There are reasons why entrepreneurs are successful and you are not! What separates truly successful entrepreneurs from the pack? The answers have very little, if anything, to do with money. The most successful entrepreneurs don’t just own a business – they are ambitious innovators with an appetite for smart risk.
10 Habits of Successful Entrepreneurs
In this article, I will share with you the habits of successful entrepreneurs which you can imbibe in your life.
#1 Passion is followed by money.
Successful entrepreneurs make money not because they are money-minded but because they have the passion to solve problems of people, and money is just a by-product of solving the problems. None of the entrepreneurs start a company with the intent to make money. They start with an “idea” and work towards actualising the idea. The idea is often a problem and they solve the problem – money follows.
#2 Failure is the path to success.
You would usually get deterred by failure. The usual mentality is to quit. Entrepreneurs think differently. We all know Henry Ford. Did you know Ford went bankrupt thrice or did you know that in the first year Coca-Cola made a profit of only $200? Entrepreneurs do not get bogged down or disappointed with failures. They see it as a failed attempt and make efforts to succeed repeatedly.
#3 Minimising day-to-day unproductive decisions.
It’s a fact that a person spends a lot of time every day mulling over unproductive things. What to wear, what to eat etc. are things which bothers us. A habit of successful entrepreneurs is to minimise unproductive decisions. Steve Jobs and Mark Zuckerberg wear the same clothes every day, not because they lack clothes but because they don’t want to spend time pondering ‘what to wear’ daily and waste precious minutes. Successful entrepreneurs are goal oriented.
#4 Customer has the 1st priority.
Successful entrepreneurs realise that customer is literally the king in this business. All innovative entrepreneurs see a need in the market and device a way to fulfil it. Take the example of Twitter. Biz Stone, Jack Dorsey and Evan Williams has revolutionised the world of communication. Twitter has become a world changing communication engine where every user is a stakeholder.
#5 Successful entrepreneurs indulge themselves.
Being an entrepreneur does not mean you starve yourself from indulgences. It does not mean you count every penny or punish yourself by leading a plain lifestyle. Instead, you will often find successful entrepreneurs leading a motivation or goal oriented lifestyle. True, the target is the finish line but within the path of reaching the finish line, they plant goals in the long path to the end. These goals act as a motivator and create a much needed momentum to achieve.
#6 Innovative thinking is the mantra.
Post-2000 is probably the era of entrepreneurs. We see a lot of startups beginning everyday but a small percentage of them survive. Even a smaller percentage are those ideas which get global recognition, a status which businesses like Twitter and Facebook enjoy. Successful entrepreneurs get the same 24 hours a day as you and me. How come they are reaching the pinnacle of success and we are languishing behind? The answer is innovation!
We read that a true businessman is one who identifies a market demand and fulfils it. However, this is not true for innovative entrepreneurs because they “create” a market. Take the examples of Elon Musk, Mark Zuckerberg and the Google founders. They created a market worth billions!
#7 Every minute is the right time for networking.
You will never see an entrepreneur whiling away time or waiting for the “right” opportunity to network. Entrepreneurs do not procrastinate. Any time is simply perfect. Be it weddings or a party, you never know where the next fabulous partnership will be formed. Successful entrepreneurs are aggressive networkers. They keep going at it throughout their life.
#8 They do not sell.
Entrepreneurs will never have a rehearsed speech ready. They are not like car salesmen, ready with an elevator pitch and running after the next sale. Entrepreneurs work with their heart and mind. Their complete passion rests with their endeavour. As such, they do not need to rehearse or learn speeches. Whatever they say comes from their heart and this is what that makes all the difference.
#9 Self-worth is not equal to bank balance.
Take up any inspirational and motivational book and you will see countless examples of people who went broke, bankrupt, were on the brink of losing everything but that never deterred them from achieving what they wanted. Successful entrepreneurs do not equate their self-worth with the amount of money they have in their bank account. Take the example of Donald Trump – his bank balance has gone up and down like an elevator but did it ever impact his confidence? NO.
#10 Be ready to accept mistakes.
If you are someone who refuses to own up mistakes, entrepreneurship is not for you. You cannot be an entrepreneur and be egoistic and defensive, and play the blame game. You can never be sure whether the path you are walking on is the right path. It can so happen that you have to take a detour or shift gears to a new path – you have to be ready. You have to own your mistakes, take lesson from it and walk a new path. You need to have guts.
It is not necessary that every idea will click. Some things work, some things don’t. Be prepared mentally, always. Most importantly, don’t blame anyone else for your mistakes and failures.
Endnote
If you want to become a successful entrepreneur, you need to imbibe these habits. This is, of course, not a complete list but a good way to begin. Entrepreneurship is all about having the right mind-set.
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