Habits of Successful Entrepreneurs

I finished listening to a recent episode of "How I Built This" with Guy Raz, one of my top podcasts that I follow. The episode featured Marc Ecko, the founder of Ecko Unlimited, a successful clothing brand that does approximately $140 million USD in annual revenues and recently celebrated it's 30th anniversary. As with all "How I Built This" episodes, Guy walks us through Marc's journey from startup to success, weaving through the ups and downs of entrepreneurship.

Having listened to hundreds of podcasts like "How I Built This" and having many conversations with our firm clients, I've seen some commonalities among the habits of successful entrepreneurs and business owners. There's no magic pill or secret formula to how entrepreneurs become successful, but what does separate them apart from others, is their ability to build and execute on good habits.

Here are some habits that I've observed that is common amongst successful entrepreneurs.

Establishing a routine. Having routine as an entrepreneur can balance out the new challenges that constantly bombard your life. One example is getting up early, consistently. Mark Walburg touts his 4:00am wake up and workout routine, which he credits to maintaining his physique and mental health. I don't think anyone would disagree with that assessment. That being said, not all of us could probably survive a 4:00am wake up routine, so make sure you choose one that you can stick to consistently. Other routines may include when you check the bulk of your emails, when you take team meetings, and important personal routines like family time and mental health breaks.

One tip that works well with my clients, especially in this digital age, is blocking off your calendar with your personal and business routines. We seem to stick to those better than just "mental" notes of when we should do things.

Practicing self-discipline. I say "practicing" because most of us don't naturally have self-discipline. It's often developed at an early age but most of us have to work on this habit throughout our adult lives. According to top business psychologists, practicing self-discipline involves a combination of self-control, perseverance, and the ability to delay gratification (which might be difficult in today's instant gratification society). Entrepreneurs with strong self-discipline are adept at setting clear goals, creating structured plans, and consistently adhering to them, which is all part of practicing self-discipline.

Try and prioritize prioritize tasks that align with your long-term objectives, resist the temptation to engage in unproductive activities (I call these time sucks), and maintain a routine that fosters productivity. For example, if you feel like you are starting to lose focus on a task, go for a short 10 minute walk but make sure you add an additional 10 minutes to your task when you get back. This ability to regulate actions and maintain focus underpins successful entrepreneur's capacity to ultimately achieve sustainable success.

Starting a new business? Get our business starter kit and get all the simple tools you'll need to get organized and up and running!

Find Out More

Become action oriented. Many people are able to ideate and plan out what they should do but they struggle to actually take action on those plans. Successful people take action and are masters at getting things executed and completed. Harvard Business Review revealed that 70% of successful ventures attribute their achievements to a bias towards action. Moreover, a survey conducted by the Global Entrepreneurship Monitor found that entrepreneurs who consistently take decisive actions are 30% more likely to sustain their businesses beyond the initial five years. These entrepreneurs excel at breaking down complex projects into manageable tasks, swiftly addressing obstacles, and maintaining momentum toward their goals. Focus on building a culture of action within your business and you can inspire your team and motivate yourself to ensure continuous growth.

Read daily. Reading can save years of trying to figure things out on your own. There are no shortage of books about every subject you can imagine to help you through whatever challenges you face. Daily reading also doesn't mean you have to finish an entire book in one day - pace yourself and block off time in your calendar each day to read 15 - 20 minutes. Alternatively, take that same amount of time to read articles (like this one, thank you) to get yourself up-to-speed with the happenings in your industry or in the world. Don't forget to also read books or articles outside of your industry. You may find inspiration or solutions from other industries that might work for your business.

Say "no" to almost everything. This is a tough one, and I'm my own worst enemy when it comes to this habit. I love saying "yes" to most things because I see the upside opportunity to most things that get presented to me. But through the years, I've learned that this is also a downfall to my ability to get things done and completed. It has taken many years, but I've become infinitely better at saying "no" to requests that don't positively impact my business goals and plans.

Decline offers that don’t assist you in the pursuit of your goals. Everything you do either brings you closer to, or takes you further from, your goals. Before agreeing to something, ask yourself, “How does this impact the pursuit of my goals?”.

Persevere. The most successful people have a tenacity that many people find difficult to demonstrate. While it can be easy to give up when your back is up against the wall, there are a few things you can do to help you build up your tenacity and work through challenges.

• Set easy/short-term goals to work your way through the tough times. Setting big goals during a time of turbulence will just get you further down the path of quitting. Set easily attainable and realistic goals that eventually lead up to your bigger goal.

• Communicate and talk with others. Failure is difficult to talk about, especially amongst your peers. However, this is one of the best ways to work through difficult situations and find the support you need to persevere.