Do you have what it takes to be a successful investor? There’s no shortage of guides attempting to define those key characteristics and behaviors that separate successful investors – those who build the financial future of their dreams – from those who never quite get there. Investing is a kind of entrepreneurship, and the key qualities of a successful entrepreneur in any field dovetail nicely with Jason Hartman’s 10 Commandments for Investors to define what’s most important for running your own venture.
Willingness to Be Open and Curious
Entrepreneurs of any kind are interested in new opportunities and new avenues to explore. The familiar and tried and true don’t interest them. Curiosity drives them to see if they can do more, break new ground, or experience a new situation. The “what-if” question is the most important: what would happen if I . . .
Willingness to Take Risks
A willingness to take risks – in some measure – is important to entrepreneurial success. That doesn’t mean behaving irresponsibly, but it does mean being able to accept the uncertainty of the outcome. Real estate investing involves some risks, but using “other peoole’s money” in the form of mortgages and refinancing, as Jason advise, minimizes that risk in a way that other kinds of investments don’t do.
Willingness to Learn
If you’re content to stick with what you know, entrepreneurship may not be for you. Venturing into the unknown means finding out what you don’t know as well as what you do know – and figuring out what you have to do to get the knowledge you need. One of Jason’s first commandments tells investors to get educated – learn about investing, your market, and any other skills you may need.
Willingness to Listen
A key part of all this is listening – talking with experts in relevant fields and hearing what they have to say. As Jason points out, finding good advisers and following their recommendations can prevent ill-advised risks and give new investors some expert support for a shorter learning curve than going it alone.
Willingness to Take Control
Although it may be tempting to leave your investments – or your new business – in the hands of advisers, brokers or other experts, that puts a new investor at the mercy of others. A major reason for learning and listening is to be able to evaluate advice and make successful investing decisions – and to dump incompetent or unethical financial experts or other professionals if they aren’t getting the job done.
There’s no one-size fits all profile of a successful entrepreneur in any field, and the true key to success is having the desire and the discipline to make an endeavor work. But to build wealth through income property, a willingness to follow Jason Hartman’s recommendations is a good first step. (Top image: Flickr/gorogen)
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