Describing common traits that successful entrepreneurs share is easy enough – words like passionate, dedicated, driven, self-confident and creative all spring to mind. But these concepts don’t really help a lot in providing practical advice that aspiring entrepreneurs can apply to their own lives.
Rather than getting caught up in the grandeur of buzzwords that supposedly make or break an entrepreneur’s success, it’s much more helpful to look at the habits they have formed that have helped them get to where they are today. After all, it’s really your daily rituals – no matter how small or insignificant they may seem – that contribute to your overall output, performance and way of living.
These are some of the key habits that the world’s most successful entrepreneurs follow, which you can start implementing easily.
Get up and get moving
Fast Company recently surveyed nine of the world’s current most successful business leaders and found that not one of them was still snoozing past 7.00am. Many great entrepreneurs are up even earlier – like Virgin Group founder, Richard Branson, who gets up at 5.00am to kite surf, swim or play tennis and InVNT’s Global Managing Partner, Scott Cullather, who runs every day between 5.30am and 6.00am.
Starting your day early and with exercise keeps you focused, energised and maintains your physical and mental fitness.
Put down the technology
A busy entrepreneur knows they have to get the most out of every waking moment, and that means they can’t waste precious time fussing over emails or social media. Of course, in this day and age, it’s impossible not to have some sort of connection with these things, but the point is that they use it only for essential communication.
A great way to keep yourself accountable is to allot times for checking your email or other digital platforms essential to your work, rather than getting railroaded by every notification ‘bing’.
Be intentional with your time, schedule, actions – everything!
Ben Franklin kept an incredibly scrupulous schedule for eating, sleeping and working. Elon Musk plans out his entire day in five-minute blocks, so as not to waste a single moment.
This precision to their schedules isn’t because they’re pedantic planners, it’s because they want to remain intentional towards their goal. They know what they want to achieve, and setting a clear agenda puts them on the right path to doing so, without distractions.
Take time to receive as well as give
A big aspect of being an entrepreneur involves giving something – generating ideas, leading meetings, collaborating with teams, spending time on projects, etc. But it’s important to prioritise investing back into yourself, too.
Successful entrepreneurs aren’t afraid of receiving feedback, good or bad. They’re also pretty big on filling their knowledge tank; Berkshire Hathaway CEO, Warren Buffet says he spends 80 per cent of his day reading, while Microsoft co-founder, Bill Gates reportedly reads 50 books a year.
Why? Because they understand that they can’t just keep giving of themselves without filling up that tank that they’re giving from.
These habits may seem small, but with consistency and commitment to implementing them into your daily routine, you’ll start to see a big impact. These habits can be nurtured and understood more deeply by completing further study. An online MBA covers critical areas of knowledge such as corporate governance, management communication, strategy, leading people as well as provides students with an opportunity to reflect on their leadership style and how they learn.
To find out more about the options available to you, visit the MBA course page or alternatively, speak to a Student Enrolment Advisor on 1300 589 882.