Angus Bankes is a technology entrepreneur with experience of growing and selling tech start-ups in the UK and the USA. He founded Moreover Technologies in 1998, where he served as Chief Technical Officer, and successfully developed and sold the company to Verisign (NASD: VRSN) during the UK’s first wave of internet-based business success. Angus is now based in Shoreditch in London and heads up the incubator JustAddRed and is Chief Information Officer at Skimlinks, one of the major Silicon Roundabout technology companies. A successful serial entrepreneur, Angus shares some of his top tips for business success with SBC Insight:

1. Don’t Look Back

Don’t keep looking back at setbacks, always move on and focus on the future. In a couple of years the setbacks you’ve encountered will make an amusing story.

2. Get People who Get it

If your idea is disruptive, you need to understand that some people won’t understand it. And by the time they do understand, it will be too late. So build your team with those who do, as those that don’t will hold you back.

3. You Define the Culture of Your Business

Whether you like it or not, you define the culture of your business. So lead by example and don’t slip into the world of double standards.

4. Make Time for Networking

When you’re immersed in a business, it’s hard to make time to network. But you have to. Whatever you think, if you work in an industry like tech, you can’t work in isolation. Networking helps you to understand your industry, learn about new areas and it leads to developments that can grow your business. When I took part in the London Business School Tell series of talks by business people, I was struck by how brilliantly networked the students were there. Those students knew that attending events could be useful for their future business success.

5. Trust your Team

Learn to trust your team and don’t micromanage them. Conversely don’t forget them either, communication and doses of good targeted management go a long way in growing a strong business team.

6. There is no formula

Every entrepreneur is different so your own methodology and style will take time to evolve. Be wary of ‘busy’ work and focus on tasks that actually move the business forward.

7. Never Send an Angry Email

By all means compose one - but leave it in drafts! Nothing good has ever resulted from one. Fact.

8. Use Every Opportunity to Learn

Every day, and every situation, is an opportunity to learn something new. I didn’t attend business school but looking back now, I think it’s something that could have helped me understand some of the things I’ve had to learn on the way, particularly in the areas of finance and economics. To be successful, a business idea has to be good, but it’s also about execution and business schools can definitely help with the latter.

9. Seek Out Mentors

I do a lot of mentoring for start-ups and it’s partly about giving them a sanity check on ideas and on what the industry standard is. There’s a satisfaction in seeing companies succeed and you like to think that one day they can go on to do you a favour as well. Business schools can also help with mentoring, when start-ups just want to have someone to bounce ideas off.

10. Business is Fun – Enjoy It

I hate the phrase “it’s only business”. Some people like the financial side, some people like sales or tinkering with the product... everyone’s different. At the end of the day, it’s about the people you work with. Business is actually quite fun – enjoy it!

Self-made millionaires didn't get to the two-comma club without doing things a little differently from the rest.

Various researchers who studied hundreds of self-made millionaires for several years have found that many tend to practice different habits or display heightened traits that help them build wealth. Many millionaires, for example, allocate their time differently — they spend more time focusing on personal growth, planning for investments, and working, and less time sleeping.

They also gravitate toward similar wealth-building strategies, like saving as much as they can and bringing in multiple income streams. And when it comes to investing, millionaires love low-cost index funds and real estate. Millionaires also tend to be frugal, conscientious, and resilient — all traits that help amplify their wealth-building actions.

While some of the behaviors above may also ring true for non-millionaires, millionaires often exhibit them at a stronger level and with more consistency.

Here's what sets millionaires apart from everyone else — besides a seven- to nine-figure net worth.

They're frugal.

Frugality — a commitment to saving, spending less, and sticking to a budget — is one of the wealth factors that help millionaires build wealth, according to Sarah Stanley Fallaw, the director of research for the Affluent Market Institute and an author of "The Next Millionaire Next Door: Enduring Strategies for Building Wealth," for which she surveyed more than 600 millionaires in America.

Many of the millionaires Stanley Fallaw interviewed stressed the freedom that comes with spending below their means.

"Spending above your means, spending instead of saving for retirement, spending in anticipation of becoming wealthy makes you a slave to the paycheck, even with a stellar level of income," she wrote.

They keep their housing costs low.

A prime example of frugality is that millionaires typically live in a home and neighborhood they can easily afford, according to Stanley Fallaw.

