Some of the most admired people in the world are successful entrepreneurs. An entrepreneur is a person who takes the initiative to organize a business venture so as to exploit an opportunity and make a profit in their environment. He or she is a decision-maker who creates a good or a service and determines how much of it will be produced and how it will be distributed. The entrepreneur finds the capital for the venture and also monitors the business activities that they are engaging in.
They can be a sole proprietor, majority share holder or a controlling partner in the business. Entrepreneurs perform the activity of entrepreneurship. This is the activity of being willing to take a risk, develop, manage and organize a business in a marketplace that is global, competitive and constantly evolving. Examples of successful entrepreneurs are Oprah Winfrey, Sir Richard Branson and Bill Gates. To become successful, there are activities that entrepreneurs perform and others that they avoid, here are 15 of those that they avoid.
They don't conclude that talent and high intelligence are enough to make them successful
It is great to have high intelligence, obvious talent and an education from a great university or college. However, these qualities are not enough to give you success at your job or your business. They are worthless if not combined with pure hard work. Successful entrepreneurs work very hard during the nights and even on weekends to attain their goals.
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They do not live unhealthy lifestyles
Majority of people engage in a lot of partying, drinking and smoking during their 20s. They also eat an unhealthy diet. Over the years, these activities accumulate and result in low performance in other fields of life such as academics and idea generation. Therefore, successful entrepreneurs don't do too much of these activities. They spend most of their time educating themselves and growing their businesses.
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They don't stop learning
It is great to have a degree from an elite college or university. It indicates that you are educated. However, if you don't keep learning new stuff, it ceases to be helpful. Majority of people don't bother learning anything new after their degree course. Successful entrepreneurs do not do this. They keep studying and learning new things for their own benefit.
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They don't spend all their money
A survey was conducted in 2014 by Bankrate and it found that 69% of youth aged between 18 and 29 do not have any savings for retirement. This is because they observe their retirement to be very far off in the future. Successful entrepreneurs do not have this destructive mentality. They simply enroll in a 401(k) program early enough or invest in an IRA account to save for their retirement.
They don't stay in one place
While in their 20s, majority of people rarely venture out of their hometowns, cities or countries. They spend time there creating connections to help them get jobs or build their careers. This results in a low quality of life and general dissatisfaction. Successful entrepreneurs do not do this. They understand that they are immature enough to learn something new from other people and mature enough to travel on their own. They take the opportunity and see as much of the world as they can.
They don't think money and happiness are equal
In their 20s, people have the choice to pursue a paycheck or their passion. Majority of them choose the former instead of the latter. At this age, it looks easy and secure. Moreover, the money seems like a large amount since one does not have many responsibilities. Also, pursuing one's passion looks like a lot of hard work and frustration. Successful people don't take the easy path. They pursue their passion and work until they achieve financial freedom.
They don't give up when things get really tough
Some of the challenging things that can happen to us in our 20s include breaking up after a serious relationship, losing your business or getting fired from your job. Many people despair and seek lower targets from there on. Some even give up and stop trying. Successful entrepreneurs do not give up. They see these setbacks as set-ups for better times and they work even harder to achieve what they desire.
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They are not rigid
It is advisable to make career goals when in your 20s. They are motivating and keep one focused. However, it is not ideal to get fixated on a five year plan when you are at this age. It prevents you from keeping your eyes open for new opportunities. Majority of people do this and end up in lives that do not make them happy. Successful entrepreneurs are wary and do not do this. They stay flexible and exploit new opportunities all around them. This leads to an enjoyable life.
They do not let other people define them
When we are in our twenties, we are just taking the first steps in our careers. Many people are unsure of which path they want to pursue in life. Thus, they let their parents, friends or guardians choose a path for them. This is a mistake that successful entrepreneurs don't do. They do not let anyone else's opinion influence them personally. They understand that their success has everything to do with how they perceive themselves because this determines how society will perceive them.
They are not impatient
Many young people in their 20s normally feel as though they need to achieve their ambitions as soon as they can. This type of mindset normally induces anxiety. As a result, stress sets in and causes negative health. Successful entrepreneurs do not get impatient. They learn how to practice delayed gratification. This allows them to achieve one thing at a time in their story of success.
They are not people-pleasers
In their 20s, people are normally simply starting out in their careers. During this time, they get to interact with bosses, co-workers and clients. During this interaction, they realize that some of them are not friendly. They could even be bullies. When faced with this, many people get crushed and live in fear. Successful entrepreneurs do not do this. They accept not to be liked and simply move forward.
They don't ignore their debt
Three quarters of all college students graduate with student loan debt that totals more than $30,000. Many of them ignore the debt or pay it back so slowly that it haunts them deep into their forties. Successful entrepreneurs do not do this. They have a plan on how to pay back their debt immediately after leaving college. Thus, they are debt free by age 30.
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They don't try to hold on to all their college friends
Majority of people in their 20s are in college. They assume that their college friends will be with them for life. As a matter of fact, some will and most won't. This is a harsh reality that 20-something year olds do not want to believe. Successful entrepreneurs don't deceive themselves this way. They know which people to hold on to and which ones to let go.
They don't conclude that moving to a new place is necessary for a transformation in their life
It is enriching to move to a new place in your 20s. You learn new things and interact with new cultures. However, it is not necessary to move to a new place so as to transform your life or find a new direction. Successful entrepreneurs do not do this in their 20s. They understand that you can transform yourself wherever you are and enjoy a better quality of life without moving to a new location.
They don't waste time
Many people in their 20s waste time by performing too much leisure or or working on pointless activities. They are unable to plan out their days so as to maximize productivity and results. As such, they achieve less and find it harder to adjust once they are in their 30s. Successful entrepreneurs don't waste time.They have deadlines to help them accomplish all their goals in time. Moreover, they don't multitask.
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The Important Take Away
There are many activities that successful entrepreneurs don't do in their 20s. Avoiding them allows for learning and growth to take place for success later in life. The things that they avoid and the ones that they do are the foundation for an extremely prosperous future. Learn the ones that they don't do and avoid them too to become a successful entrepreneur.