Why does wealth fall into the arms of some?.. traits that only successful people possess

One of the biggest mistakes entrepreneurs make is not believing in themselves.

I've seen this time and time again in the field, where self-doubt creeps in, and entrepreneurs make decisions out of fear rather than confidence.

Typically, when this happens, entrepreneurs may decide to conserve the capital, rather than explore ways to proactively use the capital.

Or they may try to do everything themselves, rather than mustering the resources that can perform the tasks more efficiently.

This mindset also arises with entrepreneurs who need capital to expand but choose instead to sit on the sidelines.

With any of these scenarios, the entrepreneur could lose ground to more aggressive competitors and take a calculated risk, and this could easily lead to his business withering and dying.

The last scenario I want to touch on is the would-be entrepreneur who never started his business.

These individuals are near and dear to my heart.

You may have encountered thousands of them during my five decades as an entrepreneur.

Usually, they lack the belief in themselves to take the first steps to gather information, develop a business plan, and seek capital.

They procrastinate, hoping that one day the money will fall into their arms, but it often won't.

Peter Burns published an article on the American Entrepreneur website, an article in which he talks about how self-confidence in entrepreneurship leads to certain successes, and that confidence and risk go hand in hand in your journey of success as an entrepreneur.

He goes on to point out that there are important questions that indicate whether or not you have what it takes to believe in yourself and take risks.

And if a person answers “yes” to these questions listed below, they must bet on themselves and seize the opportunity.

Do you have experience in the field?

Experience is invaluable for an entrepreneur.

I have a friend whose father was a newspaper publisher.

My friend did everything from selling newspapers on a street corner as a kid to writing articles as a teenager.

And when it came time to start his own business 25 years ago, he started a newsletter.

His experience in journalism was useful and the reason for his success.

Do you have the nerve to take some setbacks?

You will make mistakes.

All entrepreneurs do and it is inevitable.

My friend started his first subscription-based newsletter in the early 1990s.

Then he failed, but he did not give up the idea.

Instead, he took a full-time job with a newsletter publisher to learn how to correct the mistakes he made on the first try.

After 10 years, it was ready again.

In the end, he created a company that many journalists liked.

Are you willing to delegate to others?

It's hard to watch the money go out the door.

Alternatively, some entrepreneurs may be tempted to manage every aspect of the business, including technology.

My friend knew what he did well, and what he did not do well.

He has identified a team that can free his mind from the challenges of technology and allow him to do his best, which is to be a publisher.

He also realized the value of subscription services, which can get hundreds of bookstores to sign up for a small commission.

Are you going to put extra effort into your customers or clients?

Seddiqi was loyal to his early clients, and as his business grew, he remained loyal to those who brought in the most revenue.

It also gave them other perks, such as free copies.

Do more with your best customers, and it will pay off when it comes to their loyalty and bringing in other customers.

Are you willing to bet on yourself?

My friend knew what he had and was willing to put his own financial security on the line.

In the early years, he built his credit score.

Then when he needed the capital he did not hesitate.

He took low-interest credit card checks and invested in his business.

Of course, credit card debt is not for everyone.

And if you can get cheap money from a bank, go for it.

But if you can't, believe in yourself and do whatever it takes to succeed as an entrepreneur.

These qualities will not guarantee success.

But if you eventually own it or adopt it, your chances will be greatly enhanced.

As Henry David Thoreau said, “If one proceeds confidently in the direction of his dreams, and endeavors to live the life he has imagined, he will encounter unexpected success in ordinary hours.”