The 3 Habits of Successful Entrepreneurs

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Spencer Dulal-Whiteway

Entrepreneurs have been referred to as “the only people who will work 80 hours a week to avoid working 40 hours a week.” Building a company from scratch requires dedication, persistence and tenacity, and it takes time to complete the process properly. If you’re considering starting your own business, but know that your current lifestyle will not be able to accommodate this massive undertaking, it is important to work on developing habits that will serve you well in your new role as the founder and CEO of your own company. Here are the top 3 habits of successful entrepreneurs – try to adopt some, if not all, of these habits in your own life, and watch how much of a difference they make.

1) Successful Entrepreneurs Wake Up Early. As an entrepreneur, you control your own schedule, and it can be tempting to stay in bed and relish the fact that you no longer have to wake up to commute to your 9-5 job. With that said, ask any successful entrepreneur, and he will tell you that without fail, he starts his day earlier than he did when he worked for someone else. There are only 24 hours in a day, and the more of them you can spend working on building your business, the better. Furthermore, many successful entrepreneurs develop morning rituals to aid them in staying focused and concentrated for the rest of the day. Try using the first half an hour of your day to practice mindfulness, and make a regular practice of outlining your to-do list for the day before you start working.

2) Successful Entrepreneurs Push Themselves. If you’ve decided to start your own business, it’s safe to say that you’re not one of the many people in this world who deliberately stay in their comfort zone because doing so is just easier. Entrepreneurs who create lasting and successful companies understand that in order to succeed, one must dispense with his fear of failure and be willing to push himself, even if it makes him uncomfortable. Sometimes, this means not being afraid to ask for financing – other times, it can mean negotiating on your own behalf without worrying that doing so will damage your business relationships. Identify the areas of your entrepreneurial endeavors that make you uncomfortable, and work extra hard on building those skills. Resting on your laurels will only get you so far, and you can’t be afraid to roll up your sleeves if you really want to build a business that makes a splash.

3) Successful Entrepreneurs Are Willing to Pivot. If you’ve invested a significant amount of time and energy into your business, but you still aren’t seeing real results, it can be tempting to continue biding your time in the hope that your situation will improve or people will suddenly come to see the value of your business. In business, this time and energy is referred to as your “sunk costs” – that is, the resources you’ve already devoted to your business that you don’t want to see go to waste. That said, sometimes, it is necessary to pivot and change directions in order to succeed. Do not shy away from candidly and objectively analyzing how your business is doing; taking stock of where you are versus where you want to be is the only way you will be able to polish your product until it is truly irresistible to your target audience.

If you’d like to read more of my advice for entrepreneurs, please continue checking this space for regular updates. Good luck in your business endeavors, and remember: no pain, no gain. 

TedTalks: Roselinde Torres and What it takes to be a Great Leader

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There are many leadership programs available today, from 1-day workshops to corporate training programs. But chances are, these won’t really help. In this clear, candid talk, Roselinde Torres describes 25 years observing truly great leaders at work, and shares the three simple but crucial questions would-be company chiefs need to ask to thrive in the future.

How to Market to your Consumer

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Far too often, businesses and organizations make the mistake of assuming that the consumer or client is willing to buy something based on its novelty. While that appeal may work for certain products, the approach itself will undeniably leave you to a dead-end. When it coming to marketing, it is absolutely vital that you market for the consumer. This means targeting your audience. Successful companies did not get to their level that they are at through ‘shot in the dark’ approaches. Instead, they thought strategically and creatively about their products and services and how it could better and attract the public’s need to buy.

Below, you will find five categories for the marketing process. These tips will help your business and organization reach its targeted audience in the best way possible. The main concept is to understand the buyer and to revamp your approach specifically for them.

1. Problem Recognition

To put it simply, customers want to have a reason to believe in the product before making that final purchase. Because of this, you have to make sure that your business or organization’s product or service provides that problem-solution desire. Take for example Apple. While they had to face a variety of obstacles of getting establish and competing with the bigger name companies, they made sure to market and perfect their product as a user-friendly computer. That mentality eventually shaped future designs and business decisions that we are seeing today. Like Apple, you want to be proactive with your products. You want to create an opportunity of solving a problem. That idea, while difficult to come up with, will be the sole definer of achieving success or experiencing failure.

