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05Feb

5 Habits of Successful Entrepreneurs

Posted by Marcel Sim in Entrepreneurs

 

Successful entrepreneurs are rare because they don’t take their success for granted. They live by a set of rules and they know how to go beyond their comfort zone to create value in the market they are in. In short, they have habits that lead them towards success. They know how to replace their destructive habits with more constructive ones. In the following article we talk about some habits that every entrepreneur should seek to develop in order to find real success…

Habit #1: They Love What They Do

Entrepreneurs don’t run their businesses on money; they run them on passion. While money is important to them and they need it to grow their business, their passion drives them, not big financial gains. Their aim is to do what they love. If they create enough value in the market to get paid for it in the process, then all the better.

Nearly every entrepreneur who’s made it big started with an idea that they were really passionate about. They focused on things that they love to do, so in turn it rarely felt like working. They were able to dedicate themselves endlessly to their venture and eventually success followed.

Habit #2: They Know their Customers

Creating a real business that succeeds in the long run requires you to know your customers. It requires you to understand their needs and ensure that you give them the best solution. Entrepreneurs who regularly create profitable ventures spend a great deal of time knowing their customers.

They know exactly where the “gap” is in the market that they’re in. Focusing on those “gaps” allow for them to create products and services that sell. Ultimately, if you’re not delivering value to your target audience, your business cannot survive. And this is what successful entrepreneurs understand to the core.

Habit #3: They Pay Attention to Details

Entrepreneurs who have paved their own path knows that the Devil is in the details. They have this knack for paying real attention to details when it comes to solving problems and creating real-world solutions. This is what sets them apart from the pack and gives them their edge over the competition.

Boeing, which is one of the top leading aviation companies in the world today, has made it big because the entrepreneurial minds working behind the scenes have always paid attention to every minute detail – from the needs of the customers to plane’s engine. For instance, Boeing will regularly inspect their planes using videoscope’s to check that the plane’s engine are safe for passengers to fly in. The use of this type of tool can also cut costs by reducing inspection times go down (which leads into the next habit).

Habit #4: They Work Smarter Not Harder

It is a known fact that working hard is the key to success, be it any field. There’s nobody who will deny that. But what if your hard work is focused in the wrong direction? What if you could get ten times more returns from the same amount of hard work?

Top entrepreneurs always seem to find new and effective ways to work smarter, not harder. They know exactly how to take smart steps when it comes to making business decisions. For example, a good entrepreneur understands the value of delegation. Finding someone trustworthy to handle non-critical decisions will save them enough time that they can invest in creating better business strategies.

Habit #5: They Take Calculated Risks

Taking risks is a big part of the success in the business world, but not just any risks. An intelligent entrepreneur takes calculated risks so that they know what they are getting into. They do not play a blind game, but rather focus on taking risks that will help them get a good return on their investment without putting everything on the line.

This does not mean an entrepreneur cannot fail or will not experience loss. They obviously will, but a successful entrepreneur will use these failures to adjust their strategies even more so that they’ll be able to get better returns the next time they invest. Their failures often teach more valuable lessons than their successes.

The more you focus on developing the above habits, the stronger your entrepreneurial efforts will be. It will take some time before you start seeing success if you’re starting out, but understand that persistence is one quality that you will need in abundance to make it big. Period. 

Article contributed by Jenna Smith


 
 
 

 
 

1 Response to 5 Habits of Successful Entrepreneurs

Brandy Davis

February 11th, 2013 at 3:39 am

Loved the tips. I think I need to focus on the working smarter instead of harder… I may have that one backwards…

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