7 Habits of Highly Effective Entrepreneurs

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What do Richard Branson, Bill Gates and Arianna Huffington have in common, besides being highly successful entrepreneurs? They have common habits that they practise daily.

There are a few small, yet key responsibilities, that effective entrepreneurs practise daily to help them sustain the edge they need to survive in the business world. Indeed, if you ask any entrepreneur what puts them ahead of much smarter, more talented entrepreneurs who have more resources that put them at an advantage, they would say that their small daily habits are what made them surpass those peers.

Here are 7 habits you should develop to become a more successful
entrepreneur.

1. Invest in Self Care

A tremendous amount of grit and sacrifice are key ingredients to entrepreneurial success. But effective entrepreneurs take time for themselves to recharge.

They take time out of their daily schedules to meet with themselves. Indeed, meetings with others is equally as important as meeting with yourself.

They rationalise that to be truly engaged with others, they need to engage themselves and nurture their connection with themselves. This hones a proactive mindset and also helps them to avoid burnout.

2. Set Goals

Studies have shown that when a person sets goals for themselves, they are more likely to achieve them. Let’s take a look at the classic embodiment of that statement: Benjamin Franklin.

Franklin is known for his brilliant inventions and for being the personification of the modern American entrepreneur. He planned his success every step of the way by setting goals and laying out a clear roadmap to achieve those goals.

So, set goals for yourself and your business. Whether it be daily, monthly or yearly, writing your goals down and determining how to reach them is a habit you should quickly develop.

Doing so will enable you to visualise the path you should take to achieve those goals. Make sure you constantly review your goals and aim to achieve them regularly.

3. Be Passionate

Successful entrepreneurs are first and foremost, passionate and motivated about what they do. Money is one of the objectives, but not the sole one.

Their enterprises almost always start off as a hobby or a cause that is very dear to them. They usually try to solve an existing problem that they have identified. Indeed, successful entrepreneurs attribute their success to their desire to change the world and not on chasing money.

Let’s use the classic example of Steve Jobs, the legendary entrepreneur. He credits his success to not chasing money but his passion to change the world for the better. And he ended up creating the world’s most brilliant and iconic products as a result.

Another classic example of an entrepreneur who followed his passion to change the world is John Mackey. He spent years working and living in urban food communes and was a member of several food co-ops. He spent time learning about the industry and identified a gap in the market for quality foods and products for consumers. That is how Whole Foods was born.

Steve Jobs and John Mackey both ended up making a lot of money because they found a unique way to solve consumer problems. They had an idea and a vision and laid out a plan to follow it. They understood what the customer needed and delivered just that.

Entrepreneurs that focus on financial gain can’t see past the short term wellbeing and survival of their enterprises. That leads to feelings of unfulfillment and depression down the road.

Passion is what gives entrepreneurs the will to continue when times get tough and profits start declining. Keep honing your passion on a daily basis.

4. Surround Yourself with Great Teams

A successful enterprise starts with a dedicated and determined team. In fact, surrounding oneself with a great team is the greatest propelling force you, as an entrepreneur, can give to your start-up.

Having a team you not only respect but also like very much and enjoy working with can make your start-up’s rollercoaster ride an emotionally easier one to handle.

A passionate, skilled and ethics driven team is a great fit for any business. Success is never a one-person job and with a great set of employees, an entrepreneur’s weaknesses and strengths are able to balance out.

Successful entrepreneurs take time to find the right employees. This helps to prevent constant staffing changes which might hinder their progress.

5. Don’t Take Yourself Too Seriously

Successful entrepreneurs understand that not everything will go their way and for that reason, they train themselves to be high-spirited and optimistic at all times.

When they stumble, they tune up their problem solving skills. And that is only made easier if they don’t take themselves too seriously.

That is because solutions to problems cannot come to a rigid mind because the mind is being conditioned and controlled. Successful entrepreneurs are able to see clearer when they have control over their minds and emotions. They are open to seeing the challenges in front of them and are able to laugh at themselves in the process of overcoming those challenges.

6. Exercise

The benefits of exercise for the body, mind, spirit and general wellbeing are well-known by almost everyone. Entrepreneurs are no exception.

There is a myth that successful people do not have the time and freedom to exercise whenever they want. However, that myth only applies to the extremely busy people. Indeed, it can be difficult to find time to exercise during a workweek. Variables like erratic work schedules and constant travel can get in the way.

What matters is not how long or where you exercise. What matters is that you make time for exercise. It is particularly important for you, as an entrepreneur, to exercise because it increases the neuroplasticity of the brain, which makes you smarter and more able to tap into your higher intelligence.

Besides the stress control and health benefits of exercise, successful entrepreneurs do not sacrifice any opportunity to improve their brain’s ability to stay sharp.

7. Minimise Day-to-Day Choices

Entrepreneurs need to make a lot of high-impact and creative decisions. So in order to maximise effort, time and energy, they need to minimise day-to-day choices as much as possible. That means that they need to have the same routine every day.

For example, having the same breakfast every morning or having the same theme every day of the week hones your decision-making skills.

Entrepreneurs like Mark Zuckerberg focus their energy on making important decisions and eliminate the need to make minor decisions like what outfit to wear or deciding what to eat. Zuckerberg wears jeans and a hoodie to work every day and Steve Jobs wore the same jeans and black turtle neck every day.

Wrapping Up

Although there are more habits of highly successful entrepreneurs, adopting those seven habits mark the beginning of a sustainable and successful entrepreneurial journey.

The habits you practise will either determine the success or failure of your business. Indeed, the growth of your enterprise entirely depends on you and the choices you make. Adopting healthy habits will help you avoid most of the struggles or failures that a lot of entrepreneurs face, particularly at the beginning of their careers.