2016-07-12 00:00:00 Starting a Business English https://d3hrajprm8dqcv.cloudfront.net/wp-content/uploads/2017/05/08194815/Starting-Up-5-Habits-of-Successful-Entrepreneurs.png 5 Habits of Successful Entrepreneurs

5 Habits of Successful Entrepreneurs

3 min read

As a business owner you drive the destiny of your organisation. How you plan and work on a daily basis affects the way your business grows and is perceived in the market. As an entrepreneur, you are not just a leader within your organisation but also are seen as an innovator and risk taker in the public eye. The question is how do you remain motivated and keep your business on the right track?     Here are the five habits that successful entrepreneurs employ to ensure that their businesses flourish.

Face your fears and conquer failures:

While this might seem like a quote on a motivational poster, this attitude is essential for your business to grow and innovate. Being an entrepreneur you will need to make decisions and weigh risks vs. rewards every day. If you are afraid of failure, then you and your business may get stuck in your comfort zone, losing out on what it takes to make a successful business year on year. It is also important that you ask for help when you reach a phase or face a business concern that you are unsure of or don’t know how to tackle. Asking for help from the person with the right expertise can enable you to chart the future course of your business, minimising fears of failure.

Plan ahead:

Running a business can be extremely time consuming and when you are involved in the daily nitty-gritty of your business, it can become difficult for your business to evolve. Taking time out of your day to know what’s next on the horizon will enable you to gain a clear picture of your business’s current status and where you would like it to progress and what resources are required to get there. Planning doesn’t mean you need to run meetings all day to brainstorm but rather that you spend a small amount of each day, looking forward and charting your agenda for the coming week, month and year.

Delegate:

When you start your business, you may feel like a cook with a hand in every pot. While this might be necessary at the bootstrapping stage of your business it is extremely important that as your business grows, you take a step back and consolidate your position. In the current environment, you need to work smarter rather than harder. Learning to trust your employees to get the job done as well as relying on their skills and expertise is what will let your business thrive in the long run.

Build a Team:

As a corollary of the above point, it is crucial that you build a team that can function without you or with minimum inputs from you. This will allow you to concentrate on what really matter for you as the business owner- how to be a thought leader and take your business to the next level. One vital facet of team building is that you learn to trust your team and also appreciate their efforts. A strong team are the building blocks on which your business will be able to conquer new business territory.

Never stop selling:

As the front facing leader of your business, how you communicate, network and make connections is key to how your business is perceived. It is of fundamental importance that you are seen as believing in your business’s success and never stop selling your ideas. The faith and ingenuity that your display as a business owner can aid your business in creating the right image as well as get the right funding for its progress. These five habits are just some of the key ones you need to integrate into your business practices. They are great stepping stones to ensuring you and your business remains on the track to success.  

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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