Connect with us

Entrepreneurs

5 Important Traits To Become A Millionaire From A Wealthy Trader

Published

on

5 Important Traits To Become A Millionaire From A Millionaire Trader

Most people arent millionaires, so if you want to become one, you have to do what most people dont. Few people know this better than Kunal Desai, the founder and CEO of Bulls on Wall Street. He decided to leave the corporate world behind in order to trade full time. He now teaches thousands of students how to trade and build their own wealth.

However, building wealth is about more than just having a good trading strategy. Whats more important is developing solid habits.

Here are five things Kunal teaches all of his students about becoming a millionaire:

1. Establish morning rituals

The first two hours of the day are the most important, and set the tone for the rest of the day. Your morning rituals should define when you get up, what you eat, how you exercise and more. As a trader, I also have a specific list of rituals that help me tune out the noise and focus on the information that’s most important.

Find a time to go to sleep where you wake up naturally each day without an alarm. No phone or computer time either. This is when you can really focus and get your heavy-duty work done. This is the time I think about big pictureprojects and get my creative work done since my energy levels are at their highest. Make sure to write your thoughts down.

“Your first ritual that you do during the day is the highest leveraged ritual, by far, because it has the effect of setting your mind, and setting the context, for the rest of your day.” – Eben Pagan

2. Constantly practice your craft

Mastery requires ten thousand hours of experience. The market is constantly in motion, and you must learn and adapt. There is no replacing screen time.  In trading you have to be able to see all the angles and compute numerous variables in a split second. You must condition your brain through deliberate practice to see all the angles in real time! No matter what business you are in, you always need to be practicing and striving to become the best in the world at what you do. Olympic athletes train for hours every single day to become the best at their sport. How many hours per day do you spend practicing your craft?

Many studies suggest that it takes 10,000 hours of practice to become a master at anything. The faster you reach your 10,000 hours, the faster you will become you can become one of the most successful people in what you do. Spend as many hours as possible each day learning new ways to improve your craft and practice it over and over.

 

3. Stay fit

The relationship between physical health and mental acuity is strong. Eating healthy and exercising regularly will improve your mood, energy level, and decision-making. Many studies show that vigorous exercise can help treat depression as much as taking medication. Most of the successful businessmen I have met over the years and also the best traders are all fit. There are so many things in life you can’t control, but you can control your fitness. Start there and your brain will start to feel some amazing effects from it.

 

4. Find mentors

Self-study is important, but it will only take you so far. A good mentor will not only share his knowledge and experience, but also provide critical feedback from a place of objectivity. With social media it’s so easy to find people with knowledge in any field and just message them! I make a point to call one person a week who I think is successful and has a skill or talent I can learn from. Most elite performers have an elite coach; you should never stop learning if you want to improve.

 

5. Build your perfect day

To get to a million dollars there are dozens of processes and small steps that you take to get there. Thats why your focus needs to be on the process! For me I have my students build out their perfect day.  What are the steps and tasks you can do each day to winthe day. And I know if I can cross off all 10 tasks on my perfect day, I have won that day. And if I can do that each day I will hit my long term goals. Always focus on what you can control. Your attitude and your output. Build out what your perfect day is.

“The future belongs to those who prepare for it today.” – Malcolm X

Which traits do you have to become a millionaire? Please leave your thoughts in the comment section below!
Advertisement
1 Comment

1 Comment

  1. Chris Targett

    Apr 21, 2016 at 7:42 pm

    Nice article, I find the first 2 hours of the day are the most important, I agree it’s when we are most creative.

    I like the idea of calling one person a week who you can learn a new skill from, I will be implementing this immediately. As you said a mentor can give you critical feedback that a family or friend would feel uncomfortable doing.

    Thanks from the UK

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

9 Reasons Why Attending Networking Events is Crucial for Entrepreneurial Success

Published

on

networking tips
Image Credit: Unsplash

No matter how big or small your business is, as an entrepreneur, you must attend as many industry-relevant networking events and conferences as possible. Communicating with other like-minded and motivated people can take your business to the next level and lead to startup success.

Shockingly, 30% of new businesses don’t make it past the first 24 months. By attending networking events and conferences, you can acquire the tools required to ensure your business doesn’t fall into this percentage. Essentially, attending events could save your business. What’s more, most networking events and conferences are free or incredibly low budget.

If you’re still on the fence about attending events, here are 9 of the most notable benefits for your startup:

1. To learn from the best

No entrepreneur, no matter how talented they are, can possibly know everything about everything. Attending networking and conference events is a chance to learn from other entrepreneurs who have been in similar positions and learn from their gains and their loses.

