7 Habits of Successful Entrepreneurs
There’s something special about highly successful people. They might look like everyone else, but they think and act differently
Most of us are familiar with the typical habits of successful people — wake up early, eat breakfast, build a network. But what about the financial habits behind successful entrepreneurs?
Are these habits a part of your life?
- Create your network by cutting great deals.
Successful people build extensive networks of contacts–both in the office, and outside of it. They leverage their network to help them take advantage of opportunities, and to solve problems . Successful entrepreneurs understand that financial success is not a short-term proposition.
Particularly when you’re just starting out, you need to be careful how you spend your money. Only purchase what is absolutely essential to perform business. Do you really need new office chairs, or will the old chairs work. Successful people don’t wait for someone else to tell them what to do, or when to do it–they take action themselves. When you’re a self-starter, you look for opportunities all around you, and when you identify one, you act. That’s the essence and the fuel for success in business and in life.
3.Know your liabilities.
A successful entrepreneur knows every single one of their business’s financial liabilities. They know what they can and can’t be sued for — and it’s this knowledge that allows them to stay out of legal hot water. While it’s wonderful to think that everything will be great all of the time, at some point, your business is going to run into difficulties. It’s at this point that it’s absolutely imperative that you know what you could be liable for at any given time.
Successful people have real passion and enthusiasm for the work they do, and they aren’t afraid to let it show. Their enthusiasm is real–it comes from their hearts–and it’s infectious, spreading to coworkers and customers alike.
5.Market in the first place.
There’s an old saying — the market is never wrong. Every successful entrepreneur needs to look at the market, and put the market before themselves and their ideas. No matter how great an idea is, it needs to be financially validated by the market to be worth pursuing. Don’t put your ego ahead of the market — or your business will suffer dramatically.
Successful people are creative and innovative. Instead of doing things the same way over and over again, they look for better, faster, and lower-cost solutions to common problems. They experiment and are willing to take risks–and occasionally fail–in pursuit of their goals.
Every entrepreneur knows they need to delegate. After all, you can’t do it all. But successful entrepreneurs look at delegation differently — they look for financial delegation. As in, who should they pay to accomplish a certain task? When you have a problem, you must spend some combination of time and money to fix it. The more you spend of one, the less you spend of the other. A successful entrepreneur looks at each problem and considers how valuable their time is versus the cost to solve the problem. Should you solve the problem yourself, or does it make more sense to spend money and hire outside help? Know how much your time is worth