7 Must-Have Habits Of Millionaires & Successful Entrepreneurs

Habits of Millionaires

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What if I told you that there are certain traits and characteristics that nearly all of the most successful millionaires and entrepreneurs have?

Would you be willing to adopt some of them?

I sat down with our Lead Transformation Coach, Jeremy Bellotti, to discuss the patterns in behavior that he sees in all of the most successful people in the world. The best thing about these habits is that ANYONE, with a bit of work and willpower, can adopt them at any point in their lives.

This is what he had to say about the seven most important habits of millionaires and successful entrepreneurs.

1.) Consistently And Intentionally Raising Self-Awareness

The first place to start is to become more self-aware and intentional with your actions. What I mean by that is that you need to take some time to understand how you operate and how the environment around you is affecting you.

Once you’ve done your self-analysis, commit to mastery by focusing on the areas of life that matter the most to you.

My favorite way to make this a concrete habit is by reading and learning every single day. I typically start off every morning with reading, and I aim to read around a book per week. When I’m not reading, I’m listening to podcasts or audiobooks or taking a course.

Even if I’m at the gym, I use that time to work on myself and grow. Instead of talking with people or listening to music, I put on a podcast that focuses on a topic I’m working on at that time. 

A few books I recommend to get you started on building wealth are…

Aside from reading, you should also be meeting for an hour a week with individuals you look up to or have your best interests at heart. The way that I break this down is…

  • ⅓ of the people should be people that you look up to

  • ⅓ of the people are people who have the same struggles as you

  • ⅓ of the people are people you’re able to mentor

If you build that type of environment around yourself, you’ll have no choice but to grow.

2.) Optimizing Stress And Recovery

Habits of Millionaires

Too many people shy away from stress because they think it’s a bad thing.

But they couldn’t be more wrong. Think about it like this.

Weightlifters who are lifting for growth don’t go into the gym and pick up the lightest weight available to them. No, they pick up the weight that’s just a little bit heavier than the last time they did that exercise. For a short duration on a consistent basis, they’re actually tearing down their muscle tissue to break it down and build it back up into something bigger and better than it was before.

However, they don’t hit those same muscles every day because they would burn out or hurt themselves.

It’s the same thing in your life.

If you’re looking to grow and develop, you have to add in a certain amount of stress to your life or you’ll always remain at the same level that you were at the previous day. But just like weightlifters, you have to optimize the stress in a way that’s useful.

Everyone has a threshold for how much they can push themselves. For some people, it’s three weeks of intense growth. For others, it’s every three months. In my experience, I recommend that people have a period of recovery at least every 90 days to refresh themselves both physically and emotionally.

If you don’t set aside that recovery block, you’ll just end up working at 50% efficiency, which doesn’t do anyone any good.

3.) Deliberately Practicing The Art Of Being Decisive And Resourceful

The core of being an entrepreneur is the ability to make good decisions fast and pivoting when things don’t go the way you planned. I’ve seen too many entrepreneurs suffer from analysis paralysis, which is that feeling you get when you’re so overwhelmed by the decisions in front of you that you end up not making any decisions at all.

They’re scared of making mistakes.

What they don’t realize is that every person in the world makes mistakes, and it’s actually the only way to learn and improve.

So, to avoid that analysis paralysis, you can use what I call the “Go Go Go Protocol”. When the next tough decision in your life comes up, just count down 3,2,1 and go. Resourcefulness will come as a result of the decision that you make.

As you grow your self-awareness, you’ll learn how to make faster and faster decisions.

4.) Inspiring Action And Influencing Others

Habits of Millionaires

When someone talks about influencers, what do you think of first?

In my experience, I’ve noticed that a lot of people think of influence as influencing opinion or thinking. However, to be a leader and a true influencer, you have to be able to inspire action and engagement. There are a few different steps I recommend taking if you want to be someone who inspires action…

  • Never insult anyone’s intelligence - You have to recognize that everyone comes into situations with a lot of previous knowledge and life experience.

  • Acknowledgement - Do your best to make people aware that you see them and appreciate them for what they do.

  • Engage in active daily appreciation - Whether you send a video to someone thanking them, make a phone call or send a note, the important thing is to do it with no agenda. You’re giving thanks for no other reason than to show gratitude.

If you work on making this a habit, you’ll notice that you’ll start inspiring people in so many different ways.

5.) Creating An Environment Of Excellence

To be a millionaire and a successful entrepreneur, you need to surround yourself with excellence across the board. To do so, do an objective analysis of you current environment. The result may be that you have to remove yourself from you current environment, take a stand against something in your environment or make a significant change in the world around you.

For example, you may notice that there’s someone who is truly toxic in your life that you need to remove to take that next step. Or maybe you notice that you’re spending way too much time using Netflix, social media or some other piece of technology that’s only serving as a massive distraction.

The way that I recommend people create an environment of excellence is by creating an excellence routine.

I call my excellency routine the Quarterly Curriculum of Mastery.

Just like how in school you had a set curriculum that helps you put your brain on autopilot, you need to structure your life in a way that helps you put excellence on autopilot. For example, you could lay out your year and decide that in the first quarter of the year you want to focus on developing analytical skills.

Then you would set up your schedule in a way that sets aside time on specific days where you’ll focus on developing that skill. The freedom of entrepreneurship can be dangerous, so it’s important for you to be able to draw boundaries in your life that allow you to say no to things that only serve as distractions.

6.) Pursuing Freedom Over Money And Passion

I see a lot of entrepreneurs who get into entrepreneurship for one of two reasons…

  • They want to pursue their passion

  • They want to get rich

I can tell you that neither of these is the most effective goal of entrepreneurship.

For one, the unfortunate reality is that passion isn’t always going to get you customers or pay your bills. You can only pursue your passion in entrepreneurship if it gets you positive feedback from the marketplace, and I see a lot of entrepreneurs getting stuck in finding their passion.

Instead, I recommend that entrepreneurs pursue freedom - the ability to have a level of control in their days. Goals around passion and money change, but the desire for freedom never changes. People will always want to have freedom of time, freedom of relationships, freedom of choice and freedom of decision.

So, get passionate about serving others and creating a level of freedom in your life.

7.) Being In Service And Focused On Contribution

Habits of Millionaires

For a business to thrive, they need to be in full service to their customers. What I mean by that is that the results and happiness of customers has to be the primary focus.

If not, customers will burn out.

At Lurn, we call this our sacred cow: the one thing that comes before everything else. Our sacred cow at Lurn is our student’s results, so what that means is that we actively avoid opportunities that don’t put the results of our students first.

We say no to things that are too self-serving.

We also help to build schools in India and even adopted a village in Africa to spread the power of entrepreneurship. 

Contribution and a service-focused mindset is intentional and takes a lot of time, but it’s really the only way to go.

Using The 7 Habits Of Millionaires And Successful Entrepreneurs

The only way to make any of this work for you in the real world is to make a decision and start taking action. Your next step won’t work, and the step after that won’t work either, but it takes you one step closer to where you want to be.

When you start experiencing success in those steps that you’re taking, you’ll start to get a feedback loop of appreciation. People will start buying from you, you’ll start winning in the marketplace and you’ll have reasons to celebrate.

It’s all about just deciding to do something and then keeping your word.

 

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