7 habits of highly successful entrepreneurs

Successful entrepreneurs can radically improve the world on multiple fronts — they help grow the economy, inspire innovation, and create companies that elevate everyone involved.

If making a difference in this way sounds appealing to you, you just might have what it takes to be a successful entrepreneur. But here’s a secret: to be a successful entrepreneur you don’t have to reinvent the wheel.

To start your own business, you need specific disciplines that are practiced by all entrepreneurs and self-made business millionaires.

One of the fastest ways to develop these disciplines is to think like an entrepreneur. And perhaps the two most important habits you can develop are those of speed and flexibility.

Speed – To move quickly on opportunities or problems
Large companies tend to move slowly, but entrepreneurs have the advantage of speed. In today’s busy world that always seems to be filled with unnecessary but time-consuming tasks, time can be more valuable than gold. The faster you can make decisions, adjust strategies, get to market… the greater the edge you’ll have in whatever market you enter.

Flexibility – To try again and again. Then be willing to try something else
Most things that you try in business will not succeed the first time or even the second or third time. As Dwight D. Eisenhower said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.” So, while all your plans may fall through in some way, keep planning and attempting new endeavors because experience can be your best teacher.

There are seven more habits that all entrepreneurs regularly work on. They think in terms of:

1. Increasing Productivity – Look for ways to do more with less and to get more out at a lower cost.
2. Customer Satisfaction – What has to happen for your customers to be so happy with you that they buy again and tell their friends?
3. Profitability – Many businesses focus too much on the top line and gross sales, rather than on the bottom line and net profits.
4. Quality – Customers only buy a product or service because they feel that it is of higher quality in some way than other competitors.
5. People Building – All productivity, profitability, sales, and fulfillment come from your people. Your ability to select them and then to motivate and inspire them is essential for your success.
6. Organizational Development – Constantly look for ways to organize and reorganize your business so that it functions more efficiently and effectively in getting the results you desire.
7. Continuous Innovation – Fully 80% of products and services being sold today will be obsolete within five years or less. Develop and produce product and service innovations as a regular part of your business.

Again, after decades of personal experience and coaching, I’ve discovered that it is up to you to carefully examine your strengths and dedicate yourself to learning if you want this rewarding career path.

To determine if entrepreneurship is right for you, watch this video:

That’s all from me this week, and I’d like to leave you with this quote:

Entrepreneurship is the art of finding profitable solutions to problems.

To your business,

Brian Tracy