The 7 Habits of Successful Entrepreneurs

We all have habits. Some are good, like positive thinking and healthy eating, while some are bad, like procrastinating and overspending. Habits are basically routines or activities we do continuously without realising it.

They have an impact on our daily lives including how we work. Good habits have helped create success for Entrepreneurs like Mark Zuckerberg or Richard Branson. Today we’ll be going through the 7 habits of successful entrepreneurs that you can adopt.

Related: The Top 6 Traits of Game-Changing Entrepreneurs

Habit 1. Get up and active

While work is important, it is also important to get away from your desk. There are many benefits to exercise that can help you work efficiently. It improves your brain, making you more creative and stimulates your thinking.

Exercising doesn’t require much time or money and a gym membership isn’t required. You can just go outside for walk or jog in a park.

Lots of successful entrepreneurs do it and if you don’t have time, make time in the early morning or evening for it. For example, Richard Branson wakes up at 5 AM and either kite surfs, swims or plays tennis.

Habit 2: Set Goals

Successful entrepreneurs set short and longer term goals for themselves and also for their business. Examples include getting investors and reaching a certain amount of sales per year. Additionally, they set up effective goals that are SMART (Specific, Measureable, Achievable, Realistic and Timely).

Entrepreneurs stick and keep their goals in mind while at work. This helps them prioritise and focus on tasks that are most important.

Before doing anything they ask themselves whether the task will achieve their main goals. To not get overwhelmed by their goals, entrepreneurs further break it down to small tasks. There’s lots of software, such as Trello and Asana, to help achieve this.

Habit 3: Plan and organise

Following on, successful entrepreneurs are continually involved with daily and long term planning, whether in the office or on the road.

They create to-do lists and daily schedules to ensure they get all their tasks done. Planning creates a strategy on how entrepreneurs tackle their week. It makes them think before they start doing any executions.

There is an endless list of productivity apps and software available that can help with planning, such as Evernote. Successful entrepreneurs also do pre-planning at the end of their day to prepare for tomorrow.

Effective planning helps keep entrepreneurs on track towards achieving their long term goals. As the saying goes: failing to plan is planning to fail.

Habit 4: Take risks

Successful entrepreneurs are not afraid risks when running their business. These risks might involve factors with the market, personal or even financial risk.

In fact, one of the first risks they took were resigning from their current job and creating a startup. For example, Steve Jobs and Steve Woz dropped out of college to start Apple and Elon Musk invested in two startups that nearly went bankrupt but ultimately succeeded.

While risk involves gut feeling and just doing it, calculated risk involves weighing up the pros and cons before execution. There are many benefits of risk-taking. For instance, gaining experience, finding out what doesn’t work and you’ll won’t live with regret.

Whether it’s launching a new product or the financial market, you have to risk it to get the rewards.

Habit 5: Continuously learn

Successful entrepreneurs are always learning and expanding their knowledge. They learn through activities like reading books, attending seminars and networking with others. For instance, Bill Gates is a big reader, reading about 50 books a year.

The benefits of continually learning is that you get new perspectives, knowledge and enhances creativity. There are lots of free and paid resources out there that can boost your brain.

If you like reading, books I highly recommend the 7 Habits of Highly Effective People by Stephen Covey and Thankyou’s biography: Chapter 1 (Definitely for new startups) by Daniel Flynn.

For online videos, TED talks are the way to go. Podcasts by big name entrepreneurs, like Gary Vaynerchuk are also great if always you’re on the go.

Habit 6: Enjoy what they do

Successful entrepreneurs don’t just work for the money, they love doing what they’re doing.

There are different reasons why entrepreneurs create their own startup. Some might enjoy being their own boss or the personal challenge of starting their business.

For others, it might be to make a positive impact, such as Thank you’s founder, Daniel Flynn, or follow their passions, such as Showpo founder, Jane Lu.

Successful entrepreneurs love it so much that they become emotionally attached to it. They put everything into their startup, even giving up their free time to make sure it succeeds and strives.

Habit 7: Bounce back

While facing roadblocks and the potential of failing in our lives, it’s what we do that matters. Successful entrepreneurs are persistent and will rise above any obstacles.

They view their failure as a learning experience and the opportunity to improve. In fact, there have been lots of successful entrepreneurs who have used failure to turn their business around.

A well known example is Walt Disney. He was told that he wasn’t creative and his early ventures failed. His cartoon creations got stolen and rejected. However, he persevered and became successful with Walt Disney Company.

By adopting these 7 habits you’ll be on your way to grow personally and as an entrepreneur. It’s not too late to adopt these habits. You can start straight away!

What habits do you think successful entrepreneurs have?

Let us know in the comments below or on social media.