Essential Habits of Entrepreneurs – Overview
Being an entrepreneur can be stressful. However, certain habits can help manifest long-term, sustainable success. In this article, we team up with Rapid Formations, one of the UK’s leading company formation agents, to highlight the 10 key habits of a successful entrepreneur.
Rapid Formations is a top-rated UK company formation agent. Their formation packages and post-incorporation services help business owners register their companies in just a few hours and stay compliant throughout their life cycle. Find your perfect company formation package on the Rapid Formations website.
We will also discuss how new entrepreneurs can apply these habits to their routines.
10 Successful Habits of Entrepreneurs
This is the list of 10 habits of entrepreneurs that make them successful:
- Continuous Learning
- Goal Setting
- Being Resourceful
- Networking
- Exercising Time Management
- Planning Ahead
- Resting Regularly
- Practicing Self-Care
- Sticking to a Routine
- Tracking Progress
Let’s discuss each of the habits of entrepreneurs in detail.
Habit #1: Continuous Learning
Education is one of the cornerstones of success, so first and foremost, successful entrepreneurs never stop learning. It means reading regularly – anything from books and journals to newsletters and articles.
This habit allows you to stay on top of the ever-changing business world. Whether it’s market changes, shifts in consumer demand, or technological advancements, reading helps you ensure that your business evolves, spots new opportunities, and remains relevant. Reading is also an excellent way to learn new skills and develop your existing qualities. You can find plenty of inspiration in other’s experiences, learn from their journeys, and identify ways to improve your own business by acquiring new skills.
You should try to read every day. It doesn’t have to be for very long, but you should make a habit of dedicating time to it regularly. You may find it easier to read first thing in the morning to energize you or at the end of the day so that it doesn’t interfere with your main schedule.
However, if you struggle to turn reading into a habit, why not try audiobooks or podcasts? These are both excellent time-efficient options. You can find the audio version of a book that interests you and listen to it while you get on with your usual tasks. There are also plenty of business podcasts widely available. They are a great way to learn from other entrepreneurs and experts and find useful advice to apply to your own life and business.
Habit #2: Goal Setting
Success requires dedication, patience, and planning. In addition to that, running a business can be stressful and daunting, so staying in control is essential. To do this, successful entrepreneurs make goal-setting a regular habit.
Road mapping allows them to visualize where they want to be and what they need to do to get there. This powerful technique motivates them to stay on track, focus on the target, and perform at the right level to achieve it.
Basic goal-setting involves the following steps:
- Define your goals
- Set specific deadlines for completing them
- Make an action plan
- Highlight any potential obstacles and how to overcome them
- Take action
Split your larger goals into smaller, more attainable tasks. For example, you could focus on perfecting your customer service to boost your brand reputation. You could then prioritize engaging with your audience on social media, followed by joining ventures with another brand.
No matter how big or small your goals are, set your eyes on the prize and follow the above steps to get into the habit of goal setting and achieving success.
Habit #3: Being Resourceful
Successful entrepreneurs have a habit of being frugal. That doesn’t mean being stingy, but rather resourceful and finding ways to maximize value. To achieve this, you need excellent money management skills. Your regular financial habits should include things like budgeting, smart investing, and controlled spending. Over time, these processes amalgamate into long-term, sustainable success.
Frugality starts with the right mindset. For successful entrepreneurs, every spending decision is meaningful rather than impulsive. So, before spending money, you should ask yourself questions like “How will this benefit me?” “Do I need it?” and “What value will this add to my life?.” Making a habit of approaching your finances this way will help sharpen your money and risk management skills.
In the context of running a small business, a frugal mindset will help you make the most of your limited resources. It is a crucial part of problem-solving, adaptability, and critical thinking that will transform you into a successful entrepreneur.
Habit #4: Networking
Another regular habit that contributes to successful entrepreneurship is engaging in meaningful networking. These events connect you with like-minded people who add value to your life and fuel your success.
Networking isn’t just about finding future investors; it’s a great opportunity to learn from others, spread the word about your business, and build a valuable support network that will help you achieve your business goals.
There is no specific frequency at which you should be networking. It could be a couple of times a week or once a month. You should find events that suit your schedule and try to attend them regularly. Remember, it’s not just about ticking a box, but rather making it an ongoing habit that’s part of your lifestyle.
Habit #5: Exercising Time Management
Successful entrepreneurs are clever with their time. As much as we all love to have more time in the day, time is restricted, so use it wisely and efficiently.
If you are a new business owner, time management is a crucial habit that can significantly reduce the stress of running a company and replace it with high performance and success.
The easiest way to optimize your time is to arrange your tasks in terms of priority. Since you can’t always tick everything off the list, successful entrepreneurs make it a habit to tackle the high-value tasks first and tend to the smaller ones later.
You might find making a physical daily plan helpful rather than relying on memory. That way, you can visualize how your day will unfold and ensure you miss nothing.
