It is reported that one of the top reasons new businesses fail is a lack of a system. At Online Trading Academy, we believe in a systematic way of trading and investing. In addition to a system, I also believe we need to have a road map to general success in life. Here are 7 essential elements for succeeding whether it’s a new business venture , trading or a workout regimen.
- Vision: If you ask the majority of successful people they will share their “vision.” One of the most important parts about a “vision” is that it has to be yours. If it’s more than one individual (for example business partners or even a spouse) they must share the same “vision.” This is why we see good organizations not only display their “vision,” but also the leaders embody that “vision”.
- Action: The more you can get your vision into action the more likely it will come to fruition. Sounds simple but it isn’t. Vision is the initiative, action is the engine. The first step toward your vision or goal is always the hardest but the most powerful. The goal here is steady progression.
- Passion: There must be something about the vision that gives you the desire to keep moving to the next action step. Matching your vision with something you can truly be passionate about, that will keep you engaged. No matter how exciting or rewarding your vision, there are stages that will be “just work.” It will be challenging but your passion will keep pushing you.
- Discipline: In many ways I feel this is a lost art. I love this quote, “The pain of living a life of discipline is less than the pain of regret for what ‘could have been if.” Discipline to stay the course will pay off. There will be some days where you only move forward because of the discipline. Embrace them. As Jerry West said, “You can’t get much done in life if you only work on the days when you feel good.”
- Determination: Without having the will to endure you can fall when others don’t agree, when there is seemingly an easier road, when emotions and desires arise or when you just get tired. The goal is the finish line, speed doesn’t matter. Keep doubt from seeping in. Remain confident in your vision and methodology to reach that vision. That doesn’t mean you can’t (and even shouldn’t) adapt as you proceed.
- Support and Accountability: We are human and need human interaction and support. No one can do it alone. Personally, this was one of the biggest mind shifts for me. I have found that having a mentor can propel growth faster than anything else. A good mentor will provide a morale boost, provide perspective, expect progress and hold you accountable. A good mentor will have been there before and know how to get you over or through that wall. I saw Bill Gates on a Ted Talk and he emphasized that a coach or mentor can be one of the single most valuable things for moving to the next level.
- Integrity: It is paramount for long-term success. Being a person of your word and being frank are qualities that will go a long way. Visions aren’t something that happen overnight. There must be a foundation that will support that growth and integrity is a key pillar.
No matter what vision you are working to accomplish I hope the reminder of these elements helps you along the way. They are a good reminder for me.