‘Greatness has a cost.’ I tell my students this all the time. It sounds good, especially on a motivational meme for Instagram. What does it mean, though?
Whether you’re just starting out or you have been working hard towards your entrepreneurial aspirations, the cost of greatness will find you. Not everyone goes through the same journey, but everyone’s commitment to their vision is tested at some point. If you’re anything like me it will be tested many times.
I started trading stocks as a teenager, and I figured I would be a millionaire in no time. I quickly realized that would not be the case, but I always believed I would get there. Even when I started to make money, I would eventually lose it all on a couple bad trades. I even lost my college tuition money at one point which I am not proud of and definitely do not recommend. I was so confident I would make it that I told all my college friends I didn’t need to study because I was going to be a trader. It didn’t quite work out exactly as I planned as it took me a bit longer than I expected to start becoming a consistent trader but I am glad I never gave up.
When I look back at my journey as a trader, building Bulls on Wall Street, and running a hedge fund, there are four main things needed to achieve greatness.
Passion
Having a passion for what you’re doing is a popular lesson from successful entrepreneurs. I have an intense passion for trading and creating new traders, so I certainly agree. However, you don’t necessarily have to have a passion for what you do or sell. Deep emotion can come from why you’re doing it. Whether it’s family, escaping mediocrity, or a Lamborghini, you have to find something that drives you to succeed at what you’re doing.
Guidance
Mentorship is one of the oldest and most efficient ways to find success. Not everyone is going to have a millionaire mentor in their tool belt, but everyone can get guidance. You can attend events in the industry and network; join entrepreneurial communities like Secret Entourage; talk to competitors or other vendors in the industry. There is no better guide than experience so make sure you get in the game. When you’re working hard, people will start to take notice, and you may find yourself under the wing of the top person in the industry. If you don’t want to wait you can always hire a mentor like I did.
Work Overtime
Anyone can work eight hours a day, finish at five, and take weekends off. As an entrepreneur, you need to work the night and weekend shifts. It is vital that you make the most out of your time and focus on your vision. Life has many distractions, but you need to learn how to get over the temptation of doing what is fun now. Working during times when most people aren’t will also help you get into flow state and seriously crush your goals. Even when I went to the bar, I always brought my laptop to look over charts.
Mental Toughness
Every time you hit a roadblock and find a way to get through you’re building your mental toughness. The experience alone of being an entrepreneur will drastically increase your mental toughness provided you stay in the game. On the flip side, quitting will do the opposite. As I started to become more and more successful, further building my mental toughness became a priority. Make sure you are exercising daily and eating foods that give you focus and clarity. Wake up early and get a head start on the day. Also, make sure you are focusing your attention on the important things. It is important you don’t waste your mental capital on tasks that don’t matter as much. If you’re wondering what matters more, think of what makes you money. Once you can afford it, I would recommend hiring a mental coach to take things to the next level.
Whether you’re interested in becoming a trader or want some entrepreneurial advice, feel free to reach out to me. Also, keep in mind that most millionaires have different streams of income so learning how to make money in the market is beneficial to any entrepreneur.
Kunal is an active speaker and has spoken at many events including the Trader and Investor Summit, Traders4ACause gala event, Trading Mastery Summit, and been featured in numerous podcasts, and covered in the Huffington Post, BroBible, and Inc.com. He also has his own section on TheStreet. In 2015, he spoke alongside market luminaries such as Peter Brandt, Jack Schwager, and James Dalton.