There are plenty of lists out there detailing the habits of successful people in practically any industry. I have decided to compile the information I have learned about successful startup entrepreneurs and discuss in brief the common habits which have made them who they are today. At first glance, the assumption is that entrepreneurs are everyday people who function like everyone else. After closely examining them, however, you will find there are a few significant differences which make them successful leaders of their businesses.
Often when we try to initiate something new, our first instinct is detailed planning and step by step processes. This is by no means the wrong attitude, but the reality is your plan will more than likely change – many, many times. The most successful entrepreneurs spend some time planning, but a majority of their time doing. Another major part of the process is adapting to reality and recognizing how funding affects your business. A capital intensive venture may require large amounts of funds, but a lot of successful businesses require little funding to get off the ground. Contrary to common belief, limited capital can be a blessing in disguise. Many venture capitalists firmly believe there is an inverse relationship between level of funding and a startup’s long-term success. When you have less cash in the bank, you learn to work through problems as opposed to throwing money at it.
Successful entrepreneurs do not waste their time. As mentioned many times before, these entrepreneurs are realistic in their goals and only chase what is attainable. If you focus on landing real business where you have a reasonable chance of success, odds are you will find it. In the same vein, the most successful leaders avoid anything that is not revenue generating. Reduce the time spent on anything that does not generate revenue, and that includes meetings, spreadsheets, reports, administrative tasks, and more.
The fact of the matter is that successful people come in many different shapes and sizes. One entrepreneur may do things very different than another, but the reality is that they share a few similar significant characteristics. If you are looking to be successful, be sure to learn from those who have taken their businesses new heights. They have obviously done things right, and some wrong, along the way.