The Habits of a Successful Entrepreneur That You Should Know
September 18th 2019 at 7:04pm Published by firstdownadmin
Planning to become an entrepreneur? Well, you’re a wantrepreneur already. If you want to start your very own business, then you’re one of the many wantrepreneurs that we see around us. But, to transition from wanting to be an entrepreneur to actually becoming a successful one, you need to take all the right steps.
Successful entrepreneurs realize what is expected of them and deliver on these expectations time and time again. They do not let people get the better of them and display all the qualities required from an entrepreneur including patience, success and everything else that comes.
While you leave your very own legacy as an entrepreneur, there is a lot that you can learn from the success of those before you. All entrepreneurs before you had a few habits that defined their path and success. These habits were true only to them and were a replication of all that they went on to achieve in their life.
Now, there is a lot that you can learn from all such entrepreneurs as well. A successful entrepreneur has to prepare for the future in a way that has been practiced by others before them as well.
In this article we look at the example of entrepreneurs before you and study their habits to determine just how you can develop as an entrepreneur as well. Follow these habits to enjoy the amazing world that comes with being a successful entrepreneur.
Fear Doesn’t Paralyze Them
The fears you experience can paralyze you and can stop you from achieving the objectives that you have for yourself in life. As an entrepreneur you should be willing to realize that daring to take risks is one of the greatest steps that you can take in life. As an entrepreneur you might think that you should remain away from taking risky steps, but that doesn’t really hold true.
As an entrepreneur you need to be able to take risks when it is required. In fact, this is one of the many job roles required from an entrepreneur. An entrepreneur should know how and where to take risks during their journey. They realize an opportunity when it comes and are able to rise to any challenge that can stop them from proceeding forward.
Entrepreneurs are optimistic when it comes to taking risks. They realize that there is no imminent danger, only a lot of potential for success. So, if your fear is paralyzing you, then now is the chance to move forward and get the best results possible. You should try to make sure that you open as many avenues as possible for success in the future with your business.
They are Driven by Passion
It is okay to be a bit influenced by your lust for money, but your main motivator should be the passion that you have behind your idea. Your passion should be motivating you forward and should be driving you towards achieving the goals that you have in mind.
When you enter into a market, there must obviously be some problems that you look to solve or some other issues that you will be wanting to clear. Additionally, you could also be doing something that you just love doing.
Most of the successful entrepreneurs that we see around us are driven by the passion they have towards a possible job they are currently doing. Their passion is what is driving them forward and is making them want to achieve the best outcome possible.
Such entrepreneurs have an idea that they want to accomplish and are motivated towards achieving the end goal as it comes their way. If you have such a plan that you would want to achieve or an idea that you want to follow, then it is best for you be driven by that. Once you have an idea of what consumers want and what they are currently lacking in the market, you can meet their expectations through your efforts.
There is no harm in being driven by your lust for money, but money should just simply be a byproduct of the challenges that you want to overcome. Once you succeed in leaving a mark within the market, you’ll surely end up achieving a lot for yourself.
Failure is Accepted
If we look at the example of almost all successful entrepreneurs before you, we will find that many of them learnt a lot from a failed attempt. Do you know that the mega brand that is Coca-Cola today, made as little as $200 in their entire first area of operations and that Henry Ford went bankrupt three times before he was able to achieve the aims that he had in mind. Such entrepreneurs don’t see failure stopping them from success. In fact, they recognize that failure is just something that can put them closer to their success.
If you come across a failed attempt at doing something or taking a risk in your entrepreneurial life, you should be able to move on from that one failure, towards rectifying it and achieving a better outcome. It is necessary that you learn from every failed attempt that you encounter and learn from it to achieve the end goals you have in mind.
They Have a Great Team
No entrepreneur is able to make a successful brand or businesses without the efforts of a successful team. Your team should include of people that are experts in the field that they deal with. All these people should recognize the qualms of working with you, and should be able to achieve goals together with you.
Once you work in a team you realize that there are numerous shortcomings that you can overcome together. These shortcomings should not stop you from achieving your end goal.