2. Research

Once a problem is recognized, the research process begins. New products are tested for months to see how well they will perform with potential customers. As a marketer, you want to establish your brand based off of this information. Leverage out the strengths and see what can be changed with the negatives. This type of research, while taxing, will be incredibly beneficial in the long run.

3. Evaluate your Product (even against the competition)

Just because you have a great product or service does not mean that it is in high demand. Just like step two (research), you want to make sure you evaluate your product or service in the best possible way. Try even comparing it against your competition. Yes, this can be daunting, but understanding what your other competitors are offering can help you gain insight on what the audience is looking for.

4. Marketing the Purchase

Some companies sell through gimmicky advertisements. Others sell by name. Regardless of your situation, you want to make sure you strategically plan and evaluate the way you are going to market your purchase. Rather than going off of others, try thinking about your product as a story. What is the message you want to send to your customers and how will they receive it? Your answer will allow you to shape your marketing campaign in the best possible way.

5. Post-Purchase Evaluations

One of the biggest benefits you can do once your product is accessible to the public is to evaluate your success in a quantifiable way. Try looking at this both monthly and quarterly. Compare the units sold and the amount purchase. Then go back to the drawing board of how you marketed and branded the product. If you found that it was a success. Fantastic! Continue what you are doing. If you found, however, that the first few months did not go well, reevaluate the product and your marketing plan. Sometimes the small changes can be the game-changer for success.

Knowing the Numbers to Evaluate Your Business’s Financial Health

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The beginning stages of any entrepreneurial life are always filled with obstacles, hesitation, and uncertainty. While many news headlines, shows, and 30-Under-30 listings create an idyllic stereotypical image of a young CEO with thriving company, the harsh reality is actually quite shocking. Statistically, 90% of all startups tend to fail. While there can be a variety of reasons of why so many startups tend to fail, such as lack of management or lack of public interest, the main reason can attribute to the fact that their business leaders do not look at the numbers.

When running a business, you need to make sure that you are internalizing the overall value of your company. By understanding the financial health and financial position of your company, you will be able to move your business to the right path for the future. Many business leaders assume that because of their success from the previous months that their business is growing, if not stable. This is a huge mistake. Regardless of where your company stands, make sure you know your numbers. As we enter into a new year, you want to make sure you are gaining a strong stance over your finances. This type of organizational understanding will give you the ability to outline your personal and financial goals while additionally altering any necessary steps so that you can further better your company. One incredibly beneficial way to do this is by analyzing your company’s balance sheet.

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” Warren Buffet

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A balance sheet is the primary financial tool for assessing the relative financial health of a business at any given point in time. Oftentimes, this is referred to a snapshot because it provides a business leader with a clear and accurate picture of where the business is at that current moment. When looking at your balance sheet, the figures are broken down into three figures: assets, liabilities, and equity. When we are talking about assets, we are generally referring to the economic value that an individual, firm, or company owns and controls. This figure is often compared against a company’s liabilities. Liabilities, by definition, are a company’s legal debt and expense obligations that arise during the course of a business operation. These two figures are then compared and contrast to calculate the overall equity and net worth of the company. Equity is found by simply finding the difference between the assets and the liabilities. By evaluating these numbers, you will be able to plan and strategize big managerial, operational, or financial decisions to further better your company for the 2016-year.

Once you have analyzed and understood the overall figures for your company, begin preplanning for any big expensive moments. Remember, there is always room and growth for saving. Review the quantitative monthly expenses through your liabilities and begin mapping out any future expenses for the year. For example, rent increase, office materials, company expansion etc. This will allow you to prepare for those financial speed bumps later on and recover when need be.

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Last but not least, create various financial goals for the 2016-year. Many companies already do this with quarterly evaluations. Like them, see this as a window of opportunity to improve your company in hitting stronger financial objectives. This, of course, goes back to the numbers on the balance sheet. After attaining a holistic understanding of the previous year, try and set up specific financial goals you want to hit at the end of three months. For example, say you want to hit half a million in sales. Ask yourself how that number compares to the previous year and what you can do to attain that objective. When planning these goals, keep in mind that number in mind and plan out an overall attainable action plan. The main idea is to be both ambitious and realistic. Take those numbers and create a tangible goal that you know your company can hit, especially for the end of the year.