Starting a business is easy. Millions of new businesses are started each year. However, you must do more than create an LLC to become a thriving entrepreneur. Unfortunately, simply starting a new business is all the farther that most get.
Inevitably reality creeps in and the cold hard truth emerges. Creating a business that enables you to generate enough money to truly thrive at life and achieve your wildest dreams is not so easy. Entrepreneurs with the ability to thrive at this highest level are a rare breed.
What makes these elite entrepreneurs different from those still struggling? Here are the top 5 non-negotiables that every new entrepreneur must take action on promptly.
1. Stay fearless
Fear can paralyse and absolutely destroy an entrepreneur’s ambition and confidence, but only if they let it.
When I quit my job and created my own business, I experienced the same fears all entrepreneurs face starting out – the fear of failure, the fear of what others might say, the fear I wasn’t good enough.
As I increased my certainty, and became aware of what limitations were holding me back I started to face my fears head on. When you face your fears, they disappear.
You cannot let your fears control you and you must be willing to take risks despite them. All great leaders and visionaries have realised that being fearless is part of the recipe for success.
In my experience, most of the people who gave in to their fears and quit are eventually employed by those who conquered their fears and never gave up.
Your only fear should be having the exact same life you currently have a year from now. Remember that your dreams will always eclipse your biggest fears. Stay limitless mentally.
2. Creating, not waiting
I’ve been fortunate enough to interview dozens of the world’s most successful entrepreneurs and one thing is always abundantly clear – they don’t wait for opportunities to come to them, they create them.
A WANTrepreneur spends their first day designing a logo while the true entrepreneur closes their first 10 clients. If thriving is a goal, you must stop procrastinating, stop creating 100-page business plans, stop researching the perfect website font, and start executing on the things that matter.
Most people spend the first half of their lives saying they are too young, and the second half saying they’re too old. The time is now, and there is no tomorrow for champions.
I promise you that one year from now you will have wished you started today. Wake up early, go to bed late, disable distractions, be relentless, stay intentional, and never give up. It’s simple – if you want it to happen, make it happen. Period. You will make time for things you really care about.
3. Focus on continual growth and development
Are you showing up better than you were yesterday? Seriously, is your life better today than yesterday? If not, why not? Create tactical steps for tomorrow to ensure you grow and develop. Ask yourself these 3 questions before starting your day.
- What am I grateful for today?
- What am I committed to making happen today no matter what?
- What am I excited about today?
Most people fail to ask themselves questions that spark their minds, and remind them to maximise each day.
Every day you fail to grow is one less day you have to make your dreams become reality. Once small positive thought can change the outcome of your entire day.
All thriving entrepreneurs know that every year their business must become 365x better than the year before. This is accomplished by focusing on continual growth and development each day.
Just like compound interest, mastering this simple strategy can put you on the fast track to financial freedom. Make growth a part of your daily agenda.
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4. Making money matter
There has never been a better time in the history of our economy to create businesses that matter. My friend Cole Hatter says,
“Don’t wait to get rich to make a difference, but rather make an impact as you get rich.”
Visionary Tony Robbins has preached on this concept. but it has never been as important and powerful as it is today. Historically, money was a taboo subject few dared to debate.
Culturally, the topic of money has recently gone from being the unspeakable subject to a global obsession, and rightfully so. Money is the great equaliser. Having money is a lot more enjoyable and fulfilling, but most importantly it gives you the power of choices.
One in three Americans believe their best chance of becoming wealthy is winning the lottery. Are you kidding me? This flawed mindset comes from the antiquated curriculum traditional education teaches. To truly understand the concept of mastering money, you must self-educate.
“Traditional education will make you a living; self-education will make you a fortune.”
Those that want to thrive know that money is the one thing that has the instant ability to turn their dreams into reality.
- 69 percent of Americans who start working at 25 will be dependent on relatives, friends, or charities at age 65.
- Nearly 36 percent of people age 65 to 69, and 21 percent age 70 to 74, are still working.
- Almost 75 percent of single Social Security recipients aged 65+ depend on Social Security for all or most of their monthly income.
I will tell you becoming one of the few who are economically secure starts with urgency now. You MUST have a sense of urgency to thrive.
Do you think those struggling in their 30s, 40s, and 50s told themselves they were going to struggle? Of course not. If you talked to them when they were younger, they were confident they would have their dream house, dream job, have lots of money, and be enjoying life to the fullest. What happened? They never told themselves NOW matters. They didn’t connect their daily actions with their future goals. Don’t fall into that trap.
Realise that now matters more than any other time, and the “someday isle” mentality is killing so many dreams. I know people who have been in the same company for years, but haven’t advanced.
You often hear people say “I have 20 years of experience, I should get paid more,” but in actuality, that person has one year of experience repeated 20 times. If they’re not sharpening their skills, learning better tools, or constantly trying to better themselves, they aren’t becoming more valuable. Why should they expect more money?
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Age doesn’t guarantee a higher income, value does. Opportunities are only opportunities if you’re taking full advantage of them. Young millionaires always do, and they are consistently reaching for new goals and ambitions.
You MUST have a sense of urgency that most of society doesn’t have if you’re serious about success. There will NEVER be the right time.
Achieving your wildest dreams and thriving at the highest level is not for everyone. You must be relentless and 100 percent committed to the hustle and grind that is required.
You must believe that not only is it possible for you to have your dream but it is necessary. If you are still reading, you have taken the first step to changing your life and making an impact on the world.
This article was originally posted here on Entrepreneur.com.