If you want to open your own business, or if you already started one but you want to be more successful at running it, you need to have the right mindset. Successful entrepreneurs are not born, they are made. When operating a business, you have to make difficult decisions on a daily basis, so you need to be prepared if you want to make the right ones.
What separates the entrepreneur from the average employee in the workforce? Often, it’s not much. A few key differences in thought processes and daily habits can mean the difference between a comfortable yearly salary and the kind of wealth that buys you three vacation homes. In the following article, we present five habits and attributes that define a successful entrepreneur.
are not born,
they are made.”
Time Management: Save Time. Buy Time.
Running your own business can be very time-consuming. An entrepreneur will be the first one to arrive at work and the last one to go home. That doesn’t leave much time for yourself, but if work has to get done, then sacrifices must be made. To squeeze more out of your day and to make things less chaotic, you need to sharpen your time management skills or consider spending money to save time.
Plan ahead. This might seem fairly obvious, but it’s often overlooked. If you plan out your workday on your commute, or preferably the night before, your tasks will be clearer. Pre-planning will also help you prioritize your actions so you can engage in the most productive tasks early in the day when you’re well-rested.
If there are easier and faster ways to do something, then find it. Remember, time is your most valuable asset. When your time is better spent doing higher level tasks, hire someone to perform other duties. If a piece of software or equipment can save you one hour per day, then calculate the cost and consider buying it. One of the things successful entrepreneurs learn quickly is that time can also be considered a resource they invest in the business. If you don’t invest it wisely, you’ll get beat out by the entrepreneur who can. Speed and efficiency should always be a priority.
Become Fearless: Go Big or Go Home.
If you aren’t failing or breaking stuff in the process, then you’re not innovating enough. You’re not fearless. Investing in your own business is a big risk, so it’s natural to worry. The simple act of starting your own business was a feat of courage. How many people talk about going on their own, and how many actually do? You are one of the few who made the big step, so you shouldn’t let fear of the unknown throw you off your game. In fact, you should become very comfortable with the unknown since you’ll be encountering new challenges on a daily basis.
Keep in mind that you started the business for a reason. Does the decision you’re about to make bring you closer to your end goal, or does it push you further away from it? If you know exactly what you’re striving for, you won’t be afraid to pull the trigger and make a decision, even if it’s risky. Whether it’s a new product or a new service, if you’ve listened closely to the market, your intuition may be correct. Go for it.
Money is for Production. Not Consumption.
One thing most successful entrepreneurs have in common is their view on money. Instead of thinking about money as a goal, they think about money as a means to achieve their goals. Successful entrepreneurs will spend money on new cars and property only after they reinvested the bulk of it. Business always comes before pleasure.
Successful entrepreneurs will spend their money perfecting their business to earn more free time, essentially buying life. They will invest it to produce more value for their companies, or they will use it to hire someone who can share part of their responsibilities. Entrepreneurs also see money as a resource that can bring them closer to their next dream, investment, or end goal. Money is a means to produce more value, not as a means for exorbitant consumption.
Self-confidence is one of the leading attributes of successful entrepreneurs. If you’re not confident in yourself, how can you be assured you’re leading the business where you’re supposed to? When an entrepreneur believes in themselves, the decision-making process seems easier. Even if you don’t make a poor decision, self-confidence is the axel that keeps the wheels in motion and propels the business forward.
Self-confidence is crucial if you work in a team. When people you’re working with see you’re confident in your actions and decisions, they won’t second guess or misinterpret them. It allows your team to rally behind you, and it gets everyone to buy into your company mission and philosophy. Of course, there’s a difference between being sure of yourself and becoming blindly arrogant. Be sure to surround yourself with the right talent, and always be receptive to input and ideas from other people.
Fitness & Nutrition are a Priority.
You may have noticed that successful entrepreneurs are often fit, and you probably thought that’s because they have a lot of money. But have you ever wondered if fitness helped them get where they are now?
Following a regular exercise routine will provide more mental and physical energy. With an extra jump in your step, you will be more assertive, and you will be able to conquer each challenge as it appears. Exercising will also improve your physique, boosting your self-confidence even further.
Following a regular fitness routine is also one of the best ways to reduce your stress levels. When you exercise, your brain releases “feel-good” chemicals known as endorphins. Endorphins are the equivalent of your body’s natural painkiller and mood booster.
Studies have shown that exercising can also reduce the symptoms of depression and anxiety while improving sleep quality. All of these things keep the entrepreneur in optimal mental and physical condition. If the day gets too busy and proper nutrition is not possible, energy and brain supplements can help clear brain fog and get you back on your feet. However, nothing can replace a proper diet, sleep, and exercise regime—especially long-term.
Are you cut out for entrepreneurship?
No two businesses are the same, so it’s safe to say that every entrepreneur is different as well. However, successful entrepreneurs have some things in common. They optimize the time they spend managing their business. They are not afraid to make difficult decisions, even if they might be incorrect. Entrepreneurs view money as a resource that can bring them closer to their end goals. They are confident when making a decision, and they treat their body and mind like a temple. That’s how you win.
What key attributes and habits are needed for entrepreneurial success?
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