7 Things Successful Entrepreneurs Do
Being your own boss is extremely appealing and sexy in theory, but those of us who have been in the trenches of owning and operating a business know, it’s not all glitz and glamour. When people use the expression that they put their “blood, sweat and tears” into their company, entrepreneurs understand how much truth is in that cliché statement. Owning a business, or as in many cases, a business owning you, can be all consuming and highly stressful. There is a constant cycle of bills, oversight, hiring, firing and thought processes about how to increase profit or even become profitable at all. But there are ways to harness the craziness and regain control not only over your business, but over your personal life as well. Unlike being an employee, entrepreneurs don’t have the luxury of leaving work at work. For many, the wheels never stop turning, the phone never stops ringing, and there is never a true break. The strategies in this article can begin to help you change all that. Whether you’ve always worked for yourself or you’re just now preparing to start your own business, there is a core group of actions/activities/habits that successful entrepreneurs engage in on a regular basis in order to achieve and maintain a continued level of life balance and monetary success.
Wake up early, and not just to get the worm. It has been stated over and over, in best-selling self-help books and motivational speeches, successful people get a good night’s sleep and rise with the sun. So much stands to be accomplished in the early hours of the day. Some people meditate, some go to the gym, some read the paper, have coffee or simply plan the day. Others are making international business deals, stock trades or other high-power moves. No matter how big or small the action, starting early ensures more things get done, and when you are heading up a company, the To-Do list is always long.
Don’t Procrastinate. Successful entrepreneurs don’t leave things until the last minute. If a decision needs to be made or an unhappy customer needs to be dealt with, take the initiative and get ‘er done. Putting off things that will inevitably have to be dealt with only increase stress and clog your mind with things that, if dealt with in a timely manner, free your thoughts for more creative and productive use.
Act with Integrity. There will be moments of temptation for every business owner to take the short-cut or make the shady business deal, if it means making a quick buck, or even a quick million bucks. But before you make a deal with the devil, consider the long-term. Businesses (and their owners/CEO’s) must live with their reputations for a very long time, and once a reputation is tarnished, it can be extremely difficult to regain trust, support and confidence. Instead of thinking narrowly and in the short-term, broaden your focus and make decisions with integrity. This will lead to long-term growth and exponential monetary success.
Exercise Patience. Patience is a broad term, but experienced entrepreneurs know how important it is. Some businesses are quick to start, others take more time to build before turning a profit. Some employees catch on quickly, others need time and cultivation. Some clients are easy going and others need a lot of educating and attention. Knowing when to exercise patience can mean the difference between allowing a caterpillar of a business to morph into a butterfly or giving up too quickly and missing out on huge gains. Try to keep knee-jerk reactions to a minimum and allow your company, your employees and your clients the time they need to reach their full potential.
Identify Business Cycles and Plan Accordingly. Depending on your business model, cycles can vary greatly. Some businesses experience a boom or a slowdown at a certain time of year while others are more tied to the cycles of the economy or interest rates. Do your research and projections so that when business is booming, profits are allocated to cover costs and keep up your standard of living when things take a down-turn. Don’t be hypnotized by big bank account balances and over-zealous with your spending. Plan to provide stability for your employees and yourself by knowing the cycles and not over-committing financially.
Value Your Creativity and Know When to Ask for Help. Most entrepreneurs are what we consider to be macro-thinkers. They have big visions and goals but may lack the attention to detail needed to make the day-to-day wheels turn. Don’t underestimate the power of your creative thoughts and ideas when it comes to business. Whether you are dreaming up the next big invention or a complex marketing plan to increase revenue, these thoughts and plans, strategies and ideas are what make the magic happen. But a good businessperson knows when to delegate. Don’t bog yourself down with the tasks you know you aren’t good at. Find a good CPA, hire an over-achieving assistant. Then sit back, dream big and reap the rewards.
Work Hard, Play Hard! Whether it is an afternoon off or a month-long holiday to Europe, take time to recharge. This is one of the best things you can do for yourself, and your business endeavors. Married? Plan a weekend getaway with your spouse. Have a family? Plan a family vacation over the holidays or summer break. Single? Plan a friend trip to Vegas or Napa. Or book that trip to Hawaii for yourself. You can spend some much-needed alone time or make friends once you get to your destination. However you like to blow off steam, set aside the time to do it. It will help you to de-stress, de-compress, kick-start your creative juices and remind you why it is you work so hard everyday. Because what is the point of working that hard, if you never take the time to enjoy the success?
