In a report on Entrepreneurship at a Glance 2016 from the OECD (Organization for Economic Co-operation and Development), it suggests that there is a revival in worldwide entrepreneurship. That’s great news given that entrepreneurs and SME’s tend to be the drivers of economic growth as well as their own success.
Successful #entrepreneurs tend to exhibit sets of habits which not everyone has. Since habits are not something we are born with but acquire, it’s possible to develop the habits that some of the world’s leading entrepreneurs have and that can make you a better entrepreneur all round. It’s not an easy process, but it can be done. The following habits are essential for successful entrepreneurs in our day and age.
You reduce low-impact decision-making
Having to make many decisions every day, such as what to wear, what to eat, or what to work on first can deplete your brain of energy, leading to poorer decisions later in the day. As an entrepreneur, making decisions is one of your key tasks, but you want to focus your energy on the big decisions, those that really matter for your company.
You develop strong relationships
The secret to doing good business is to build strong relationships not just with customers and prospects, but also with partners and employees. This is an ongoing process that requires acceptance and flexibility. I recently heard it put eloquently from Dr Nido Qubein, President of High Point University, ‘One should endeavor to build relationship equity.’
You control your emotions
Anger, fear, anxiety, annoyance, distrust, or frustration are only some of the emotions which can slow down your progress. Worse than that, they can make employees either fear you or not trust you enough to give your company their best. Controlling your emotions makes you a more powerful leader.
You put the feedback you get to good use
Listening to feedback is easy, but acting on it is another matter altogether, especially when you have many calls to make and emails to open. But feedback is crucial because it leads to improvement on all levels. Most people view feedback as negative. Feedback should be viewed simply as information. It’s neither right or wrong, it’s merely information and how you choose to act upon it.
You check the numbers every day
It’s up to you to steer the ship. What better way to do that than by checking the numbers and the data every day to always keep your ship sailing toward your goals? Without adequate finance tracking, it becomes progressively more difficult to monitor your cash flow and keep your business not just sailing, but also growing.
You do at least one important task every morning
The brain reaches its peak of concentration around 10 AM, making mornings ideal for getting the hardest work done. Ideally, you always plan key tasks the day before, to know exactly what you have to do in the morning. It also feels pretty good to cross a big task off your list early in the day to give you a sense of accomplishment and forward momentum.
You give praise but also correct
Praise fosters growth and loyalty. Praising at least one of your employees or assistants every day helps them feel appreciated and increases engagement. However, sometimes people make mistakes or screw up, and correcting and reprimanding is necessary to establish your authority.
You create a corporate culture
If people enjoy working for your company, not only will you not have staffing options, but your whole business functions like a well-oiled system. Creating a corporate culture takes time, sometimes years. But it makes all the difference in the world.
You make your family your best asset
Personal and spiritual benefits aside, having a strong foundation in your life, a loving and united family can be your best asset. Many of the world’s most successful entrepreneurs are happily married and have children. Having said that, individuals who are not married or don’t have kids can be equally successful. My fur baby cat brings my husband and I a lot of joy too.
You take time off
We achieve more after we rest well. The challenges of being an entrepreneur can easily push you into a hectic schedule that blurs the line between work and family. I know that all too well. It’s easy to keep going, especially when you’re driven and love what you do. Put some dates into your diary to take time off and recharge yourself, physically, mentally, and spiritually.
In the end remember that habits are dynamic. They change, develop, grow. As an entrepreneur, you want to review your habits every once in a while, making adjustments here and there and replacing those habits which are no longer effective.