Habit #6: Planning Ahead
Successful entrepreneurs have a habit of planning ahead as part of effective time management. This can be as simple as planning what you are going to eat for breakfast the next morning, writing a list of things to do tomorrow, or adding an important appointment to the diary a few months in advance.
Planning ahead as much as possible is a powerful habit that can help you start the day alert and confident. Productively, it also reserves vital energy to deal with any unforeseen challenges and difficulties. Your business will benefit significantly from planning ahead, too.
You should map out short—and long-term goals for your company to get a clear sense of direction. This will give you a basis for tracking your progress, allowing you to note accomplishments and improvement opportunities along the way.
Overall, planning ahead offers personal as well as business advantages. It allows you to mentally prepare for the day and optimize your performance to succeed. It also helps you understand your business, such as what’s going well and what needs to change.
Habit #7: Resting Regularly
Successful entrepreneurs make time to rest. Being well-rested means you are alert, sharp, and motivated. So, it’s essential to make “good rest” a regular habit and ensure that you fuel your business and success.
Entrepreneurs typically get up earlier than most. However, if an early-bird pattern doesn’t quite work for you, an extra 30 minutes or an hour of quality sleep could make all the difference in your daily performance.
Basic neurology explains that a lack of sleep causes our brains to become quickly overworked. This slows down our reactions, impairs our ability to retain information, and leaves us emotionally drained, all vital components of success.
To give your business the attention it needs, it’s essential to make quality sleep a regular habit and give your body and mind the rest it needs to perform every day.
Habit #8: Practicing Self-Care
If you struggle to increase your sleep time, self-care is another successful habit- essential for every entrepreneur. This habit is the key to avoiding stress and burnout.
Self-care is anything that re-energizes you, such as:
- Drinking more water
- Regular exercise
- Meditation
- Healthy eating
- Spending time with loved ones
- Taking regular breaks
- Practicing your hobbies
The aim is to focus on what inspires you to be positive and productive. An entrepreneur’s typical day is often jam-packed, making it difficult to find surplus time for self-care. But no matter how much of a workaholic you are, finding the time to unplug and recharge is crucial. So, take the time to refuel your mind and body and inject that energy back into your business.
Habit #9: Sticking to a Routine
Successful entrepreneurs repeat meaningful tasks to stay efficient and operate at an optimal level. So, when you have found a daily routine that suits you, it’s essential to stick to it.
Your day could start with a 15-30-minute read, followed by a nourishing breakfast. After a day in the office, perhaps you would enjoy a gym session while listening to an educational podcast.
If you can’t always plan your days so specifically, try theming them based on your primary tasks. For instance, Monday could be company management, Tuesday could be marketing, Wednesday could be company culture, and so on.
Whatever your routine is, repeat it habitually. It will help you practice discipline, prepare your body and mind for what’s next, and stay in control. Naturally, changes and obstacles will come up here and there, but you should have a core routine in place that makes you productive, positive, and confident.
Habit #10: Tracking Progress
Finally, successful entrepreneurs track their progress. One of the most effective ways to do this is to keep a daily journal. It may sound basic, but a simple reflection is a great way to analyze your performance and highlight the pros and cons.
You should make a habit of jotting down your thoughts at the end of each day. Think about what went well that day, what you achieved, what you learned, and how you can apply what you learned in the future to turn it into success.
Journaling helps you reduce stress, boost your creativity, and find motivation. These are all key factors that promote long-term success among entrepreneurs.
Examples
To put some of the above habits into context, let’s take a look at some existing successful entrepreneurs and their regular habits.
Example #1:
Jack Dorsey, the Square CEO and Twitter founder, used to manage two full-time businesses while following a strict daily routine. Constantly long hours require planning, so Dorsey made it a habit to plan out exactly what he would focus on each day.
Dorsey explains: “The only way to do this is to be very disciplined and very practiced.” He also adds: “There is interruption all the time, but I can quickly deal with an interruption and then know that it’s Tuesday, I have product meetings, and I need to focus on product.” (Source: Dorsey Interview on Working for Two Companies Full-Time)
Despite his 16-hour working days, Dorsey still finds the time to unplug. He says: “Saturday I take off. I hike. And then Sunday is reflection, feedback, strategy, and getting ready for the rest of the week.”
Example #2:
Another example is Ella Milla, founder of the vegan food brand Deliciously Ella. According to a study by the payment provider Dojo, Mills dedicates a healthy amount of time to sleep. Before starting her work duties, she meditates. She then winds down through physical exercise and leisure activities.
The Dojo study also highlights many other successful entrepreneurs’ routines—and they are all similar. Their days start as early as 3 a.m. Even though the bulk of them are taken up by their day jobs, there’s still room for rest, physical and mental health, nourishment, and private tasks.
Final Thoughts
An entrepreneur’s average day can be hectic and stressful, but certain habits help them strive for and achieve success. If you are new to entrepreneurship, the above habits of entrepreneurs can help you find motivation and inspiration. They help with key elements like self-development, stress management, and financial stability.
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