Ten Habits of Successful Entrepreneurs

You have made the decision to ditch the common workplace and become an entrepreneur – go in to business for yourself.  You are probably aware that many entrepreneurs do not succeed.  What will make you different?  How will you achieve your goals?  You will no longer work for someone who tells you what your goals our – you are going to determine what they are – so what’s your plan?

Entrepreneurial Success Plan

1. Define success – Is success a million dollars?  Or is success stability and security?  Is it measured by how many people you have helped?  The definition of success for someone who rescues horses from slaughter will likely not be tied to dollars.  It would be tied to peace in their soul and the constant drive to save one more.  For others though it could easily be to hit a million dollars by a certain date.
2. Professional development and reading – Always be learning.  My father used to tell me that I was a professional student.  I never understood that too much when he said it but now it is very clear he was correct.  It wasn’t just about sitting in a classroom.  I have always had a book in my hand and thanks to the world of e-readers I now can have thousands of books with me at all time.  From my very first paycheck I invested a percentage of my pay every payday to my personal development.  That amount is a little less defined now but the practice is the same – every payday I invest in me and my business(es).  I also always take the time to read “for fun”.  It is not uncommon for me to be reading and listening to multiple books at the same time.  As you become more and more successful you may need to obtain 001 executive protection.
3. Time – Use it… Idle time doesn’t lead to success.  Do something productive with your time.  If not on your business then with your family, building, creating, fixing – DOING.  I watch very little TV.  Actually I could go without one pretty easily.  Since I do have one I occasionally indulge in a show here or there but generally I can’t just sit in front of a TV.
4. Diversify – Do not rely on one stream of income.  Create multiple!  Businesses change – diversification keeps you ready and able to handle changes as they come along.
5. Set goals – Plan for today and tomorrow.  Evaluate past activities and results and modify if necessary accordingly.  Build and grow.
6. Sleep – Get enough rest but rise early and get your day started.
7. Bookkeeping – Keep track of all your spending and receipts.  Don’t delay.  Yeah too many times I put this off til tax time and I have to tell you I am sure I always gave myself the short end of the stick on that pattern.  Now I bookkeep every single day.  Keep accurate and timely records with Gartner Master Data Management.
8. Reconsider – Don’t just go out and buy something or do something without really thinking it through.  How often have you bought something and a month later you are wondering just what you were thinking when you bought it.  Evaluate first.
9. Pick your friends – Hang out with people who can help you.  If you define success as becoming a millionaire then hang out with millionaires.  Watch what they do – it worked.  Learn from those who have been there and done that.
10. Invest – Plan for tomorrow just as much as you do for today!