Tapping into the entrepreneurial mindset of a trader
Entrepreneurs come in many different forms across all the various business sectors. From an online vintage clothes store to a new IT start-up, anyone with the right spirit and personality can become an entrepreneur. With around 27 million entrepreneurs in the USA, this way of working certainly seems popular for the satisfaction and freedom it brings.
One career that would certainly fall under the category of being classed as entrepreneurial is working as a trader on the world’s stock exchanges. This fabulous career sees you investing capital to buy shares in listed companies that you judge will go up in price over time. This hits all the buttons in terms of the entrepreneurial goals of working in a sector that you love and earn your own money from, rather than working for someone else.
What makes traders such great entrepreneurs?
One of the great things all captains of industry could learn from traders is the mindset the best ones have. By learning how traders think and tapping into this for your business, you could see your own entrepreneurial ventures flourish as a result.
But how can you do this and what mindset do traders have to learn from?
Desire to innovate
All the best traders will constantly be looking at ways to innovate and stay ahead of other traders. By doing that they keep their competitive edge and always make their move at the optimum time. That could be in the form of honing the way they choose investments, searching for any emerging markets in which to buy shares, or finding innovative new ways to manage their portfolio.
Flexible approach to rules
It is important to be clear here – this is not in terms of doing anything illegal or dishonest. It is more an approach of challenging traditions or commonly held conventions on what you should do or how things should work. If you work in an industry where something has always been done in a certain way, don’t just blindly accept it if it is not a legal or regulatory issue. Be prepared to ruffle a few feathers and do things your way if you can see a possible advantage.
Tolerance to risk
All the successful traders will have a mental approach that allows them to be tolerant to risk. After all, when they are putting their own money into every investment, it comes with the territory. The key is to do your research first so any decision you make is calculated and brings enough reward to make the risk worthwhile. You can learn the same skills and apply them to any expansion plans you have as an entrepreneur.
Attention to detail
Successful traders are all keen on paying close attention to detail when looking at shares to invest in and making decisions on their open trades. You should adopt this when running your own business in your chosen field. This kind of approach will avoid you making any hasty decisions or missing key data that could cost you lots of money.
A key part of this is finding the correct resources to help you do this within your sector. For traders, they will use current news feeds and analysis on the financial markets. Some services are almost like a wiki for online trading and help traders stay right on the cutting-edge of all the small details they need to know to prosper.
Learn from the mistakes
To succeed as an entrepreneur this is a key lesson to learn. All traders will lose sometimes, but it is vital to look at why and how to avoid making the same mistake again.
A key trait for all entrepreneurs is having the self-confidence to back you own gut instinct and ideas. It is of course vital to seek advice, but when it comes to it you need the strength of character to make your own decisions. All traders have to do this and will reach their own decision on stock investments after considering all the news and analysis about them.
Tap into the trader mindset
While you may not be involved in trading the financial markets yourself, you could still learn a lot from these entrepreneurial types. The mental aspects that they bring to the table are transferable across a number of industries and are handy for all entrepreneurs to pick up. Many of them are great at helping you become a better entrepreneur to drive your business to even greater success.