5 Habits of successful entrepreneurs
A quick search online will bring a plethora of habits many entrepreneurs claim to bring success. To determine the top five, ProfitShare Partners looks at its own success and those of its clients.
“We won’t go into the most obvious habits, such as getting enough sleep, exercise and a good diet,” says Andrew Maren, founder and CEO of ProfitShare Partners (PSP). “While these are vital, we’ll take a look at daily habits we see working among the entrepreneurs we assist.”
Here are PSP’s top 5, based on experience:
Money management
Successful entrepreneurs manage their personal and business finances carefully. They balance cashflow with spending on important things, such as office equipment.
The entrepreneur who understands budgets and basic accounting is the one who understands the value of every Rand.
“They also don’t splash out on luxuries like fancy cars and big houses at the first sign of financial success,” Maren asserts. “Note that with a personal fortune of US$ 116,7 billion, the world’s sixth wealthiest person, Warren Buffett, still lives in the same house he purchased in 1958 for $31,500.”
Daily list in order of value
The value of your tomorrow starts today, with a list of what you need to accomplish. At the end of each day, successful business people create a map for tomorrow: What must be done, in order of highest value to the company.
Where tasks can be delegated, they must be. As number one on your list, this means you’re not paying a staff member and yourself to perform the same task. If you’re building a high-level company, you can’t get caught up in low-level tasks. Trust the people you employ to do their jobs.
Here, Maren notes that “getting – or staying – in touch with clients should be a priority. Communication is vital to any business and if your clients are not kept informed about their orders, payments etc, you’re at risk of losing them. Look at the return on investment (ROI) of every task on your list and ensure the high-value jobs are done first.”
Mentorship: Getting and giving guidance
We sometimes think a mentor is required by an intern or junior staff member. Some of the most successful people on the planet have (or had) a mentor. Billionaire star Oprah Winfrey’s mentor was the late poet Maya Angelou; Elon Musk’s mentor is Jim Cantrell, SpaceX’s VP of business development; and Bill Gates was mentored by Warren Buffett.
A mentor is someone who can give the guidance, support and feedback you need to prosper in your business. It’s often someone who has been down the same road you’re on now and can share their actual experience about what worked for them.
“Any entrepreneur willing to keep learning – from a mentor, other business leaders and even their staff – is an entrepreneur that is likely to prosper,” says Maren.
Networking to develop leadership qualities
“Not everyone is born a leader,” says Maren. “Many an entrepreneur is a magnificent mind who needs to learn leadership as we go along.”
Networking is an excellent way to meet business leaders and learn skills from them. Join industry bodies in your sector and attend their functions. It’s important to watch what the successful do, rather than just listen to good speakers.
Being part of a network can provide new ideas; ways to save cashflow; deal with new clients and a host of other benefits. Importantly, introduce yourself to that one person who is at every meeting, usually quietly taking in everything he or she can.
“True leaders take action, rather than talking about action,” Maren asserts. “It’s what you do in your daily life and business that shows leadership.”
Read…
Some of the world’s most successful business people find time to read, whether it’s business news, a motivational book, the biography of another entrepreneur, or even a spiritual book.
“A few minutes of reading can help reset a busy mind at the end of the day,” Maren suggests.
If you look up articles on global entrepreneurial icons, you’ll see which books they even take on holiday with them and, if asked, they can tell you what they’re busy reading now.
Reading requires thought, imagery and a quiet mind – the opposite to watching a TV show or listening to a talk. Making reading a daily habit can be enlightening, amusing or thought-provoking. But always, it stretches the mind – and a mind that has grown a little can never go back to what it didn’t know before.
“As an entrepreneur, there are so many things that worked well for me. Here, we viewed a few of the top ones which, if practised diligently, are almost guaranteed to make you a better entrepreneur than if you don’t practice them,” Maren concludes.
