I was recently invited to visit the Steve Harvey Show to discuss tips on how to earn a substantial income through trading. Together with two of my students, I visited Steve Harvey to discuss some of my secrets to success and even brought the crew to my home in LA as a way to inspire others interested in earning a substantial income from trading. The entire experience was a true honor and very humbling. I came on the show with the sole purpose to help others and to expand my reach as a teacher.
While I offered several pieces of advice on the show, specifically aimed at traders, I also gave a great deal of advice specifically for entrepreneurs. At the end of the day, by owning my own company designed to help teach other penny stock trading secrets, I am first and foremost an entrepreneur. Without the lessons I have learned about owning a business, I would never be as successful as I am today. Here are five of the biggest lessons on entrepreneurship from my interview at the Steve Harvey Show.
1. Keep it Simple
There are so many people who want to dive in too deep right away and make things more complicated than they need to be. One of the best things you can do if you want to build solid, sustainable success is to keep it simple. I always tell my trading students that you are not going to go out and make $50,000 on your first trade your first day, just like you aren't going to earn $50,000 in profit the first day your business is open. Keep it simple, take small steps, and don't put too much pressure on your plate right away. Start with small profits and small accomplishments and you will build your way to your larger goal.
2. Money Isn't Everything
That sounds like a pretty bold statement coming from someone who built an entire career on making a lot of money at a young age, but it is important to remember that money isn't really everything. It can't buy you happiness. No matter how cliché you think this sentiment I, it is true. Money will never make you happy. You need to find your purpose in life and you need to have a purpose for wanting to make money. Do you want to make money so you can travel? Great, that is a wonderful purpose. However, if you are just trying to make money for the sake of making money you will never feel fulfilled, you will never be happy, and you will never reach your goals in the way you want to.
3. You Need to Have a Community to Support You
No man is an island. It's an old quote, but it's a true one. You can't do it alone. If you want to be successful, then you need to have a community around you. Maybe it is the physical community of individuals who are around your business. For many of my students this community is the online community of fellow traders and students. So many of my students have been able to find success by reaching out to their peers on this platform for support, advice or guidance. Find your own community. Maybe it is a group of entrepreneurs in your area, maybe it is a networking community. Whatever it is you need people around you that you can reach out to.
4. Patience Is Key
If there is one thing that I could tell any person, looking to find success through any avenue, it would be to be patient. Patience is key. It is extremely important to your success. You need to be willing to put in the time and the effort and to be patient in order to find the type of success that you are looking for. This is true whether it's in trading or if you are starting a company. You know the old saying that it typically takes around five years for a company to be profitable? It's true. It takes a lot of time. If you can have patience when working towards your financial goals, you can prevent yourself form getting frustrated and feeling overwhelmed. You are going to make mistakes, you are going to feel like it is taking forever for you to find as much success as you want, but if you are patient, I promise it will pay off and you will get there.
5. Don't Stop Challenging Yourself
Success should be a constant goal. One that is always in front of you and one that you are always chasing. You should never be done working towards success. Never stop. Never stop challenging yourself and never stop setting new goals for yourself. Say you want to make a million dollars. Once you do it, you shouldn't just stop working and give up... make another goal. Challenge yourself to make $2 million. Based on the amount of money I have made in trading penny stocks, I could retire. I could just stop working today and spend the rest of my days on a beach somewhere, but that would be boring. I wouldn't be challenging myself and I wouldn't feel like I was growing. I promise you, I wouldn't feel fulfilled either. This is why I keep working, I keep pushing and I keep doing whatever I can to reach the next goal and to challenge myself to make the next big thing happen.