5 Habits of Successful Entrepreneurs
Being an entrepreneur can be one of the most rewarding, yet challenging career paths one can take. There are many considerations that go into starting a business so it’s important to understand both the benefits and risks of this career path. It can be helpful to take into consideration the habits of the most successful entrepreneurs, especially for business owners that are just starting out.
They set “SMART” goals
While any type of goal setting is a great way to help one reach their ambitions faster, setting “SMART” goals, in particular, can be a helpful strategy for entrepreneurs. SMART stands for specific, measurable, achievable, relevant, and timely. When an entrepreneur makes a SMART goal, they are setting themselves up for success because they have a more clear path of how they will reach their overarching ambitions, whether that is personally or professionally.
For example, an entrepreneur may say they want to increase their revenue for a certain product by the end of the year rather than setting a goal to increase revenue overall. This depicts a SMART goal because they are focused on a specific area of the business, making this ambition more attainable. Furthermore, by making a timely goal, the business owner has a timeframe in mind and can make intentional steps to reach this deadline. SMART goals are proven to be more effective than simply setting a larger goal because it can sometimes be overwhelming to attain certain bigger-picture ambitions. This is why by having shorter-term, more attainable goals, it is easier to stay motivated as each smaller goal is achieved.
They continuously network
Entrepreneurs understand that making connections is fundamental in business. Networking can come in many forms and successful entrepreneurs oftentimes think outside the box when meeting new people. The COVID-19 pandemic not only shifted the way in which business owners had to operate on a day-to-day basis, but changed the way in which connections are made.
For instance, while some entrepreneurs may have been able to participate in trade shows or Chamber of Commerce events prior to the pandemic, in-person meetings came to a halt due to the need for increased safety measures. While traditional networking may have taken place in person, successful entrepreneurs learned to adapt and network digitally. Networking is critical in business as it allows entrepreneurs to stay on top of current trends and meet key players in the industry. Successful networking also can serve as a form of marketing or yield client referrals to create even more business opportunities.
They are always reading
It is commonly known that successful people are constantly reading. This is why many entrepreneurs prioritize and understand the importance of reading on a regular basis. Deciding which books to read can be overwhelming as there are a plethora of options available. Furthermore, reading can take up time and entrepreneurs are usually extremely busy, especially when just starting out. Taking time to read quality books that are industry specific can be a good starting point and can help narrow down choices. Making a habit to read books as an entrepreneur can improve brain function, enhance creativity and reduce stress.
They have a money management system in place
Being an entrepreneur comes with a significant amount of responsibilities, including having a financial plan in place for both professional and personal finances. Sometimes it can be tempting to combine personal and business finances however, some of the most successful ensure they have a money management system in place for tracking purposes. Making an effort to keep business finances separate from personal finances is a habit of successful entrepreneurs because this allows them to have a better understanding of their business expenditures and therefore, they can determine the best ways to spend money from their business.
Furthermore, successful entrepreneurs will oftentimes set up adequate safeguards to protect both their business and personal finances. Having financial peace of mind allows entrepreneurs to focus on growing their businesses and can provide much-needed protection in times of uncertainty. An important way to protect both the entrepreneur’s business and personal finances is to carry a sufficient amount of life insurance coverage. Having a life insurance policy is particularly important for entrepreneurs because they are responsible for many different aspects of their business as well as their personal finances. For example, if an entrepreneur has family members that rely on income from their business, it’s important to ensure that if anything unexpected were to happen, their family has financial safeguards set in place.
They make time for themselves
Successful entrepreneurs understand the importance of hard work but they also value taking time to regroup. It can be hard to take a pause as an entrepreneur, especially considering all of the hats they wear. However, prioritizing self-care and taking a pause can actually prove to create more growth in day-to-day business duties. A few ways some of the most successful entrepreneurs make time for themselves include:
- Making health a priority
- Enjoying a hobby
- Taking a vacation
- Getting a good night’s rest
The most important person to keeping business operations running smoothly is the actual business owner. This is why successful entrepreneurs make it a habit to prioritize their overall wellness.
Being an entrepreneur comes with a unique set of responsibilities and challenges. However, owning and operating a business can be an extremely fulfilling and rewarding experience. Understanding the habits of some of the most successful entrepreneurs can set other entrepreneurs up for long-term stability and a successful business future.