A great team can also help you in making sure that all aspects of the business are guided towards success together. You should be able to reach the best results possible, if your team has experience with such dealings in the past.
We see numerous entrepreneurs limit their capabilities by overseeing all responsibilities themselves. A good entrepreneur should be able to realize the benefit of outsourcing their work to others around them. They should realize how important it is to hand over responsibilities to people who are specialized in that particular line of work.
They Have Progressive Hobbies
Almost all entrepreneurs that are bound to succeed have hobbies that they follow and learn from. More than what you do during the 8 hours you’re working, what you do during the rest of the 16 hours of the day matter a lot. You should be looking to expand your understanding of things around you and should be looking to grow as an individual and as a person.
If you want to emulate all these entrepreneurs and don’t have an idea on which hobbies you should pursue, we have some options for you.
- You could start by checking out Groupon and finding some of the best options or random classes and activities located near to you. You should see if these opportunities are geared towards your interests, as it is best that you develop an interest in them.
- Ask around from other people to see the kind of hobbies that they might be interested in. If you’re able to find their hobbies, you would be able to follow them with your friends.
- Do some soul searching to see what your actual interests are. You cannot just take up the hobbies of those around you and expect full interest in them. The best way forward is to ideally have hobbies that are a good portrayal of what you want to achieve.
- If you really want to emulate successful entrepreneurs or current billionaires, then you are better off following the hobbies that are laid out by them. A recent research by Business Insider has revealed that most successful businessmen happen to have the following hobbies: Philanthropy, fitness, going to cultural events, travel, skiing, politics, fashion and fishing among many others.
The detractors in your life might disparage you and might stop you from achieving the end goal that you have in your mind. While entrepreneurs are asked to learn from their critics, we believe that there is not much to learn from detractors to take you away from the ultimate objective you have your eyes. Many entrepreneurs had the next big idea to present in the market, but they stopped themselves when a peer in their life told them to back off or when their family didn’t support them.
Entrepreneurs that went on to succeed in their business also had such detractors, but they didn’t listen to them. They moved on with what they were meant to achieve and got the end goal in life. You should want to do what is best for you and should ignore all the people that put you down for your choices.
You can ignore detractors through the following ways:
- Are your parents forcing you to quit all the entrepreneurial dreams you have and head towards a real job? Well, now is the time to move out and crash at your friend’s house. You need to realize that your dreams are what make you. Compromising on these dreams might satisfy those around you, but you won’t be yourself after you do that.
- One of your friend came to you and told you that you wouldn’t succeed in life? Ask them to write that down on a piece of paper for you, so that when you eventually do go on to succeed, you owe them nothing.
- The hate of no one else can impact you in a manner that your own hate for yourself can. You can be your biggest hater or your biggest fan. Make sure that you don’t act as a roadblock in your own way and go on to achieve the success that is meant for you.
Entrepreneurs Know What Keeps Them Motivated
An entrepreneur would know exactly what is keeping them motivated. They realize the factors that make them the way they are, which is why they are committed to ensuring the best possible environment around them.
All of us experience obstacles, ruts and moments of failures in our life. But, you should know just how to keep yourself motivated throughout these feelings. You should know how to keep yourself motivated throughout the highs and lows of your career. If you know what is motivating you, you will be able to make sure that the enablers are repeated for the best impact.
Do you want to build in yourself this amazing habit of successful entrepreneurs?
- Listen to numerous motivation speeches present on Spotify and elsewhere
- Write down around 20 reasons why you think starting a business would be best for you. Take a look at this list whenever it is that you next feel low.
- Read a biography or a narrative of someone who has gone through adversity and has overcome it.
- Take one small step and work on it to make sure that you achieve whatever is the big goal that you have in mind.
Entrepreneurs Manage Their Time
Entrepreneurs, including the likes of Elon Musk, are pretty good at managing their time. Once you start your entrepreneurial journey, you realize that there are certain things you need to do and certain things you should rather have out of the to-do list. This is all about ensuring the best results and making sure that you prioritize objectives that are better suited for your growth.
Need tips for using your time in a better manner?
- Use apps that can help you set a routine for yourself and can stop you from wasting time on activities that aren’t really good for you.
