What Startup Owners Can Learn from Expert Traders
When it comes to managing a successful business, expert traders can teach entrepreneurs a thing or two about how to gain from a competitive market. It may not be too obvious, but trading and entrepreneurship have much in common. In fact, some of the most successful investors and traders have started their own profitable companies, such as Warren Buffett who believes that entrepreneurs can learn a lot from investing.
What can startup owners learn from traders? Read on below to find out.
Being the main decision-maker, traders understand that there’s no one to blame or judge, but themselves in the outcome of their trading process, as they know the importance of trusting their decisions and instincts. Their ultimate competitor here is themselves and their ability to come up with the best strategy to hedge risk and losses. They need to trust in their decisions, their trading plan, and their market strategy for it to work, otherwise, their personal money is at risk.
Both trading and entrepreneurship have challenging paths to success. There are risks and losses involved along the way to gaining high profit. Forbes states that trusting one’s self is a vital entrepreneurial trait that every business owners must have to gain success. Erika Andersen wrote in her article: “You can’t see it, count it, put your hands on it – but the presence or absence [of trust] is the key to success. And this is true both personally and professionally.” Self-doubt and lack of self-esteem only promote procrastination and delay the ability to attain your goals.
Focus only on the essentials
Startup owners must learn to concentrate on the important things just like traders who are required to clearly identify the essential matters (goals) in their trading process: support, resistance level, and of course, capital flow cycles. Traders understand that when your mind is in harmony, they can make great intuitive calls that are necessary to ensure profits are higher than risk and loss.
Entrepreneurs need to think about the little things that really matter in their business, too. Is it profit margins? Or maybe it’s their product that has the ability to change the world? Do they need investors to maintain the process? Goal setting is vital and starts at leadership level, which varies depending on the person’s unique style, pace, and expectations. Often, companies that are able to push their team to set and meet the right goals come out victorious.
The latest advancements in technology have made trading much easier and convenient for professionals to trade on the market. When using innovations such as FXCM’s MetaTrader 4 trading platform, it has enabled users the “ability to engage the world’s prominent financial markets” with easy integration and have expert advisors at hand to enhance their trading experience. Since platforms such as this can now be accessed via mobile devices, this has allowed many traders to trade on the go, meaning they aren’t missing out on vital market opportunities.
Likewise, startup owners must take advantage of tech tools that can enhance their business processes, even when they are out and about searching for investors, attending vital business meetings, and undertaking general company errands. The Exceptions Network cited the top tech tools for startup entrepreneurs that can help them build, manage, and grow their companies efficiently.
Although they are dealing with different markets, traders and entrepreneurs have plenty of things in common and these similarities can help them to grow and succeed in their chosen fields. While particular traits are necessary to become successful, remember that educating yourself is the universal law. Without doubt, hard work is essential, but without enough knowledge on how to effectively and efficiently run a business, Forbes states that 90% of startups fail. And you certainly don’t want to be part of that statistic.