2. To create contacts

In today’s digital world, where most communication happens online, there’s nothing more valuable than face-to-face interaction. Networking events allow for these valuable interactions and to create contacts. The good thing about networking events is that they often allow for speed networking, allowing for multiple interactions in a set period of time. By partaking, you can massively extend your network base.

3. To generate customers

Depending on the type of networking or conference event, and the services you offer, you may find customers. A good way to generate customers at an event is by engaging in discussions about your services and by presenting in front of the crowds.

“Everyone you will ever meet knows something you don’t.” – Bill Nye

4. To learn about the industry

Often, entrepreneurs are too busy growing their business that they forget to see the wider industry and disruption can come as a major surprise. As an entrepreneur, it’s important to be prepared and attending events can shine a light on any industry changes, giving you time to plan and prepare ahead.

5. To find partners

Networking and conference events often have a specific topic and theme. Therefore, the people that attend the event are usually in a similar industry and have much in common. These events are perfect for finding new business partners by finding people that complement the services you offer. It can be useful talking to competitors too as you can potentially work together for an optimised version of a project.

6. To meet investors

The best way to engage the attention of an investor is by speaking directly to them. Face-to-face conversations can build trust and begin the foundation for a future relationship. Investors often attend networking and conference events to get to know the up-and-coming businesses in the industry.

7. To be inspired

Once you start networking with like-minded people it’s easy to find creativity, be inspired and come up with new ways to advance your business. You will come away from the event with new ideas and a new lease of life on your business.

8. To build recognition

Recognition can be one of the biggest obstacles for a start-up. Online marketing may not have the desired outcome if you don’t spread the word effectively. Networking is a great opportunity to meet potential customers and build recognition by engaging on your product or services. Most networking events allow for startups to stand or pitch in front of attendees which is a great opportunity to build recognition around your product or service.

9. Because you’ve got nothing to lose

No matter what industry you’re in, you’re guaranteed to pick up something when attending a networking or conference event. From making valuable connections to finding out what customers think of your product, there are many benefits to events.

“Behind every successful person there are many successful relationships.” – Joe Apfelbaum

From gaining inspiration to learning about the industry, building recognition to generating valuable connections, networking and conference events are crucial for event success. However, turning up to an event is simply not enough. You must put as much effort in as possible by talking to as many people as you can.

When networking, get out of your comfort zone and engage with people of all job levels and all industries. When it comes to business, it’s not about what you know, it’s about who you know.

Once the event has ended, always follow up with your new connections via an email, phone call or LinkedIn message. It’s important to get in touch while you’re fresh in the mind of your connection to lay the foundation of future cooperation. Lastly, always remember events are fun and never take them too seriously.


Continue Reading

Entrepreneurs

6 Creative Ways to Hype Up a New Product on Social Media

Published

on

product launch
Image Credit: Unsplash

It’s the week before the big product launch, and you’ve been asked to help with a big marketing splash. The problem is despite brainstorming for a few weeks and pushing out a few tweets to build the pre-launch buzz, you’re out of ideas. But merely wondering how to help the new product capture the minds of prospects and customers doesn’t really help.

Here are 6 creative things you should consider to generate excitement for your product in the target market:

1. Create a goal

Don’t limit your awareness program to merely “make people aware” of the product. Go beyond the ideal definition and expand it. There has to be a goal that assists you to measure the success of your program.

This goal can be the number of followers you drive to your webpage, or probably the ones who sign up for more updates. Find out what other options work best for you and let them guide you through the awareness campaign. The key is to make it measurable and ensure if your website is any good; it is fully geared to be not much more than a giant lead magnet.

2. Sell smart, not hard

No matter how much effort you put in, if you don’t do it smart, they’ll lead you to failure. Just because you are leveraging social media, doesn’t imply you can aim in the dark and wait for the arrow to hit the target miraculously. Make sure you very well know the problems that you are trying to solve.

Analyze the people affected by those issues and what attracts them. Leverage social media, but target your buyer personas. New products are often a great time to reconnect with existing clients and prospects. A fantastic way to do this is by getting your sales team to share the content and measure the engagements and click-through rate. Once you have the comparative view handy, you can make the most of social platforms.

“Working hard is very important. You are not going to get anywhere without working extremely hard.” – George Lucas

3. Strike a chord

Personalization is the key to hit the sweet spot in the hearts of buyers. Have the sales team personalize the message. Give your employees the chance to explain the value to their networks.

Write high-level social copy for the various vertical markets you serve and then set the team lose in honing the conversation online. Done effectively, the click-through rate can go through the roof!  

4. Build engaging content

Consider buyer personas while drafting the social copy of your content. And take note, we are referring to buyer personas, not a persona. It includes more than one streak of your ideal buyers.

