In this new age of millennial entrepreneurs, more and more people are saying no to traditional working environments, and hello to founding new and innovative start-ups. Over the past couple of years, I’ve had the pleasure of meeting with, and talking with, serval successful millennial entrepreneurs. Many of which have found success with their start-up ventures and become millionaires. Among all these people I’ve noticed the same 5 habits and traits that you should definitely be adopting if you’re striving for business, and personal success.
1). They Always See Opportunity
The first habit of all millennial millionaires is their ability to always seek out opportunity where others don’t see it. When presented with a challenge they find a way to overcome it. They also recognise when they need to seek advice and when they just need to follow their gut.
Having an ability to create opportunities is critical for many business owners, be being able to re-think innovative ideas and create large scale start-ups is what sets them apart from everyone else. Understanding that anything can disrupt the marketplace is a key thought process for all millennials.
When Elon Musk set out to build a revolutionary electric car he had no real experience in running a car manufacturer. Critics said he would likely fail like many others did. The last successful car manufacturer was founded in 1925 by Walter Chrysler. Can you guess the car manufacturer? Elon did what others didn’t dare to do, and since founding Tesla in 2003, has taken the stock value from $17 at its initial public offering, to $208.71 as I write this post. Not only has Elon managed to succeed, but he’s done it whilst making a difference to the environment along the way.
Although this may not be the best example it proves that anyone can break into the market place with passion and determination.
2). They Embrace Collaboration
The second habit is that they always embrace collaboration. They recognise that Rome wasn’t built in a day, let alone by one person. They also recognise the areas in which they are weakest and aim to collaborate with others who have strengths in the areas they don’t.
Through collaboration two great minds are able to come together to create something truly remarkable. They’re able to identify the areas that need work and seek out other individuals who are able to help grow and scale the business where they can’t.
It’s also worth pointing out that they generally collaborate with others that share the same goals and vision as them. When collaborating it’s key that both of your values are in line with one another. Although it can help that both parties have different ideas and opinions, when it comes to the major decisions you need to both feel you can agree on the next steps for the businesses growth and development.
3). They Focus on Their Strengths
One of the biggest habits among millennial millionaires is their ability to only focus on their strengths. Anything they’re not good at is outsourced to someone who can easily preform the tasks they struggle with. They disregard the age old teachings of focusing on their weaknesses, and instead focus on their strengths. They recognise its far easier to go from good to expert, than it is to even go from mediocre to average.
A large contributing factor to their success is the team they build around themselves. All with their own strengths and weaknesses that almost play off one another. It’s important to incentivise your team or employees with performance based bonuses, or something similar. This often works far better than an average or even a good salary.
It’s also worth pointing out that all the millennial millionaires I have met have all been the guys leading the team and not a member of it. I’ve yet to meet a millennial millionaire who works solely as an employee and not the lead guy in charge.
4). They Stay Consistent
Another contributing factor is their ability to always stay consistent. They normally have a set routine for the day that rarely changes, and can spend hours at a time focused on one thing until they master it, or in the event of a test, until they finally get it done. This is a very common trait among all successful people, especially the ones that know what they need to achieve and how to do it.
Often they plan their day in advance and insure they stay on track with what needs doing. Few distractions effect their day, or flow throughout the day, and rarely do they attend meetings they feel they can get no value from.
Outside of work they are also very consistent in their morning routines, meal times, workout times and bed times. I personally time block my entire day in my calendar to insure I have no free time to waste, and to insure I stay on track with what needs doing.
5). They Invest in Themselves
Finally, above all else, millennial millionaires are always investing in themselves and their own personal development. Weather it networking events or courses, they constantly seek to expand their knowledge in the areas relevant to them, and associate with likeminded people.
Largely a lot of their personal development is focused around mind-set and belief that anything is possible. They frequently map and plan their goals and how to achieve them.
I’m a big believer of the quote:
“Success is something you attract by the person you become” – Jim Rohn
Successful millennial millionaires embrace this philosophy and ensure they are becoming the best possible version of themselves they can become.