3 Key Distinctions in the Behavior of Wealthy Business Owners
When it comes to successful entrepreneurs, much emphasis is placed on analyzing their personality traits. Some exude extroversion, while others are introverts. Some lean politically to the right, while others lean to the left. Some display flashy lifestyles, while others adopt a more frugal approach.
The diversity among entrepreneurs can lead to the assumption that there are no common personality traits shared by successful founders. Instead of focusing on who they are, let’s shift our attention to what they do.
Having had the privilege of assisting numerous businesses in enhancing their value, some of which have achieved remarkable financial success through seven, eight, or even nine-figure exits, we possess a unique perspective on the actions of highly prosperous owners. This vantage point has enabled us to identify three distinctive behaviors that set them apart:
They immerse themselves in business literature.
Our most successful clients exhibit an insatiable appetite for consuming business-related content. When a new business book becomes a bestseller, most of them have either read it in its entirety or grasped the essence of its central ideas through summaries.
The format of the content is less significant to these accomplished founders. Many absorb information through traditional print books, while others prefer audiobooks, webinars, podcasts, or even YouTube videos. What remains consistent is their commitment to continuous learning and their eagerness to glean insights from other astute minds and apply them within their own companies.
They engage in mastermind groups.
In the absence of a formal board of directors or a superior figure, successful entrepreneurs often seek support from peer networks to hold themselves accountable and gain external perspectives when facing challenges.
Popularized by Napoleon Hill in his renowned book “Think & Grow Rich,” mastermind groups bring together a small circle of peers who serve as each other’s sounding boards. These groups, often facilitated by a chairperson, serve as a lifeline for business owners as they navigate crucial decisions, both in their professional and personal lives.
They are inquisitive and ask probing questions.
A defining characteristic of accomplished entrepreneurs is their inherent curiosity. They possess an unquenchable thirst for knowledge and are perpetually driven to learn more. Regardless of their level of success, they never reach a point where they consider themselves knowledgeable enough.
You might be surprised not to see the stereotypical traits commonly associated with successful entrepreneurs, such as action orientation, competitiveness, and tenacity. While many founders do possess these traits, our focus lies on their actions rather than their inherent characteristics.
Actions are the true measure of an individual. By examining the behaviors adopted by founders to sharpen their skills and deepen their understanding, you will uncover a consistent pattern shared by the most accomplished entrepreneurs you encounter.
Ultimately, it is through their dedication to continuous learning, collaboration with peers, and relentless pursuit of knowledge that these successful business owners set themselves apart and pave the way for their remarkable achievements.
Contact Investment Business Brokers to learn more about how to become a successful business owner.