Invest time in understanding the critical aspect of each of them. Make sure you know what your product has to offer to each of them and translate that understanding to explain this value proposition. The better you do at segmenting the message, the more clicks and engagements your content will produce.  

5. Don’t reveal too much

Sometimes, marketers get carried away and unveil too much of the information in the pre-launch phase itself. What is left for the final big reveal? Apparently nothing but the product itself. And mind you, dear friend, curiosity killed the cat because she could not withhold it. Why not leverage this mentality for your product marketing as well?

Build anticipation and create mystery around the product. Drop hints, create hype but make sure you have some excitement reserved for the actual launch. Don’t disclose every significant twist.

“Content builds relationships. Relationships are built on trust. Trust drives revenue.” – Andrew Davis

6. Narrate a story

Compelling narratives are a powerful way to engage people with your product even before it hits the shelves. Let the existing buyers talk about their experience with your current products. Not only will it talk about your offerings, but it’ll also highlight the positive relationship with existing clients. That’s something that can pay dividends when building a bond with the new ones. Additionally, you receive attention from followers of the customers you are showcasing.

Is your product launch is just a few days ahead, and you need to create product hype on social media? Well, it is quite a task to make the pre-launch ripples. But these six creative strategies can help you get the job done effectively. Use these ideas to showcase the hard work your product team has done and ensure a successful product launch.

Which one of the above 6 ways to market a product do you believe is most important and why? Share your thoughts below!

Continue Reading

Entrepreneurs

5 Skills I Learned in the Military That Helped Me Become a Successful Entrepreneur

Published

on

things learned in the military
Image Credit: Unsplash

The moves I’ve made in my career from the military, to the mining industry, to running a multinational business in Latin America, aren’t linear. It’s not every day an ex-Australian military officer finds their niche in Latin American business.

Graduating from Australia’s Royal Military College and Defense Force Academy, I served as a commissioned officer in the Australian Army for nearly 11 years, completing operational tours to Central Asia and the Middle East.

The transition from various Army engineering and infantry roles through to managing a team of legal and financial executives was neither quick nor painless. But, as I entered the company formation process, I found my military service played a significant role in shaping my entrepreneurial fitness. The skills I developed in the Australian Defense Force supported me through several commercial iterations more than once.

Here are some of the key connections I drew between core military values and those I apply to the boardroom environment:

1. Be calculated and decisive

Unsurprisingly, a crucial requisite of military functionality is working quickly and effectively under pressure. This rings especially true for the strategic planners of operations: the commissioned and non-commissioned officers.

My military role made tough demands on me to decide on the best course of action for myself and my team. When deployed overseas, making the wrong decision or not making a decision fast enough could mean failing our mission, and putting people in danger.

In business, it’s vital to understand, analyze and communicate the risks involved in the options laid out before you at various stages. Making offers to clients, moving into a new market, investing large amounts of money into projects. And decisions need to be made based on this analysis before these opportunities pass by.

I can confidently draw on my experiences in service to act fast and capitalize on opportunities as they become available, and make tough decisions in high-pressure situations.

“You cannot make progress without making decisions.” – Jim Rohn

2. Resilience is key

Resilience is fundamental to success in any military career. In training and on operations, one soldier’s spiralling morale could put an entire section in danger. Military personnel are vetted for their adaptability and mental strength from day one, using tried-and-true techniques to push people to their limits.

Having a high level of resilience allows you to cope when things don’t go to plan in business. Investments might not show returns as quickly as hoped, a competitor snatches up an important client, or a difficult situation arises between staff that needs careful management.

I can confidently draw on military-learned techniques to support my own and others’ resilience in the office. Being able to maintain a high level of morale among teams fosters productivity and a willingness to ‘soldier on’ in challenging situations.

3. Leadership and cooperation

People in leadership positions are those that others turn to for advice and support. As a leader, you have to be prepared to make tough decisions that others can’t or won’t. A high-performing team has a courageous, empowering, and communicative leader at its helm.

This is as true in the military as it is in business. Building the right team and driving them to success is both challenging and rewarding – whether the outcome is securing a key logistical foothold to allow aid and other supplies to travel into a war-torn area, or seeing a newly-opened office secure its first major client.

4. Discipline

Not every soldier has an easy time appreciating the ubiquity of drills in their military workplace, nor their role in underpinning the success of a smooth operation. But a lack of discipline is tantamount to putting oneself and others at risk. Ignoring lawful orders, or not applying proper first-aid to a fellow soldier, are a couple of examples of this.

To me, commercial discipline means being professional always, even in stressful or frustrating situations. Maintain integrity in everything you do, and don’t cut corners. Carrying out proper legal and financial procedures means staying compliant under local law, and avoiding complications with authorities.

