Multiple factors go into a successful business and its personnel. Among these are the habits that entrepreneurs have bolstered into their lifestyle.
In the highly competitive and fast-paced world of entrepreneurship, success is often credited to the habits and practices that successful entrepreneurs employ. Aspiring entrepreneurs should aim to replicate the trailblazers that came before them.
Successful entrepreneurs have endured numerous roadblocks that could have prevented them from being where they are today. However, their entrepreneurial mind along with consistent habits have helped them overcome challenges to reach their full potential.
In this article, we will be looking at 7 key habits of successful entrepreneurs that every entrepreneur should attempt to imitate.
Waking Up Early
I know that you did not want to see this. But let’s be real. Waking up early is something that many avoid, mostly because they lack the discipline to do so. They do this despite being aware of the many benefits that come along with it.
When you wake up early, you allow yourself to have more time in the day. This extra time can be allotted to productive work or some other practice that you would otherwise not have the time to do. This gives you a head start on a majority of the world.
If you feel like you don’t have enough time in the day to pursue the things you want to do, then try waking up 2-3 hours earlier and see how much more time you have available. I can assure you that successful entrepreneurs do not sleep in every morning, and instead use the morning as a time for preparation and work.
The hours you gain by waking up early can be utilized for many things. You’ll have more time for breakfast, or maybe for going to the gym. Maybe you wish to use this time to work on your startup business. Whatever it is, the extra time can be highly beneficial to you and your busy day. So stop hitting snooze and get out of bed!
Reading Books
If there is one thing that I see successful entrepreneurs recommend and do, it’s reading.
Reading improves your focus and concentration, reduces stress, and improves your conversational skills. On top of this, you will gain valuable insight and enhance your vocabulary. The lessons you can learn from a finance book or an autobiography of a successful entrepreneur are priceless.
Let’s look at Warren Buffett, one of the greatest investors of our generation, and maybe ever. Buffett has a reputation for being a huge reader, and spends about six hours each day reading and gaining new knowledge. He is said to read 500 pages each day.
How about Mark Cuban? A highly successful entrepreneur who is famous for being the owner of the Dallas Mavericks and judge on Shark Tank. According to his blog, he reads almost 3 hours every day. These guys are just a small part of a highly successful group of people who read, so why shouldn’t you?
Networking
“You’re the average of the five people you spend the most time with.” This is a Jim Rohn quote that basically means that you will become like the individuals you surround yourself with. Investing time and effort into building strong relationships can produce a priceless return.
Your network can open new opportunities and resources that was previously not available. This can be the difference between a successful business and failed business.
A strong network with helpful individuals can provide practical advice, potential funding, referrals, and more. You can’t get everything done by yourself. Support by those who see your vision and have the willingness to help can go a long way.
Money Management
Money management is vital to any aspiring entrepreneur. If you blow all of your money on unnecessary goods, then how will you be able to fund your startup business?
Living frugally, or being aware of your spending and focusing on a few key financial goals, is something both successful entrepreneurs and myself swear by. According to Business Insider, frugality is a trait that is common among both millionaires and billionaires.
Having the ability to budget, save, and spend your money wisely is one of the principal traits of any successful entrepreneur. Let’s look at YouTuber Graham Stephan, who reportedly brings in more than $6 million a year. Stephan has said in many instances that he does not spend his income on well, really anything and states that he saves 99% of his income.
He uses the proceeds from his investments to cover his expenses, and saves the rest. Graham does not buy overpriced coffee and instead makes him own for a much lower cost. He also wears cheap, comfortable T-shirts that run at a much lower price than designer brands. Habits like these are what made Graham Stephan wildly successful.
Setting Goals
Setting goals can give you a clear focus on what you wish to achieve. They give a sense of clarity and organization. They keep you on track and motivated to succeed. Goals can help you keep yourself accountable, while also tracking your progress.
If you truly wish to be successful in your business endeavors, then setting goals can help you reach your desired outcomes.
Goals can be either short-term or long-term. Whatever the goal may be, make sure that it is specific, measurable, attainable, relevant, and time-bound (SMART). Remember that when trying to accomplish your goals that you should strive to be both consistent and disciplined.
Consistency
Speaking of being consistent, consistency is a trait that all successful entrepreneurs share. Consistency means a commitment to you and your business that requires constant action to achieve your goals. It leads to habits, and habits lead to success.
Consistency can be linked to the previously mentioned habits. Reading once every 2 weeks won’t do you any good. However, reading every day can yield favorable results. The same goes for consistently waking up early, consistently living by frugal means, and consistently networking.
In business, consistency builds trust. To establish your niche or prove yourself in an industry, you must be persistent. It also allows for measurability. If you work a consistent amount of time every day, you ensure that you are not selling yourself short and allow yourself to track your progress.
Planning Their Day/Week
Every person on planet Earth has the same 24 hours in a day. However, most do not take advantage of each day and use it effectively. Your time is valuable. Planning out your day (or week) is an effective way to ensure productivity and make the most of your time. It relieves the unnecessary stress that a hectic and unorganized day can produce.
Similar to goals, planning ahead can provide a sense of clarity and structure. Whether you’re a busy student or worker that struggles with a work-life balance, or an ambitious entrepreneur that has a lot of ideas that they want to pounce on, creating a structured plan can give a sense of control over your day.
Personally, I use a digital app called Todoist, which allows me to consistently complete tasks daily and be my most productive self. It is an app that I have used for years and highly recommend. You can use other digital planners or use physical planners. Whatever you choose, make sure that it is a format that works for you.
Now that you have learned about 7 habits of successful entrepreneurs, you should strive to incorporate them into your everyday life to become the best entrepreneur that you can be.
