8 Common Behaviors of All Successful Entrepreneurs
Entrepreneurs are extremely driven and have a knack for getting what they want. Though they’re often under immense pressure and juggle multiple responsibilities, the best entrepreneurs seem to handle everything with grace while still coming out on top. So, what types of behaviors allow them to get ahead and win that we can implement?
Let’s explore eight habits that successful entrepreneurs swear by. Whether you’re just beginning your entrepreneurial journey or find yourself questioning your next move, you can find inspiration and direction from these eight habits.
1. Seek and Identify Opportunities
One of the main behaviors that set successful entrepreneurs apart is their ability to spot opportunities. Thankfully, it is a skill that anyone can nurture.
Start by developing a curiosity for what could be. Don’t be afraid to challenge the status quo, ask the difficult questions, and be ready to explore new avenues. In addition, spend effort on developing your skills and vision, so you can find great opportunities faster than your competitors.
2. Risk Management
Successful entrepreneurs realize that risk-taking is an inevitable part of running a flourishing enterprise. The higher the risks, the bigger the rewards. However, not all risks are obviously worth taking.
If you want to grow to be even more successful, learn how to calculate risks and mitigate their negative effects. Practice by anticipating the different outcomes of different decisions. As you gain experience, you’ll learn which risks to take and which to avoid.
3. Delegate Tasks
On the surface, delegating tasks is about managing time and preventing burnout. On a deeper level, it’s about learning to effectively optimize your available resources. Since entrepreneurs are often in charge of multiple resources, delegating tasks needs to be a priority.
For example, Amazon’s CEO, Jeff Bezos, delegates authority to chief executives who are in charge of his other ventures, Blue Origin and Bezos Expeditions.
Another example is Warren Buffet. He delegates tasks to other CEOs who handle companies in his Berkshire Hathaway portfolio.
Apart from knowing when and what to delegate, successful entrepreneurs must first determine which activities offer them the highest payoffs if they were to personally handle them. They then focus on these activities by off-loading less high payoff tasks to others.
To help you be even more effective and efficient, so you can achieve your goals at an accelerated rate, you can delegate more to your team members (virtual, remote, or in-house) than you have or might think possible. Stop holding on to activities that can be done by someone else and do only those activities that you can do and can’t be done by anyone else. Stop doing revenue generation and business development avoidance activities and delegate more! Successful people are excellent delegators, so work at being an even better delegator and be even more successful.
Download my Free Delegation Exercise to help you identify more even activities to delegate, by going to https://bit.ly/Delegation-Exercise.
4. Deliver Quality and Efficiency
Whether it’s their work or the products and services they offer, successful entrepreneurs always prioritize quality and efficiency. They look for aspects that their clients care about most and then aim to improve them.
At the same time, successful entrepreneurs do not lose focus on their business. They make sure they can deliver better quality than their competitors while running their operations efficiently.
This means they can put a quality product into the market while generating profits.
5. Be Persistent
When working to overcome a business problem, many entrepreneurs give up at the first sign of failure. Successful entrepreneurs, on the other hand, are persistent in their pursuit of a goal.
They may give up on their approach and try something else, but they never stop trying. They’re laser focused on what they want to achieve and learn to incorporate smaller losses to increase their chances of success.
6. Be Adaptable and Flexible
Adaptability often implies anticipating and planning ahead to allow for contingencies, while flexibility can be more immediate and situational, often with a need to accommodate others. Both approaches are of immense value to you as a business owner as they allow a more agile form of working while coping well with transition.
When running a business, you have to adopt a long-term perspective. This often means planning for unexpected changes. While no entrepreneur can prepare for every type of scenario, successful entrepreneurs stay flexible enough so they can adapt. They keep working on their knowledge and skills to ensure they can rise to any challenge.
7. Honor Your Commitments
Successful entrepreneurs understand the value of their image and personal brand. A credible and trustworthy reputation in business encourages various stakeholders to work with them, making it an invaluable asset. That’s why entrepreneurs take complete responsibility for the commitments they’ve made and ensure that they deliver on their promises.
While honoring commitments is the lesson here, it’s also important to know which promises you can keep, and which are better left alone. Honoring commitments does not mean saying “yes” to all requests or accepting anything that is offered. Entrepreneurs must honor the right commitments by choosing projects and initiatives that align with their goals, values, and personal beliefs.
8. Be Comfortable with Failure
Learning how to get comfortable with failure is a lesson entrepreneurs must internalize as early as possible. Accepting shortcomings and bad results enables them to stop fearing failure and instead learn from them.
All successful people are comfortable with being uncomfortable. That is how they got to be successful. You can learn to be comfortable with being uncomfortable also and increase your success. Failure is sometimes uncomfortable and that is how successful people learn to be even better.
Nearly half (42.6%) of entrepreneurs fear failure, despite evidence that business owners need to be comfortable with failure and learn from the experience. This fear of not succeeding is what’s detrimental to businesses, not the failure itself. The fear of failure is obviously bad for your business, so you need to quickly learn to overcome it.
How an entrepreneur deals with failure impacts how their direct reports bounce back from them also.
Conclusion
From strategic decision-making to driving business growth, dealing with clients to managing daily operations, entrepreneurs have a wide range of responsibilities and are pressured to meet high expectations.
While the path of an entrepreneur is by no means easy, it is a rewarding and fulfilling journey. I hope that this collection of behaviors of successful entrepreneurs inspires you to greater heights and helps propel you to even greater success.
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Aim for what you want each and every day!
Anne Bachrach
The Accountability Coach™
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