Staying committed to an objective and refusing to drop standards enables you to build a credible reputation for your business that clients hold in high regard.

“We don’t have to be smarter than the rest, we have to be more disciplined than the rest.” – Warren Buffett

5. Cultural awareness

Finally, but no less importantly, showing respect for cultural customs in business is essential for cultivating strong professional relationships. Being aware of your cultural background, and sensitive to those of others, will help build social connections, and make you more relatable to others.

Foreign militaries operating in troubled parts of the world understand that building trust with local individuals and communities is imperative. Without that trust, moving around becomes difficult and more dangerous. To gain trust, soldiers must show respect for people’s culture and way of life.

The same is true in business. A small hiccup such as not shaking hands, or giving an air-kiss to a new acquaintance here in Latin America could start an entire working relationship off on the wrong foot. Cultural sensitivity shows a willingness to embrace people and their society. Never underestimate the significance people place on this element when evaluating your suitability as a professional partner.

It’s no secret that commercial success requires passion, hard work, and dedication. Don’t be afraid to call upon your own and others’ previous experiences to find solutions to problems or forge ahead with complex projects. For military personnel considering testing out their business acumen, be confident that your years of service to your country have also set you up for success in the world of business.

Continue Reading

Entrepreneurs

3 Scientifically Proven Things Entrepreneurs Should Be Doing to Increase Overall Performance

Published

on

how to increase your performance
Image Credit: Unsplash

Many of us know that becoming an entrepreneur isn’t easy. Most are working very long hours, seven days a week, and are making tremendous sacrifices to ensure their businesses are increasing in all areas. They are actually building empires right?

While this type of mindset is okay for a season, many get stuck in the vicious cycle of working non-stop and not taking care of themselves. We all know working hard definitely has its rewards and benefits, but overworking can lead to many unnecessary and unhealthy developments.

Below are 3 things entrepreneurs should be taking advantage of, in order to develop a proper work-life balance and still stay ahead of the eight ball:

1. Get enough sleep

Many of us have been programmed to think that you have to work hard and long in order to be successful in life. While working hard is very important to becoming successful, recent studies have shown that getting the proper amount of sleep is even more important. Studies have shown that sleep deprivation is one of the main causes of stress and burnout in the lives of many people.

Arianna Huffington is a huge advocate for getting a minimum of eight hours of sleep per day, in order to improve our decision-making, well-being, creativity, and productivity. Those bragging about only getting four to five hours of sleep are actually admitting that they are not functioning or performing at their maximum potential.

Researchers have also shown that when you are getting seven to eight hours of sleep, your brain signals your body to release hormones and compounds that assist in brain memory, maintaining your immune system, and decreasing risks in health conditions. Therefore, getting enough quality sleep is key for a healthy lifestyle.

“There’s practically no element of our lives that’s not improved by getting adequate sleep.” – Arianna Huffington

2. Take vacations

Studies show that there are multiple health benefits of vacationing. A few of them consist of less stress, decreased depression, improved productivity, and improved mental health. Who wouldn’t want to experience that right? The ones who break away from the day-to-day functions of working, to go on vacation usually come back on fire and ready to keep crushing their goals.

Vacationing allows you to really put things into perspective, not only for yourself, but for your business as well. Taking vacations gives you the opportunity to unplug and spend that much needed quality time with yourself and your loved ones.

It also gives you time to relax, reflect, and recharge. In doing so, research shows that you come back refreshed and ready to function at peak performance. You also get to have fun, visit really cool places and check off destinations on your bucket list.

3. Take breaks

No matter how much you love your work, you can’t continue to be a driving force while running on empty. CEO Chris Cavallini, of the multi million dollar company Nutrition Solutions, believes in this principal one hundred percent and stands firm on the idea that taking a 60 second break every hour will reboot, recharge, and refocus your mind, body and spirit.

It makes the team more efficient and productive, says Chris. Many times a quick mental or physical shift is all you need, to come back to work with more creativity and more energy for your next breakthrough.

“Almost everything will work again if you unplug it for a few minutes…including you.” – Anne Lamott

Recent studies have shown that those who experience constant stimulation of the same thing, is registered by our brains as unimportant, to the point that our brain erases it from our awareness.

They also show that taking a two-minute break can increase productivity by as much as 11.15%. Since entrepreneurs are constantly on the go, several short breaks through out the day should definitely be included due to all of the amazing benefits they provide.

Some of the things you could do on your breaks that will increase performance and productivity include, standing and stretching, resting your eyes, quick exercises like jumping jacks, push ups, sit ups, or pull ups and even checking your social media.

The next time you feel like you don’t have time to take a break, think about all the benefits you’ll miss out on by not taking one.

Continue Reading

Trending