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5 Habits That Lead to Millionaire Business Success You need the right habits if you're going to succeed.

By Timothy Sykes

Opinions expressed by Entrepreneur contributors are their own.

Ezra Bailey | Getty Images

What do all millionaire businesspeople have in common? Well, a lot of things.

I found from a recent study that 80 percent of all millionaires still go to work every single day. They're working people just like me. But, they have to keep themselves in work or it all grinds to a halt. So what are the habits you need to make your business a success?

Related: 8 Reasons a Powerful Personal Brand Will Make You Successful

1. Patience

Nothing is ever going to come easy. You can look at the likes of Steve Jobs and Bill Gates, as well as the other usual suspects, to realize that success didn't come with their first venture. Many of them failed time and time again. It took patience for them to become successful.

I read an article recently about 36-year-old teacher Andrew Hallam who became a self-made millionaire on a teaching salary. But, in his spare time he invested smart and lived frugally.

It proves you don't have to inherit lots of money or become an instant success to make a millionaire business.Related: Habits of the World's Wealthiest People (Infographic)

2. Dedication

You have to be dedicated to your craft if you're going to become successful. Going back to Bill Gates again, he started his business in the back of his garage. Now that's dedication.

It's what I tell all my students. If they're not dedicated to this, then they should leave. You need to be able to push through the barren periods if you're going to reach the oasis of success.

3. Ambition and big dreams

Have you ever heard the quote, "Shoot for the moon. Even if you miss you'll land among the stars"?

I take that to heart because even if you aim to become a billionaire and miss you still might be a millionaire many times over. Take the Wright Brothers as an example. Not content with creating a successful glider in 1902 they went on to create the world's first airplane in 1903, making four brief flights in Kitty Hawk. It demonstrates the importance of dreaming big because you never know what you might achieve.

Related: 11 Ways Successful People Deal With People They Don't Like

4. Learn from mistakes

Every good businessperson will mess something up. It's inevitable. What's important is how you learn from your mistakes over time. Do you adapt after making your mistakes?

Millionaire businesspeople always set some time aside to reflect. Then they create a plan of action for ensuring that it doesn't happen again. Most failed businesspeople put it down to "bad luck."

Related: He Went From Dead Broke to Millionaire Because He Just Wouldn't Stop Trying

5. Focus on niches

This important! Try to take over a whole industry at once and you'll inevitably get swallowed up by the competition. Start small and control your own niche before moving into another niche. When you master your small area, you can push on and expand.

You'll be amazed at how much easier it is to expand after you master your own niche/audience first.

Do you have what it takes? That's the question I always ask novice businesspeople. You need a plan and you need the right habits if you're going to succeed.

Timothy Sykes

Entrepreneur and Penny Stock Expert

Timothy Sykes is an entrepreneur and a penny stock expert, trader and advocate. He has been featured on CNN, Fox News, CNBC and more. Watch his media appearances and speeches on Youtube here.

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