Key Habits of Successful Entrepreneurs

Key Habits of Successful Entrepreneurs

Success isn’t something that happens naturally to everyone. In fact, many people fail–including those who are prosperous in business. On top of the skills necessary to thrive in one’s field, there are also a number of habits that successful entrepreneurs share. These include the following.

Punctuality

Being prompt is an important habit in business. In addition to showing respect for other people’s time, punctuality establishes your reliability, discipline, and integrity. It tells people that you keep your promises, take note of details, and follow your schedule.

For your own sake, arriving early also minimises your stress since you won’t have to rush to your appointment. And when you do arrive, being punctual buys you time to mentally compose yourself, which is especially vital if you’re going to a business meeting or presentation.

Keeps selling

Sales is the lifeblood of any business; without it, you won’t have the funds to run your company and pay your employees. Because of this, make it a point to never stop selling, especially when your firm is having a rough time. The sales you make will give you the resources to withstand financial crises.

Remember: everyone is in sales; many just don’t realise it yet. Whether you’re trying to convince, negotiate, or win someone over, you’re essentially selling yourself. And it doesn’t matter if your expertise is not sales-related. If you own a business, you need to sell anyway. Don’t know how? Then learn the basics, at the very least.

Team building

You may be the most brilliant chief executive in the planet; or maybe even in history. But this genius is pretty much useless if you don’t have the right people who are working together as a cohesive unit in your business. As the company founder/owner/head honcho, you shouldn’t be the one who’s doing everything–it’s necessary to act as a united group.

This doesn’t happen overnight, however. To be successful, you’ll have to make team building a habit in your company so that your employees would develop into an organised group who support and have confidence in each other.

So how should entrepreneurs develop their teams? There are several ways, including the following:

• Establish goals that are championed by all members of your team.
  
• Give more weight to fervour. You can only motivate up to a certain point; employees will be driven the rest of the way with their passion.
  
• Define each member’s responsibilities so that they can focus.
  
• Engage and challenge your members.
  
• Organise team-building sessions outside the office to avoid distractions.
  
• Consider the cultural fit so that everyone would get along well.

Exercises regularly

Don’t be a prisoner behind your work desk; make sure you take the time to exercise on a regular basis. Aside from the obvious health benefits, consistent exercise lets your mind rest and helps you better concentrate at work. This is made possible because physical activity improves blood circulation to the brain, allowing it to handle more information.

Exercise also improves your time management skills and boosts your energy, helping you be more productive overall. According to studies (such as this one), regular physical activity gives a performance boost of about 15 per cent.

Appreciate and reward performing workers

Your company’s most important resource is not its trade secrets or expensive equipment, but its employees. Bear in mind that secrets can be uncovered, while machinery declines sooner or later. Employees, on the other hand, are the main reason why your business exists.

Employees are the ones who maintain good relationships with your customers; think of ways to solve your company’s problems; and drive the passion in your organisation. Thus, see to it that you habitually show appreciation by rewarding employees who perform.

You don’t even have to spend vast amounts of resources to reward high-performing employees. Here are a few ideas:

• Give vacation days, longer lunch periods, and/or additional breaks as a reward.
  
• Offer flextime as a perk.
  
• Thank high-performers with a heartfelt handwritten note.
  
• Create a wall of fame in the office for top achievers.
  
• Publicly commend hard workers.

Learns from failure

If failure truly is a great teacher, then why are only few who learn from it? That’s probably because the lessons are usually unclear. Learning from failure is what separates the successful entrepreneurs from the rest of us, who go out of our way to avoid disappointment. Many are actually so fixated on avoiding failure that they ignore achievement and instead be happy with mediocrity.

Successful entrepreneurs, on the other hand, embrace failure and use it as a springboard to accomplishing their goals. While this is easier said than done, there are ways on how we can better learn from failure:

• Study your mistakes
  It’s tough to relive where we went wrong. However, we won’t learn from our mistakes if we don’t analyse them.
  
• Determine the cause
  The best way to learn from failure is to figure out its cause so that you may avoid them in your next attempt.
  
• Learn to assess objectively
  Finding the cause of one’s failure isn’t easy, however. You’ll have to learn how to look at your past actions and evaluate them with detachment.
  
• Test your hypotheses
  Once you’ve established where you went wrong, test your theories to see if you’re correct. An effective way to do this is by split- testing, which is an analysis of two or more variants.
  
• Concentrate on what you can control
  Don’t get too consumed by unavoidable mistakes. Instead, focus on what you can control.

Uses money to acquire more assets

It may be tempting to suddenly treat yourself after your business enjoys a windfall or suddenly makes it big, but you should fight off the urge. Successful entrepreneurs actually do the opposite: they delay their gratification and spend their money differently.

Here’s how: rather than rewarding themselves with big-ticket purchases like expensive cars or huge mansions, successful entrepreneurs live within their means and spend their money to acquire even more assets, which will make them more money.