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  • Derick Ho

5 Key Traits You Need To Be A Successful Entrepreneur


When you’re running a business, it can feel as if there are a thousand tasks at any given moment.


You’re trying to grow revenue, but you’re stuck in the whirlwind of endless unforeseen issues and some may even spoil your plans in achieving.


There’s so much storm, but you end up realizing that you are at the same spot a year later.


Can you relate to this?


I don't really talk much about soft-skills but all these years that I've personally coached people, even though they had the concepts, skills, and strategies to apply in their own online business, there is always a minority few of them who didn't make it.


Truth to be told, some of them have great knowledge and understanding in the e-commerce field, but they failed to deal with the pressure and eventually returned back to the regular 8 to 5 working lifestyle.


A lot of these lies in the personal traits of people.


With so many "obstacles" and require making difficult decisions, it’s easy for us to get overwhelmed in the process.


That’s why developing a success-oriented mindset is critical for your success in the long term.


Over these years, I have concluded that there are 5 types of traits that are necessary for any type of entrepreneurs in order to succeed.



#1 Be Positive In Every Adversity


You aren't going to get a lot of support from your friends and families if you are going to start a business, much less than an online business.


You might hear them making comments like:

  • “Don't be stupid! Your chances are slim!”

  • “Why put your energy into something that doesn’t guarantee your success?”

  • “This is a scam. Why don’t you just stick to your day job instead?”

  • "Your day job gives you financial security!"

No, I don't blame them. Because starting a business is something that your typical schools never taught you to. Look back at your elementary and secondary schools, which is to go to college, graduate, and work a job until you retire. Sounds familiar right?


The best way to react to negative comments is to simply remain positive.


I'm not going to dwell too much on the reasons behind these. If they tell you that it is impossible, always remember that it is impossible for them, not for you.


If they tell you that it is impossible, always remember that it is impossible for them, not for you.

Don’t entertain negative energy, and understand that people’s opinions about your goals have nothing to do with you.


What truly matters is how you think about your own goals.



#2 Embracing Failure and Stand Up Again.


A lot of new entrepreneurs expect their online business to be an overnight success.


They see this as a "magic money machine" where if you put $1 in, then you’ll get $10,000 back.


When it comes to running a business, it's inevitable that you need to learn the ropes of your industry. You need to learn how to:

  • Find or create a great product

  • Put that product in front of the right people

  • Give them a great reason to buy

You will realize that every kind of business will need to utilize these 3 things above. But to achieve this, you need to learn new skills. Skills like marketing, building a website, and learning to work with the correct suppliers.


These skills take time to develop. And you can’t just master it overnight by simply reading a book or taking a course.


And that is why I always emphasize, keep on taking action. The more you do, the better your skills are. In fact, this is the fastest way to success.


The more you fail, the more you learn from your mistakes, which brings you closer towards your goal.


Each time you encounter an obstacle, don’t give up.


Take a step back. Analyze where you went wrong. Learn from your mistakes. And embrace the learning curve.


Everybody has a different learning curve. Some may experience success early in their journey. For others, it may take up to a year or two.


And no, I'm not here to burst your optimistic bubble. It’s to give you a reality check and remove the facade the internet paints about how easy it is to earn an income online.


This shouldn't be meant to demoralize you, but rather to better well prepare you to take on the process and whatever challenge comes your way.



#3 Taking Action


Sure, knowledge is great. In fact, having great knowledge is one step closer to success. But it’s no replacement for taking action.


I like to compare this to cooking for a better understanding.


If a cook said to you “Hey, I have these 5 books written by top master chefs. If you read all of them, you’ll become as good as Gordan Ramsay too!”


You’d probably think that is a big joke, right?

Sure, a cookbook may help. But at some point, you’ll need to get in the kitchen and start cooking. You still have to cook, make mistakes, make some adjustments, and gain experience.


And eventually, through perseverance and learning from mistakes, you learn how to cook the perfect dish.


So, if you think that reading a few books could make you be Gordan Ramsay is a big joke...


Why would you think that buying and following an online course could earn you millions online?


The real progress starts by entering the kitchen. So, no matter what, never stop moving forward.



#4 Having The Heart of Steel To Push Through Tough Times


This is a critical one.


No matter what kind of goals you would like to achieve, having grit plays an integral part of the entire process.


You see, throughout the entrepreneurial journey, your mental strength will be put to test.


Trust me, I had to make extremely hard decisions in order to have the best interests for my business.


But what separates successful entrepreneurs from those who fail is their ability to use grit.


Grit is when you have hope and stay positive, even if you fail.


You do not blame others for your mistakes. And you do not think people who are successful are simply “lucky.”


You must have the belief that, if you get up and try again, you’ll be one step closer to success.


And that is what separates the top 1% income earners from the 99%.



#5 Do Less


This point is where things get interesting.


No, don't get me wrong. I'm not telling you to be lazy and loafing around.


Many people got confused by this point. Allow me to explain.


The problem here is this people confuse success by equating it to hustling. They believe that being successful in your business comes by hustling hard, putting in all of your 101% effort and man-hours.


One thing people do not realize is every person has a limited amount of energy and time.


You only have 24 hours a day, and there is only so much a person can do.


One clear example was back then when I wanted to cut costs (the main reason for many people doing a one-man show).


I was working 10x harder, but my profits weren’t growing 10x bigger. The only thing that was 10x was my stress and anxiety.


I would get a winning product, and then I would do everything possible to scale it. I would expand it by creating upsells, multiple ads, multiple email campaigns, and I would expand it to multiple countries, trying to milk out as much as I can.


The winning product would eventually burn out.


It wasn’t until I started doing some serious thinking time that I realized I could make more money doing less.


And so, I started hiring marketers and start forming up my own teams, and eventually, I expand to other areas of businesses.


Nowadays, I had fewer things to manage. My team created way more winning products and also worked on other areas of businesses. From then, that was almost the last time I ever faced burnouts.


The key point here is speed.


I ended up making way more money by doing less. Not only that, but I also get things done at a faster speed with the help of my team so that we could move on to other things on hand.


I streamlined it in a way that each of my team members is purely in-charge of a specific task.



Conclusion


Anybody who wants to do business must have the heart of steel in them. If not, they would eventually find themselves going back to the regular 8 to 5 working lifestyle.


Be ruthless when it comes to saying no. Accomplishing anything great means sacrificing certain things that are necessary for the greater good.


Your mindset is everything—especially when it comes to building an online business.


Established 2012 by Derick Ho. All rights reserved ®