Habits of Successful Entrepreneurs

Habit #5: Create Assets That Create Income

Working to earn money is easy. Limiting yourself to what you earn from your job will not improve your income or guarantee you financial freedom. what you need to do then is to create assets that will work for you. Assets that can generate income like investment portfolios, business or investing in real estate. if you still have your regular day time job your focus should be on creating these kinds of assets and not just working to earn a salary.

Creating income generating assets give you the freedom from the rat race. You may still choose to work but you won't have to because you have created assets that give you regular cash flow. Don’t think about working to earn a paycheck. Think about working to create investment portfolios, cash-generating businesses, and cash-flowing

properties.

 Habit #6: Don’t Quit Your Day Job—Yet

Don't quit your day time job yet - because it can take time to build a business that gives you enough cash to live on. Also you will need money for your daily expenses and this can be sorted by your monthly paycheck while you wait for your business to break even.

Another reason to keep your day-time job is that it removes financial pressure. This gives room for you to grow your business at a monitored pace without taking unnecessary risks.

Habit #7: Be Okay With Not Getting a Paycheck

Get comfortable with not having a paycheck in the early days of starting your business. It can be tempting for you to spend the surplus after your employees and suppliers have been paid, it is better to reinvest the profits back to the business.

You can reward yourself for the hard work by taking yourself on a dinner date or a short vacation, but dont make it a habit. Don't starve your business to live a lavish lifestyle. If you go without paying yourself in the first few years of starting your business later in the future you will reap its benefits.

Habit #8: Delegate to Free Yourself

As a budding entrepreneur, it is advisable you learn to delegate task. When you delegate tasks, you let go of those tasks and free yourself to take on others. The new tasks should be higher-value ones involving policy, planning, or strategy. 

Entrepreneurs have to get past the notion that nobody can do the job as well as they can, or they will never be free to really grow the business. Delegating involves trusting others to do work—if not as well as you—then at least well enough. It involves giving others a chance to grow. Entrepreneurs

who won’t delegate—and this probably includes most—will never be more than average. Those who can delegate give themselves and their businesses a chance to grow into something extraordinary.

Source: Rich Dad Coaching