There are many habits that successful entrepreneurs have, but here are ten common habits that we have observed time and time again.
The world’s most successful entrepreneurs are good at:
- Goal-Setting: They set clear goals and formalize plans to achieve them. They know what they want to accomplish and work tirelessly to make it happen, and they are willing to pivot when the plan isn’t working.
- Time Management: Successful entrepreneurs are masters of time management. They are exceptionally effective at prioritizing tasks, delegating responsibility, and generally avoid wasting time on non-essential activities.
- Networking: They understand the value of building relationships and actively seek out opportunities to network with other entrepreneurs, influencers, industry leaders, and potential customers.
- Maintaining a Customer Focus: Successful entrepreneurs prioritize their customers and are always looking for ways to better serve them and meet their needs.
- Self-Discipline: They have the self-discipline and motivation to stay focused and productive even when faced with distractions and setbacks. They prioritize the monthly review of their financial performance and regularly compare their performance with their formalized plan and make disciplined adjustments as necessary.
- Saving for a Rainy Day: They don’t overspend on unnecessary items. They set aside money for emergencies and unexpected expenses, so they are not caught off guard when things go wrong.
- Forecasting: They forecast their cash flow and revenue projections to help them make informed decisions about their business, and as a result, they tend to be two steps ahead of their colleagues and competitors.
- Hiring Financial Experts: They recognize the importance of having experts, such as Fractional CFOs and business advisors to help them make smart financial decisions.
- Being Sensitive to Market Signals and Current Events: Successful entrepreneurs stay informed about financial news and trends. They are aware of leading market indicators to signal the way of the economy. This allows them to make informed decisions about their businesses and investments.
- Negotiating: Successful entrepreneurs are adept at negotiating better deals on everything from office space to suppliers to get the most value for their money.
The world’s most successful entrepreneurs have many habits that contribute to their success. How many of these habits do you have?
About the Author
Brady Whitesel is a Fractional CFO and is the Managing Partner of SignalCFO. SignalCFO was founded in 2016 and is a leading Fractional CFO firm located in Indianapolis, Indiana. They focus on accounting, financial modeling, operational planning and board advisory to help their clients grow and scale. They work with companies across the United States with expertise in SaaS (software as a service), manufacturing, professional services, data science and food service.