Tesla and SpaceX boss Elon Musk was voted the 2021 Time Person of the Year, and no matter your opinion of the man, there’s no escaping the fact he’s been wildly successful.
Whether he’s your business role model or whether it’s an entrepreneur from among your local network, it can be an interesting and valuable exercise to know what makes them tick.
Without further ado then, let’s take a look at the top 10 habits of highly successful entrepreneurs.
Successful entrepreneurs have a clear vision
Every leader, whether they’re at the head of an army or a design team, has to 100% understand their core message and goals – otherwise you’ve got chaos.
Any entrepreneur must have a clear vision of whatever need their business aims to meet, or product it will sell, so they can identify their ideal customer and target their marketing accordingly.
You must also pass on that clarity to those working alongside you, whether it’s salaried employees or services like ours, so they can help the business move forward and succeed.
A successful entrepreneur has flexible goals
Del-Boy Trotter always said he wanted to be a millionaire this time next year, but we think he was more of a fan of wheeling and dealing than all that moolah, which is probably why it took him so long to achieve his ambition.
Successful entrepreneurs understand the importance of having a goal, whether it’s a certain profit level or production target, and will work their socks off to achieve it. But what happens afterward?
It’s great to have attainable and reasonable goals that align with your business vision, but also keep in mind the real world will throw up all kinds of challenges (see the past two years), and you will need to adapt to each and every one.
They focus on high-value tasks
Any business owner knows there are just 24 hours in a day, and no matter how much they pack in, they simply can’t do everything on their own.
That’s why many of our clients are successful entrepreneurs. They call on us to carry out the run-of-the-mill tasks that keep their companies ticking over smoothly, while they focus their energies and talents on the higher-value work.
Do successful entrepreneurs set deadlines?
Yes! Who hasn’t been up until the wee small hours, racing to hit a deadline because it was left until the last minute hoping what they turn out will be good enough.
Sure, you might pull off something decent once or twice, but flying by the seat of your pants isn’t always the best or easiest route to becoming a successful entrepreneur.
Settling clear, defined targets and ambitions is a more efficient and sustainable way to focus you and your team’s energies, especially if your business operates in a crowded market.
They plan ahead and create routines
Having deadlines is one thing, but they must be underpinned by solid organisation – and every successful entrepreneur knows it.
Whether you’re offering a service or manufacturing a product, forward planning is crucial to the success of your business, especially these days with the supply chain squeezes.
Creating a regular routine or schedule will also help you and your team operate like a well-oiled machine (as well as factor in some all-important downtime) and will make absorbing any bumps in the road a little bit easier.
A successful entrepreneur is persistent
You may not have heard of Yelena Baturina, but we think the Russian billionaire businesswoman is right on the money with this quote: “it is impossible to achieve success without persistence”.
Every business, from bootstraps to giant corporations, will encounter obstacles, from regulators to nay-sayers on social media.
The trick is to listen to constructive criticism and act on it if need be, cut through the rest of the noise and push forward. You will get there!
They take action and risks
Science tells us every action has an equal and opposite reaction, and so it goes in business. Nothing happens if someone doesn’t make a move, so make sure you’re the one making a splash!
Your planning and organisation should underpin much of your business activity, but successful entrepreneurs, particularly those with a nose for new trends, also like to take a risk from time to time.
Carefully calculated moves could move your business in a new – and lucrative – direction, so always stay open to the possibility of making an ‘out there’ decision.
A successful entrepreneur is always learning
You may know a great deal about your particular sphere of operation and probably stay abreast of what’s happening within it to respond to trends and movements.
Today’s digital age means a world of knowledge and information is at our fingertips, and one common thread among successful entrepreneurs is they read – a lot.
While you don’t have to finish War and Peace every day, it’s a valuable exercise to find time to dip in and out of a book, whether it’s an old-fashioned paperback, Kindle or audiobook.
Do successful entrepreneurs understand the importance of self-care?
Absolutely. If we can thank the pandemic for anything, it’s the shifting of wellness and mental health from the outer fringes of the business environment firmly to the centre.
While many companies focus on their employees’ health and self-care, successful entrepreneurs know only too well that taking time out for themselves is every bit as important too.
That means handing off everyday tasks to us, unplugging and resting, taking regular exercise and getting quality sleep – all of which will keep you fighting fit and bursting with entrepreneurial energy.
Successful entrepreneurs are unafraid to fail
It may sound odd, but successful entrepreneurs aren’t afraid of failure. The thrill of making a business proposal to a new client gets their blood pumping like nothing else.
Even if it doesn’t go their way, it makes them more determined to succeed the next time – see persistence.
Richard Branson famously said: “do not be embarrassed by your failures, learn from them and start again”. We think he’s absolutely right.
So there you have it, the 10 habits of highly successful entrepreneurs. If you need an expert, extra pair of hands to achieve your goals, drop us a line and we’ll back you all the way. Virtual Assistant Whiz offers vital admin support on an ad-hoc or regular basis. Contact us at firstname.lastname@example.org and let’s find out what we can do for you.