8 habits of a highly successful small business owner
Do you want to be successful?
This is the big question right. The one any budding entrepreneur or new business owner asks themselves.
The answer is always going to be yes. Of course it is.
Imagine if you asked that question to someone and they turned around and said - “nah, not really mate.”
You would be shocked.
To be honest it’s a dumb question yet we find ourselves asking this in one form or another every single day.
Let’s just not bother and assume everyone wants to be successful. We will just skip the question and get right to the point.
What does it take to be successful?
This is something I debated with my girlfriend the first day we met. What is the most important factor to being successful.
She said building a network and I said hard work. Who do you agree with? Please comment below if you agree with me so I can tell her I have your support.
Anyway, we all know it doesn’t just take one thing to be successful, so let’s look at the other factors involved in being a successful small business owner.
Of course, I am going to jump straight into this. I come from a family of hard workers. Putting the hours in to get to where we want to be in life.
I have been following a lot of Gary Vaynerchuk recently. For those of you who know of him, you know he is all about the work ethic.
I watched this great keynote where he talked about the correlation to amount of work you put in and how successful you want to be. The main point he makes is, if you want to be really successful and earn ton of money then you need to be willing to put in a lot of hours.
I stupidly didn’t make note of this and now I can’t find it. However, here is a great video that sums up Gary V’s attitude to work ethic.
Set specific goals
There are many reasons why you want to set goals.
The biggest is that it provides accountability.
Once you make that switch from employee to business owner, you need to create your own accountability. Setting goals and sticking to them will do this for you.
This is a big one. Especially for any of you Tai Lopez followers reading this.
Ask any successful entrepreneur and they will tell you the same thing. You need to constantly learn.
We are all students of business. No one is a true Jedi master.
If we stop learning we will get stuck in a static state. Watching our competitors outperform us. This HBR article perfectly sums up why we must always learn.
Many small business owners start as a one-man band. This is great as you are going to learn a lot and get an appreciation for every aspect of your business.
But…to be really successful, you have to understand that you can’t do everything yourself. As your business grows there will be too much to do. You have to get help.
Even if you don’t want to hire staff, you can hire freelancers or get a virtual assistant.
Truly successful small business owners realise when they have to delegate. It is not always easy to pass the work over but it needs to be done.
This is so important. Especially now that we are living in a rapidly changing environment. Something that worked yesterday might not work today.
Successful small business owners are those that realise this and create a company that can adapt. This boils down to the culture that you create within your business. Here is a great article outlining how to create a nimble company culture.
Manage time well
Time is a constant. This means it is one of the only things that you are limited to. Even if you are the hardest worker that is putting in 10, 12, even 14 hour days, you are not going to create a 25th hour.
This means managing your time well is very important. Setting goals will help.
Successful people realise this and plan their day out. They know when and where they are going to be at all times.
I saw a huge increase in my productivity when I started using micro scheduling to plan my work week. This means that I do everything in 15 – 45 minute intervals. This helps to keep me hyper focused and get more done.
Although I have included this in the list at number 7, this is an important one.
It is so easy as a small business owner with little accountability to lose focus on the bigger picture.
This comes down to realising your long-term goals. People too often look for fast wins and stray off track to get them.
If you take away one piece of advice from this article, let it be this. Your mission statement contains your long-term vision of the business. Keep checking back in with it to see if your business still aligns with your mission.
If it doesn’t, it’s probably because you have chased short term opportunities and they have derailed you.
Build a strong network
I guess I should include this one on the list. My girlfriend seems to think it is the most important factor.
I agree that it is important. Very important. A big part of business is about building solid relationships.
These relationships could present new business opportunities or just become an opportunity to bounce ideas off other people.
Successful people realise this. They spend time building relationships with other successful people.
Here is a great article on Forbes that suggests there are 10 types of people you need in your network that are going to help you be successful. This will help you build your network the right way.
Go be successful
Pick up some of these habits. You will soon see a difference. I highly recommend working hard. I heard that it is the most important one ;).
Help more people pick up these successful habits by sharing this article with your social media following. Thanks.