She said that most of the millionaires she studied had never purchased a home that cost more than triple their annual income. The median home value for millionaires in her latest study was $850,000 (3.4 times their current income), with a median original purchase price of $465,000.

They save a lot of their income.

Being frugal and living in an affordable home enables millionaires to save. They recognize that income isn't enough — they have to save what they're making.

John, who runs the personal-finance blog ESI Money and retired at 52 with a $3 million net worth, has interviewed 100 millionaires over the past few years and found that the median millionaire spent $90,000 a year while earning $250,000 in income — a 64% savings rate. Saving it, he said, allows for investment.

While this savings rate might be slightly off because of things like not counting taxes as spending, the main takeaway, he said, is that millionaires "save a large portion of their income."

If you make $250,000 and spend $250,000, "you are no better off at the end of the year," he wrote.

They don't budget.

But millionaires are able to be frugal and save without budgeting. Many of the millionaires John spoke with said they didn't have a budget.

"While it was not expected, the reasons millionaires don't need a budget makes sense — they make a lot and have self-control," he wrote in a blog post. "In other words, they make a ton, spend only a portion of it, and have plenty left over. Who needs a budget?"

He added: "A budget is great for the early phases of a financial plan, but if you can grow your income and develop self-discipline not to spend, it's not vital to your success later on."

They take on a side hustle.

Many millionaires favor moonlighting, or taking on a side hustle, according to Stanley Fallaw, who said it's a good way to explore options while remaining employed full time.

"Those who are able to create multiple opportunities to generate revenue, who can translate hobbies into income-producing activities, will be successful at becoming millionaires next door in the future," she added.

John also found that millionaires develop multiple streams of income, enabling them to grow their net worth exponentially, he said.

They invest in real estate.

One side hustle they're prone to taking on once they've built wealth is investing in real estate, according to John.

"Investing in real estate seems like a natural result once the basics are covered and excess cash is generated," he wrote.

According to Dana Bull, a real-estate investor, the financial advantages of investing in real estate are plentiful: positive cash flow, appreciation in terms of housing values, leverage, and tax advantages.

They invest in low-cost index funds.

According to John, millionaires also tend to use the same simple investing strategy: investing in low-cost index funds.

"The high returns and low costs of stock index funds (I personally prefer Vanguard as do many millionaires) are the foundation that many a millionaire's wealth is built upon," he wrote.

Experts agree that investing in index funds is a winning strategy when playing the stock market for two reasons: They're broadly diversified, eliminating the risk of picking individual stocks, and they're low-cost. Even Warren Buffett champions the strategy.

They spend more time studying and planning for investments.

Millionaires' preferred investing strategies might be fueled by their research. Millionaire investors spend more time — an average of 10.5 hours a month — planning for investments, according to Stanley Fallaw.

That's nearly two hours more than under-accumulators of wealth, defined as those with a net worth less than one-half of their expected net worth based on age and earnings, who spend 8.7 hours a month doing so.

"Their literacy in financial matters means that they are more tolerant of taking investment-related risks," Stanley Fallaw wrote. "Future outlook and financial knowledge typically relate to taking greater financial risk, so the time they spend in managing and researching investments helps in decision-making."

They put more energy toward personal-growth activities.

Millionaires also spend more time focusing on personal growth. They spend roughly 5 1/2 hours a week reading for pleasure and nearly six hours a week exercising, while the average American spends two hours and 2 1/2 hours on those activities, according to Stanley Fallaw's research.

"Successful individuals are keenly aware of how they spend their resources, including their emotional and cognitive resources," Stanley Fallaw wrote.

Similarly, Thomas C. Corley, the author of "Change Your Habits, Change Your Life," spent five years researching the daily habits of 177 self-made millionaires and found they devoted at least 30 minutes every day each to exercising and reading. Millionaires tend to read three types of books, he said: biographies of successful people, self-help or personal development, and history.

They sleep less and work more.

But millionaires make a few sacrifices to make the most of their time. They sleep nearly eight hours less a week and work six hours more a week than the average American, according to Stanley Fallaw.

That might be because many wake up at least three hours before their workday actually begins — a strategy to deal with inevitable daily disruptions, according to Corley's findings.

"Getting up at five in the morning to tackle the top three things you want to accomplish in your day allows you to regain control of your life," Corley wrote. "It gives you a sense of confidence that you, indeed, direct your life."