7 Habits a Successful Entrepreneur Should Have

Entrepreneurship is not for the faint-hearted. Yet, every year, more and more people start their own businesses. This is no coincidence of course. The freedom to build something you can call your own and the potential for untold gains is undeniably attractive. Even if it means taking big risks with finances and time, and even reputation.

 7 habits of the Highly Successful Entrepreneur

At the same time, it is hard to overlook the fact that many businesses fail. This makes one wonder. What is it that separates the successful entrepreneur from the one who is not? And extending from there, what can we learn from the habits of highly successful entrepreneurs to replicate our own? Here are some helpful tips. Many of these look-like personal characteristics, but they can actually become habits if an entrepreneur has the right mindset.

  1. Motivation: This one goes without saying. It is the reason for getting out of bed every day. Even if an entrepreneur is determined not to go into a 9 to 5 job, that can be motivation enough. But often it is even more. The desire to bring a product or service unknown to the world to life. Or create markets that are non-existent for now.
  2. Persistence: Determination is required irrespective of how high the motivation might be at the start. Challenges are sure to show up and it can be tempting to give up at such times. But success is often on the other side of persisting with facing the challenges.  
  3. Optimism: A key driving force behind persistence can be optimism. An individual who expects good things to happen is more likely to see them fructify. This is because a positive outlook leads to spotting opportunities even in times of despair.   
  4. Networks: Having a robust network to depend on during tough times, in particular, can contribute to optimism. Moreover, it can get necessary support during hard times and abundant opportunities during good times.
  5. Strategizing: A successful entrepreneur is always thinking of the way forward. This requires a fair bit of strategizing. Thinking through how growth can happen, in which direction it can happen and what needs to be avoided in the process.
  6. Risk aversion: This brings us to an important but often overlooked feature of successful entrepreneurs. And that is knowing which risks should be avoided. Risks from fraud and cybercrime, for example, are avoidable. Simple steps from screening vendors to having secure checks against fraud can go a long way.
  7. Management skills: Last, but not least, are great management skills. Entrepreneurs can rarely do everything on their own. They have to delegate to teams, strategize and manage risks. This requires strong management skills.

Learning from Successful Entrepreneurs

While it is good to know about these habits and behaviours, it can still be a struggle to implement them. Luckily, we have a plethora of examples of successful entrepreneurs down the ages that can serve us well.

Consider Mark Zuckerberg of Facebook, arguably one of the most successful entrepreneurs of the 21st century so far. From a college dorm room to a multinational enterprise, he has come a long way. His mantra? Doing easier things first helps you progress fast.

Then there is Apple founder Steve Jobs, who turned technology into a near-art form many of us use today. He just wanted to create an impact, while doing what he loved. Amazon’s Jeff Bezos is yet another example. From bookseller, he went on to make the company the biggest e-marketplace in the world. He believes in experimentation. In other words, do not fear failure.

Success with a Method

These examples serve to tell us that there are various ways to succeed. Each of these entrepreneurs has different driving forces. Working fast or doing what you love or simply experimenting. These can encourage any entrepreneur to figure out what gets us going. On top of this, entrepreneurs can build other habits and skills. From networking well to developing persistence and becoming better managers. Learned well, these can distil into success becoming achievable through a method and not just by chance.

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