and persistence to be successful. In this article, I shared 6 things successful entrepreneurs don’t do.

 

 

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