We have often come across news and articles of highly successful entrepreneurs. Have you ever wondered what makes them who they are today? In a society where paper qualification is imperative, a large majority of successful entrepreneurs will debunk this belief because academic achievement was secondary to them. The most critical ingredient to success is their daily and regular habits and not what they had achieved in the past. Most of them achieved considerable success while a minority, who are the cream of the crop, reached the apex of entrepreneurship. What exactly are the habits of successful entrepreneurs?
The successful entrepreneurs
This group forms the majority of entrepreneurs. While they may not belong to the billionaires’ bracket, they have nevertheless achieved success in their own rights. Typically, they start with the end in mind by setting clear goals. This is a fundamental to success. Having a clear goal to work to is important as it is a motivating factor to keep reminding them the reasons why they have embarked on their own entrepreneurship journey. And goals need to be clear so that a methodology can be used to achieve them. For example, the S.M.A.R.T. goal-setting model is simple yet effective. It provides a framework where specific goals are set, determining the size of the goals, what they entail and the timeline in achieving those goals. It also must be measurable so that it can provide feedback to guide the progress and hold the stakeholder accountable. By setting such objectives, this will help one to reach their targets, but it should also be achievable, otherwise, it can be demoralizing if it’s seen that they are to achieve an impossible task. The size and timeline of the goal established need to be realistic. For example, if an entrepreneur wants to achieve a $100million valuation from a start-up, he should factor in a few years and a systematic manner to achieve it. It leads to the part of setting the goal in a timely fashion. Setting a clear timeframe with multiple mini-milestones along the way can lead to progress which motivates everyone to achieve the eventual goal.
Besides setting out the goals and plans, an effective entrepreneur sets a daily routine and executes it religiously. This could be from waking up early for an exercise regime, to conducting a business review to setting appointments to meeting clients, and so forth. Even during a downtime, successful entrepreneurs will dig deep to find that extra ounce of energy to push and continue their tasks at hand. Self-discipline is the attribute that guarantees the other habits are followed through and it goes hand-in-hand with other aspects of life.
The question is how do entrepreneurs develop self-discipline? It is probably the most old-school advice, but it is the most effective. Entrepreneurs put in tons of hard work to develop discipline, to communicate and lead a team, to hit the gym to keep fit, to diligently read and upskill, to set goals and execute them, and all other relevant aspects and habits which cannot come to fruition if a purposeful hard work is not put in to develop them.
The Top 20% Entrepreneurs
One of the most impeccable habits of the top 20% successful entrepreneurs is that they are always reading and learning, and seeking to improve. They could be learning ways to improve business operations or effective self-management, and they are always keeping an eye on the current trend. For example, in the current pandemic, many brick-and-mortar businesses have been unable to sustain lockdowns and restrictions. A successful entrepreneur will learn and understand that the new trend is to pivot his business to online operations where he can continue to sustain his bottom-line. Before he can successfully execute it, he will need to learn the evolutions and improvements he needs to make.
Top entrepreneurs also recognize that success is not a zero-sum game. Others do not need to lose for them to win. These entrepreneurs are always thinking and crafting new ways for all parties to succeed, be it the clients, vendors, or employees. They seek sustainable success. They understand that if they are self-centered, and everything is all about their own business, very soon they will find themselves on a deserted island.
The Collaborative Entrepreneurs
Success breeds success. A minority group of Top 5% entrepreneurs will work together and leverage on each other’s strengths for a common cause. They actively seek to network with the people they want to work with. They craft and design business propositions that are a win-win scenario for all parties, and inadvertently become a magnet attracting successful entrepreneurs as well. To bring across their ideas well across to other entrepreneurs, this group of people tend to be highly effective communicators. They always seek to understand first, then be understood. In this way, they can synergize and leverage the strengths of the stakeholders involved. As a decision-maker, they would always seek feedback and bounce off constructive discussions rather than taking a top-down approach.
One special trait that makes this group of entrepreneurs unique is that they have an enormous appetite for success. They do not rest on their laurels having achieved minor success and milestones. Many common entrepreneurs would be celebrating, but for this special breed, they never lose focus in pushing on. Successful billionaires like Warren Buffett never know when to stop. They are relentless even after achieving their first billion. They continue to strive, and making billions has become a habit for them.
The Apex Entrepreneurs
The likes of Elon Musk and Jeff Bezos are some of the exceptional entrepreneurs in the world. That one compelling trait that they possess is that they are inspirational and charismatic leaders in their own respective fields. They combine all the attributes that effective leaders would have and build an exceptionally strong team that supports and helps them achieve their goals and vision. They can see the bigger perspective in life; it is not only about how successful they can get but also elevate the people around them. They nurture the talents in their team, trust them, empower them, and together are committed in achieving common objectives. The legendary Steve Jobs quoted, “Teamwork is dependent on trusting the other folks to come through with their part without watching them all the time”. These highly successful entrepreneurs never underestimate their importance. They understand a healthy body and mind can help in withstanding the rigors of entrepreneurship where challenges arise on a daily basis. To be successful in business, they must first be successful with their bodies. How can they expect to manage an enterprise if they cannot even self-manage their health? Planning schedules around our meals, sleeping and exercise routines, are also parts of the bigger business plan.
Success is reserved for a special group of people who practice effective habits. These individuals are not rocket scientists, neither do you need to be highly educated. The good news is you can access and join this group of successful entrepreneurs by developing these effective habits. To start building your supreme effective team today, talent hunt on Bridge with our large pool of qualified and competent personnel. Contact us here if you’re an employer looking to hire. We look forward to connecting with you.