6 min read
Posted on October 4th, 2022
The employment landscape today looks a lot different than it did quite a few years ago, when people were seemingly content to work for the same company, in the same job, 9-5 every day, year in year out, often until they reached retirement age and could finally start living the life they really wanted.
Nowadays that picture not only feels antiquated, but really quite disheartening.
The age of the entrepreneur
Enter the new age of the entrepreneur, which was accelerated through the pandemic with the realisation that your job and your finances could be taken away at any time.
What was then a bleak economic outcome for many became a beacon of opportunity for those with an entrepreneurial spirit, so much so, that according to National Business Editor of the Age John McDuling, “entrepreneurs are powering the post-Covid economic recovery.”
As an entrepreneur myself, I’m excited to see more and more Gen Z’s, Millennials and even Gen X taking charge of their own futures and actively taking control of their financial lives.
But becoming an entrepreneur doesn’t mean just quitting your job and trying something else. Many successful entrepreneurs use the security of a regular income to fund their entrepreneurial side hustle and give them breathing space to make mistakes along the way.
What it does mean however is adopting a different mindset that is disciplined and laser focused on making your dream of living the life you truly want a reality.
It takes patience, real passion and enough courage and resilience to stay the course and constantly pick yourself up and start again when you fail. And as many hugely successful entrepreneurs will tell you, if you’re not failing in some aspect of your journey, you’re not trying hard enough!
As someone who went from delivering pizzas for $7 an hour to building one of the largest and fastest growing property investment groups, I’d like to share with you the traits and habits I believe have helped me create the life I’ve always wanted.
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1. Read, read (and then read some more)
Warren Buffet has a reputation as a voracious reader, and he credits many of his great money decisions to his practice of reading every single day. He is often said to dedicate 80% of his day to reading, believing as I do, that acquiring knowledge is as powerful as building compound interest.
Whilst I am extremely proud of my business achievements, what has given me the most satisfaction over the years is my own personal development, sharpening my mind and skills. Learning through reading has inspired deep and rich personal growth and great happiness.
Whether it’s business books, autobiographies of people I admire or inspiring stories about overcoming adversity, I make it a habit to always have one or two books on the go at any one time and it’s a staple of my routine to read for at least 30 minutes first thing in the morning and before I go to bed each night.
Reading books is not only an excellent way to stimulate creativity and educate yourself, it also allows you to unwind after a long day and help you fall asleep faster.
And speaking of sleep …
2. Build success in your dreams
Burning the midnight oil can do your entrepreneurial spirit a lot more harm than good. I find that getting a decent night’s sleep improves my productivity, critical thinking and importantly, my health. And I’m certainly in good company in this belief. Jeff Bezos, founder of Amazon and the world’s second richest man credits getting eight hours of sleep every night for his ability to stay energized and excited about his business.
3. Money Management
I’m constantly amazed that even though money plays such an important part in our lives, so many people are amateurs when it comes to really understanding how money works. If you’re serious about taking control of your life, learning everything you can about money management should be an absolute priority.
I would encourage you to become vigilant about every dollar you spend. Starting out does mean making some sacrifices. It’s not about being cheap, more about appreciating that every dollar spent is either taking you closer or further from your goals.
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Financial literacy is not something we’re taught in school, but it is a trait shared by the most successful entrepreneurs. In my 5 Secrets to Wealth webinar, I share with you the exact strategies I used to become one of Australia’s most entrepreneurial property millionaires.
4. Find a mentor.
Great entrepreneurs never stop learning and are humble enough to ask for help. If you can find a mentor, someone who has more experience than you, believes in you and is willing to help, hold onto them, as they could be key to your success.
You can learn from their mistakes, tap into their entrepreneurial mindset and be introduced to their network. I make it a habit to surround myself with people who are more successful and can inspire and motivate me to be better every day. And I know I certainly wouldn’t be enjoying the life I have today without the wisdom and experience of mentors to coach me along my own path to building substantial wealth.
5. Have crystal clear goals – and write them down
While the road to successful entrepreneurship is never a straight line, it’s vital to at least start your journey with a clear vision and focus on where you’re going, and how you want to get there. Start small and gradually grow bigger. Use your overarching goals to set realistic milestones for growth and development.
By placing key actions on a timeline, you’ll improve your focus and accountability, making it much easier to stay on top of what needs to be done.
6. Focus on the Highest Value Tasks
We all have the same number of hours in the day. But the key to taking charge of your life is learning how to use those hours wisely. Don’t fall into the trap of focussing on the minutiae of everyday life and instead concentrate on the activities and tasks that will move you forwards towards your goal.
This could be as simple as ditching the habit of scrolling through social media and spending that time building your knowledge, assessing your finances or revisiting your goals.
7. Make time for rest and relaxation
There’s no point in aggressively pursuing your goals if you’re not well enough to enjoy the fruits of your labour. The point is to enjoy the journey as well as the destination, which is why maintaining optimum health should be a priority.
Burnout is a real threat to entrepreneurs, so it’s important to be very mindful about giving yourself time to relax and decompress. For the past 12 months I have been engaging in meditation, which for me is a conscious effort to spend time with myself, internally relax and seek clarity of thought.
8. Don’t be afraid to fail
Failing is not the same thing as being ‘a failure.’ As CEO of your own life, there is wisdom in the idea that if you aren’t failing sometime, you’re not taking big enough chances. Taking risks going against the herd and thinking beyond the conventional norms all increase the possibility of failure in some area, but on the flip side, they also greatly increase your chances of success.
In my experience, failure is a great teacher and if you don’t let it railroad you off course, it will make success taste that much sweeter.
Ironfish has helped over 12,000 people take control of their financial future and put them in the driving seat to achieve their dreams.
If the idea of building wealth through property investing appeals, I invite you to have a no-obligation, free conversation with one of our entrepreneurial strategists.
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