- If you follow the 80 – 20 rule, around 20 percent of your tasks could be leading to the 80 percent of the income you earn. If you focus on these 20 percents, you could be capitalizing on time the right way.
- Delegate the tasks to your team. As an entrepreneur you need to realize the importance of having able members on your team. Members that should help you get done with the tasks you have on your hand.
- Say no, if you think there is something you cannot do. Saying no to things you cannot do can save you face and time.
While this habit isn’t directly linked with running a successful business, but entrepreneurs follow a stringent exercise pattern. They realize that exercising is everything for them and that they should regularly exercise for the right results. Most of the successful entrepreneurs we see around us exercise and have a healthy routine for their day.
We don’t want you to drop everything you are doing and turn into a gym junkie, but you can surely take a hour from your routine everyday to go to the gym and practice basic fitness.
If you’re looking to make exercise a daily habit, then the following things should help you out:
- Find a right time for the exercise. You should prioritize and find out the perfect time for your exercise routine. Without the right timing, you wouldn’t be able to focus on your exercise in a manner that you would want to.
- If you don’t have time to head to a gym, then get the required machinery for exercising at home. This will save you time and effort as well.
- If you need some motivation for going to the gym, then try to lure yourself in through music. How do you do that? Have a killer playlist ready with you, which you will only play once you go to the gym. Once inside the gym, play your music and pump the weights listening to the music.
Successful Entrepreneurs are Team Players
Since successful entrepreneurs happen to be truly leaders, they are team players rather than being leaders who let their team fall into a ditch. A successful entrepreneur would realize where there team needs them and would rise to the challenge once the time comes. They wouldn’t let any challenge get the better of them and would make sure that the team is prioritized at all times. A good entrepreneur also realizes that their team needs their help at one time or the other. Hence, they take out time for the team and go above and beyond to get the objectives they have in mind.
Entrepreneurs that happen to be team players, don’t focus on their own accomplishments, but focus on what they should collectively achieve as a team. Such entrepreneurs realize that every person has a desired role associated with them in a team. If that role is fulfilled, the team can end up winning.
Follow these tips if you want to be a better team player and a better leader:
- Delegate: Learning the art of delegating your works to others is what truly makes you a team player. You should know exactly what tasks and roles you can hand over to the people working under you. The tasks you hand over to others also depend on the skill level of your team players and the severity of the task. If the task is related to a core business project, then you should handle it yourself, and only pass it to a trained and experienced employee.
- Assisting Employees: Your employees have their own career objectives as well, and as a true team leader you should have your eyes on furthering their career objectives forward. If an employee is looking towards greater responsibilities inside your organization, then you should give them just that, so that they stick with you for longer. A
- Involve Everyone: The major role of a team leader is to make sure that everyone is involved within the decision making process. Once everyone is involved, you can tell that the decision making is the best you’ll ever see. They say many cooks spoil the broth, but we believe that too many cooks when they work together can add their experience to make wonderful decisions.
They Have ‘Me-Time’
If you aren’t well versed with the dynamics of how the human mind works, you will never be able to tell the importance of me time. Personal time is really important for entrepreneurs. Now, you don’t really need to be an introvert for wanting some personal time for yourself.
Anyone can need some personal time at any given time, and it is completely alright to feel that way. In fact, we believe that if you want some personal time for yourself, you should make sure that you spend it productively. Preferably you should try to set your hobbies as such, so that the personal time is spent doing what you love. However, if your hobby involves someone else, like playing a game of chess, then there is nothing that can be done.
Practice Financial Accuracy
While entrepreneurs have succeeded without knowing a lot about how to run a business, not many entrepreneurs can succeed without practicing and knowing financial accuracy. You should know exactly how to record your statements and how to check them for future growth.
Additionally, you should also make sure that the funding options you get are best for your business. Be it small business fundings or merchant cash advances, the funding should be suited for your needs. You can only make the best decisions for your brand, if you have the right financial literacy. Try to learn new skills at all times and practice financial derivatives and ratios.
With the skills above you can surely become a better entrepreneur. Emulate the habits of the best entrepreneurs before you to see their success in your business life as well.