If you are just beginning your journey along the road to entrepreneurship, the chances are that you want to hit the ground running. You may have the most sound business idea, your product may be ready to launch, and you may have all of the market research you need to offer a unique service to plug a gap in the market. However, you also need to eat, think and breathe like an entrepreneur. Take a look at these ten habits that you will need for business success.
1. START EARLY
Don’t be one of those people who snooze their alarm clock a dozen times every morning. You need to begin the day with vigour and dynamism so that it injects every single hour of your day. Get to bed at a reasonable time, develop sound sleeping habits and check your emails over your morning coffee. Establishing a routine that you can stick to is paramount for success.
2. THINK BIG
Even if you are planning to start your business small scale, there may be some merit in considering alternative company formation setups rather than working as a sole trader. Instead, divert some of your admin elsewhere, set up an LLC, get yourself a registered agent and separate your home life from your work life from the get-go. You can be more tax efficient, and you won’t have the hassle of changing your company set up at a later date. Think big and look to the future to save yourself time and money in the long run.
3. TIME MANAGEMENT
Don’t be one of those startup entrepreneurs who set up meetings with clients and is late or who is always paying invoices in a tardy manner. Be organized and exude a sense of professionalism.
Get a calendar and pencil in your weekly tasks. Develop a routine and stick to it. By doing this, you will remain more respected in your chosen industry sector, and you will develop a more positive reputation for a good company to do business with.
There’s nothing more important initially when you are finding your feet in the startup world, than to network with fellow professionals. While you may be bringing some contacts with you from your previous life as a full-time employee, you will need to forge new networks within your sector. Head to national conferences, trade fairs, talks, and meetings. Be personable and approachable. Ask questions, be interested and interesting, and try to develop links with other companies and businesses. Having the ability to call upon a contact for advice and returning the favour is invaluable.
5. QUESTION THE STATUS QUO
The most exceptional entrepreneurs have always wanted to achieve something better, stronger, faster, more efficient or more ethically sound. Ensure that you forever question your choices and motivations. If you are curious and forever asking the right questions, make sure that you listen to the answers and heed advice to ensure that your business keeps heading in the right direction.
Even if you aren’t the sharpest when it comes to all things mathematical, make sure that you have a brain in the office that is. Keep your finger on the pulse of your budget and ensure that your financial projections are being met or exceeded. There is no point in burying your head in the sand if things aren’t going quite according to plan. Instead, analyze what may have gone wrong and try and mitigate a drop in revenue or profits. Being solution minded is a crucial facet to exceptional entrepreneurship.
You may even be keen to outsource some of your accounting or payroll functions. Outsourcing can be seen as a dirty word by those entrepreneurs who are precious about their business ventures. However, these individuals can become bogged down in tedious admin. Instead, relinquish these functions of your business offsite, and prioritize your time in a more effective way.
7. BE REFLECTIVE
Things will not always go according to plan. If a pitch to a client went badly, analyze why and be reflective. Write down your thoughts and change your approach for next time. Simply rehashing old ideas that clearly aren’t working will result in a hindrance to the success of your business. Seek out new ways to pitch and change up your ideas. Your clients will appreciate it, and you can keep your ways of working fresh and relevant.
Even if you are an expert in your field, you can still upskill and add to your professional development. If you are branching out into the Far Eastern markets, consider learning Mandarin or Japanese to make your business meetings just that little bit easier. Refresh your knowledge of industry standard business methodologies and enjoy meeting with your peers to discuss how to tackle threats to your industry.
9. BE HUMBLE
There will be a time when you need help. You might not know how to utilize crowdfunding appropriately, you might not understand the world of SEO, or you might simply need to share a cab to an important meeting. Be humble and know when to ask for help. At the same time, ensure that you don’t let your ego get in the way when you can offer help to somebody else.
10. WORK ON GOALS
Just because you have surpassed your financial goal for this quarter doesn’t mean that you can now kick back and relax. Instead, keep striving for better and work out what actions you took that facilitated your success so that you can repeat your performance next quarter. Set daily goals, have to-do lists, and keep moving forward and upwards. Never rest on your laurels and grow your brand so that you can become a market leader in your field.
Becoming an entrepreneur is not the easiest thing to achieve, but it can be one of the most fulfilling. Hone your business vision, get ready to launch your product or service, and develop these ten habits to maximize your chances of business success.