The economy is a like a slithering serpent, it coils up at any disturbance, strikes out at any threat slithers straight onward at the sight of prey. The economy of most nations is trembling and even nations like the United States are not left out.
A large portion of the Presidential debates between Trump and Clinton have centered about how to get the nation out of the crisis that it has been grappling with since 2008. The candidates economic plans mean different things for Americans, but does it affect the time tested principles of successful entrepreneurship and investment?
What makes you a successful entrepreneur or investor is not the techniques you follow but the character you are able to build. Although the economy, knowledge and expertise are part of the equation, what forms the bulk of your success are your traits.
Here are a few reasons these people still succeed in spite of the economy, reasons you can too.
1. They Are Hungry For Information
Successful business people and investors keep up to date with information all the time. They follow news relating to the industry, study trends and read books. This is because they know that nothing stays constant, they build their financial literacy and economic literacy.
There is information available at every stage of the economy, bad business people and investors take wrong steps because they have no idea. Getting regular market news is primary to success, for instance resources like iforex news, CNN money, Kiplinger and Bloomberg provide accurate news and valuable information for investors in foreign exchange, property and real estate, businesses and even stocks. Such resources are also relatively inexpensive to leverage.
2. They Are Never Afraid To Take Risks
Investing as well as business is all about taking risks. While average people like to play it safe, successful ones are not afraid to take risks. They know that their success is tied to the number of risks they take, so with every risk they take such people set up a risk management system to help lessen any possible negative impact the risk may have on their investment.
Having proper knowledge of the economy will not stop risk taking, it will just tell where not to take risks.
3. They Do Not Go With The Crowd
Herd mentality is what is hurting a lot of businesses and investors. They buy when the prices are low and sell when the prices are high. However successful ones do the complete opposite. They know that when the crowd is after some investment, it is oftentimes a sign of great losses.
Successful people are more self-reliant. They depend on thorough research and follow their gut even if it looks like all the odds are against them. Ironically that is always the time they perform the best.
4. They Exercise Patience
It takes time for every business and investment to yield returns and the successful are aware of this. As a result they execute business decisions and make investments expecting returns in a future. They neither rush nor feel anxious when they don’t make any instant gains, they exercise patience.
5. They Are Not Afraid To Admit And Learn From Their Mistakes
Successful investors are not people who don’t make mistakes. On the contrary, they make a lot of mistakes. But they don’t only make mistakes, they learn from them too. Mistakes are part of the process to become a successful investor because behind each mistake is a valuable lesson that will be of benefit to them in the future.
6. They Exercise Discipline And Self-Restraint
It’s one thing to have a clear strategy laid out and it’s another to stay consistent against all odds. Successful investors don’t allow the events or information surrounding the market or the next best thing to influence their investment decisions. They do not under any circumstance compromise the rules they set for themselves.
So they know when not to invest and don’t get pressured into it. While average small time investors panic at the slightest distress, highly successful investors wait for the right time.
7. They Do Not Allow Emotions To Get In The Way
Emotional decisions are bad for business. Successful people are led by plans, strategies and careful research and study. They also don’t allow fear of the economy or of making a bold move or greed for more money get in the way of their better judgment.
As a result successful business people are not disturbed or anxious if they’re making losses. Their investment decision depends on their ability to calmly make the right investment decisions.
8. They Are Focused
Successful business investors identify their strengths and leverage on them. Unlike average investors who look for the next viable investment, successful investors prefer to focus on the investment they know more about.
This does not mean that they are afraid to try new things. It is just more realistic to focus on an investment they know more about while learning about others. Having a reasonably firm grasp before venturing isn’t fear, its caution…they are different
9. They Have An Exit Strategy
Successful entrepreneurs have developed a contingency plan to accommodate the possibility of incurring a loss. This plan is called an exit strategy and exit strategies are very important. This helps to keep them prepared and safeguard their business.
If by any chance they make loses from one investment, the exit strategy will act as a cushion or bail-out from loss.
Author Bio: Chidike Samuelson is a Lawyer, an Entrepreneur, a Freelance Writer an Author and an expert in Leadership and Relationships of all kinds. As a Consultant, he has helped countless small businesses get through the startup phase and to thrive through difficulties. He is The Manager at Mystartupceo