Habits of Successful Entrepreneurs

5 habits of successful entrepreneurs

Do you ever wonder how successful entrepreneurs got to where they are? Could it be hard work? Right friends and connections? Or are they just smart? While all these are important they don’t necessarily make a successful entrepreneur. Truth is successful entrepreneurs are so because of habits they’ve calculated. The good news is these habits with proper discipline and practice can be mastered.

Here are five that u can start on straight away:

1 Keep learning

To an entrepreneur information is a valuable asset.  And before you say “well I am an A student” remember that kind of thinking is why you will end up taking a mediocre job in a company owned by a C student. And your justification with be “they pay well”

Your ability to write the chemical composition of sugar is impractical here, what you should be focusing on here is;

1. Technological changes and how they affect your business
2. Consumer behavior
3. Business dynamics

Just so we are clear these are things you don’t need Harvard MBA to learn

2 Don’t make excuses

A common excuse is “if only I had money…” mmm you think?…ok while it takes money to make money who said it has to be your money? How do you think banks profit? Ever heard of Other People’s Money? In short learn about the power of good debt and leverage.  The rule is simple people who know how to use money will take it from people who have no idea how to use it. Just ask yourself what really happens when you are busy saving money and surviving.

3 Focus on where you want to be

If you are going to be a successful entrepreneur then you need to have a mission with capital. Focusing on money alone doesn’t qualify as a long term goal. So what is your long term mission?

4 Be productive and not just busy

Focus on tasks that improve your business’s effectiveness or bottom line.  Photocopying flyers and sending emails to order stationery may are good for your business but this is not the same as working ON your business.

You should be focusing on tasks like:

1. Ways to cut costs
2. Effect your strategy

3. Developing new products etc

5 Work on building assets that generates cash flow

There is working for money… which is what most people do in their fancy suits  and there is money working for you.

If you don’t know the difference, then just ask yourself how much money will you have made today if you decide to remain in bed?

When you focus on building assets then you become financially free.

In short assets will generate income without your day to day input so don’t focus on pay cheques, focus on assets with positive cash flow.

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