Being effective and highly focused is particularly challenging to achieve, even harder in the present modern scene of numerous distractions. For a successful life as an entrepreneur, you could take a cue from the titans in the world of business and entrepreneurship. The giants we know today in the world of entrepreneurship all have one thing in common, the habit of high efficiency and time management. Read on to know the eight must-have habits of highly effective entrepreneurs.
How Did Successful Entrepreneurs Do It?
To be the best, you have to learn from the best, not necessarily re-living their lives but take into reconnaissance those building factors upon which their success was built. You need to study not just their professional ethics but social and personal ethics if you want to make some good/positive changes to your start-up.
Research shows than most successful entrepreneurs are often too busy with innovations to write down on their journey. Of course, we all want to know what kept Jeff Bezos or Jack Ma on track when they started their businesses. Unfortunately, most don’t write on their journey, and even when they do, it’s filled with what they did and not the actual actions that led to their ideas in the first place. It’s safe to say the books are not particularly introspective. Based on interviews and research, these are some of the must-have habits of effective entrepreneurs, and the world has come to revere.
Figure out what the market needs
One thing familiar with every successful/ badass entrepreneur out there in the market they provide for. The need to present an unrelenting demand for a vast majority of people. Bill Gates often says, and I quote,” Know the world I sheading to, and get there before them” that was his founding quote and idea to create one of the world’s most significant companies Microsoft.
Now everyone has an idea; I bet you could list down five excellent products or service ideas in ten minutes. The human mind is very innovative, and billions of information are passed around your brain cells every second, all working on analyzing and creating solutions to the problem your mind has created to solve. However, because new ideas are infinitesimal and endless, you need to focus your thoughts on valuable market intensive insights. This translates to sticking to plans whose values won’t go down over a long period and also serves a broad market besides there are no guarantee people will buy into your ideas anyway as long as it doesn’t help them directly.
Subsequently, discovering your market helps in the maximization of profit, imagine having this great product idea but no one to sell it to. But then again, this isn’t necessarily what drives most successful entrepreneurs just part of it. Take Facebook, for instance, when Zack created the app, he intended it only for a minimal group of audience, now look where the company is. Let’s take a look at the next point.
Don’t think about the profits, do what you love
All Popular and successful entrepreneurs out there have one thing in common; they didn’t set out to be productive; they all wanted the world to see how innovative they were. Money, however, is a byproduct of innovation. Making a fortune out of your product or services is directly dependent on how well the market assimilates the essence of what you’ve got. You may have the most excellent ideas, but without the passion and zeal necessary to bring that idea up to its best stages of realization, it’s as good as just another thought.
On the other hand, if your only focus is on gaining wealth and driving fast cars, then you’re bound to cut corners, shortchange your customers and sadly, but the truth fails to take adequate time in understanding what the market truly needs. This fact is actual for all businesses and services; it doesn’t matter if you’re trying to introduce a new product into the market or provide a rare service. Follow the advice in step one and ensure love what you’re doing.
Build your team
There’s a famous Chinese saying, ‘ One tree does not make a forest’ of course this is right in all sense, a single tree represents independence, stability and the shed but does not qualify as a forest. Translate this into business; you cannot effectively manage a business without the help of a team of assistants.
A company founder is like a tree root from which sprouts out other components and facets that makes up the business. Trying to micromanage without a team can only result in one of these four issues;
- Slow business growth since everything goes through just one person, and that is you, thereby creating a bottleneck.
- The business is bound to remain stagnant because it only relies on the opinion of one person (you).
- You’ll always be exhausted hence a quick deterioration in health
- Last but not least, the business will lack the best of ideas and innovations. If your company requires the contributions of the employees, they won’t bother to give you any ideas, after all, why should, at the end of the day, you’ll do what you want anyway.
Having a team is not enough; you have to bring everyone around the table regularly to throw up suggestions you never can tell what great ideas lie behind the least expected person.
Turn obstacles into assets
The best entrepreneur act and believe that even an event/ occurrence is a gift. Though I’m not a huge fan of considering everything happens for a more significant reason or that ‘ problems are tantamount to better opportunities,’ but this mindset has led and guided the big names we know of today.
You may be forced to ask Why take this seemingly Pollyannaish approach? These are the main reasons
- For starters, it helps you rediscover yourself. With this approach, you can go back to your thought process and analyze what went wrong with your idea, what people did and did not do about your plan. Without a doubt, if you go through these factors, you could learn one or two from the situations and restrategize your approach on a second attempt.
- It helps you stay a step forward ahead of your competitors
- You already failed once; you can’t make that mistake a second time. Now you know just what to do
Read any and everything you get your hands on
Is there any successful profession on the planet who doesn’t read? I doubt so. One thing all the big names have in common is their unquenchable desire for more knowledge; they never stop learning or expanding their horizon, so why should you? Often time I peak with start-up entrepreneurs and they give me the “I am busy right now” attitude, and it’s very disappointing. If you do not read, how then do you gain the knowledge to be the best?
The need to read is as essential and equivalent to seeing your start-up succeed. For them, it seems, the more successful they got, the more time they dedicated to reading. So here’s the advice, pick up a book each week, you sure won’t regret it
Watch how you spend the money
The highly effective entrepreneurs are masters of money management; they paid with great care and thus were able to manage other aspects and resources available to them. They created business models based on a balanced cash flow to avoid going bankrupt.
Bankruptcy at the early stages of a business is a great hindrance to achieving more significant goals. Cash management cuts across a wide range of things, and being frugal with spending is common among young entrepreneurs today who feel the need to spend indiscriminately at the expense of their business. Feel like taking a cue from the legends rad about David Klein the founder of CommonBond, his life and marketing is an excellent example of proper money management. David’s earlier day is a clear example of the younger generation.
Take care of your mind and body (exercise)
Don’t get stuck or fixed on your computer all through the day, it’s very unhealthy, and in the long run, you’re bound to deteriorate health-wise. Always engage in physical exercises, go for regular medical checkups, and spend time with family and loved ones, and, most importantly, have a healthy support system or someone you can talk to about your emotions and fears. For the last part, a supportive family member or friend would be perfect but you have none, there are very good counselors online ready to give you a listening ear.
Taking care of your mind and body isn’t necessarily aimed at turning you into an Instagram model, the aim is to achieve a healthy body and mind necessary in going through the hazels that get thrown at you every day as you work. A simple daily walk is enough to keep the heart healthy and active.
Focus on the highest value tasks
There are only a few hours in a day; how do you make the most out of it? When jobs come at your desks, there are grouped as either high value/priority or low value/priority tasks. The difference between successful entrepreneurs and those that failed is that the big names you know refuse to waste valuable time on the low-value tasks. They understand that time is valuable and hence concentrate on providing the best possible results on projects that matter; this way, they retain the big customers. To make headway as well, you have to concentrate on tasks that matter, restrict yourself to delivering the best results on them, any other thing is secondary.
To sum it up, no known entrepreneur has ever attributed his/her success to one particular habit; several factors contribute to what made their journey a success, but the ultimate success factor is discipline! Discipline alone is all you need to achieve any height of success you aspire.