In the majority of cases where entrepreneurs come up with a successful idea, they also go on to take the role of the manager and try to make sure that the business becomes a success. Sadly, the successful entrepreneurs are when it comes to entrepreneurship, they are not as successful when it comes to running a business to see it become a success.
There are a number of traits or habits which entrepreneurs lack, as a result of which they aren’t able to take the managerial shift in a better way. In the lines below, I will be discussing with you 7 habits that you need to develop as an entrepreneur in order to ensure that your business becomes a success.
One of the biggest problems with entrepreneur turned managers is that they are poor at planning. They exert all the energy and efforts required in making a business success, however, the success of the business requires planning more than anything. Therefore, in order to make sure that your business becomes a success you have to take planning seriously. You have to have long term and short-term plans and every move you make in your business should have a plan supporting. Hence, stop dealing with things as they surface and indulge in proper planning.
After planning the other habit, you need to develop as an entrepreneur to make your business a success is an organization. You have to be organized in whatever you do. Firstly, a better organization of whatever you have available will enable you to be always ready, whether it is a sudden meeting with some clients or presenting a solution to the customers. Secondly, the better organization ensures optimal utilization of resources as a result of which you get the most out of the minimum, instead of being prodigal in your spending and utilization of resources.
Keeping an Eye for Right People:
Another habit that you need to develop in yourself in order to make sure that the business becomes a success is keeping an eye for talent. Human resource is the backbone of a business; therefore, it is imperative that you keep an eye on the right people that can contribute to the success of your business. Therefore, if you have people working for you now, differentiate between them by identifying the contributors from the non-contributors and you will see your success graph soaring.
You cannot possibly keep everything in and under your control; therefore, sooner or later you will realize the importance of delegation of authority in success. Therefore, it is imperative that you delegate wisely. There will be people who will be sycophants and there will be others who won’t come to the limelight, therefore, it rests upon your shoulders to identify the right ones and delegate appropriate authority to them.
As odd as it may seem to you, or how much capable you think your employees are, it is still imperative that you develop the habit of supervising things. Getting to know about things in the manager room is one thing and knowing about the happenings while being in them is another. Therefore, instead of becoming a manager in the manager room you need to develop the habit of inspection and supervision of processes.
The sixth habit that you need to develop as an entrepreneur to make your business success is of reviewing the performance. Success is the result of improvement in performance, therefore, in order to ensure that the performance keeps on improving, you as an entrepreneur need to keep on reviewing it on regular bases and take the required measures to remove all the discrepancies and shortcomings.
The last habit that you must develop to ensure a successful business is proper feedback. Entrepreneurs because of the fear of losing control keep all the progress and success related information to themselves and do not share it with people who contribute to it. This habit eventually causes the people to lose interest and thus the business goes down the hill. Therefore, in order to ensure that the employees and contributing person stay motivated and committed to the success of the business, an entrepreneur must provide proper feedback to the employees and people who contribute to success.
Now it’s Your Turn!
What do you think is the habit that causes the failure of the business? Which habits according to you bring success to a business? Which habits were hard to adopt for you? Share your insightful experiences in the comments section below.
Proper planning and organization are the foundation of a successful business. Without that, you’re off to a shaky start. The most difficult thing for me used to be to delegate tasks to others. There’s is a letting go required there for me. I had to learn to trust. And then inspect. Thanks, Nate. Excellent post, as usual.
Nice post. Really loved the way information spread through out the post. Informative too.
Thanks for sharing. Its motivates to perform better.
Great tips! I think delegation is a very big key in success. Sometimes people just don’t delegate but think they can do it all, and they really can’t. It’s sad when something like that makes a great idea to not happen.
Nate great information and so true planning, organization, evaluating and keeping an eye on the right people are so on point. Thanks for this blog. Shared for you
I will start a business soon, Nate you inspire me everyday. Thanks for sharing.
Good tips for becoming a successful business person.
Most people when they grow big in business, they become un-organize and that affects their growth.
That delegation note is a free-er or killer Nate. If you let go, you can grow. Use automation and outsource to grow your biz and have a life too.
Great tips. thank you for sharing!
Great article Nate! This sums it up so well and it’s so true that most entrepreneurs are visionary type people and details are not our “thing”. Paying attention to the tips you gave will help them stay on track
Great post Nate!
Follow leaders, try new things, track your results. Set a daily action plan and follow it.
It’s not rocket science!
I believe wise delegation and feedback are the pillars of any successful venture.
Fantastic post Nate!!! Tons of value!! Thanks for sharing!
Delegation is the one I see most business owners fail at. Their business is their baby, and they often have difficulties in letting other people tend and care for parts of it.
Delegation, and wise delegation as you said, is key to keeping from being overwhelmed and keeping your stress level (relatively) low.
Delegation has to be the hardest thing for me. I think that is because I’ve had a very hard time finding anyone who actually followed through with their part of the deal or took enough pride in their work to do their best. I end up taking the ‘if you want it done right, do it yourself’ approach and then I work myself to burn out.
Finding the right people who you can delegate tasks to is crucial, but yet so hard to do!
awesome info as usual; thank you!
Great list and I know many people who are not entrepreneurs who need to get better at all of these things.
I’ve seen business go under because they didn’t follow these steps.
Thanks for the great info Nate 😀
Great post. I think it is always hard to delegate because people like to have the control. I used to be a virtual assistant and it was always hard working with the people that didn’t want to give up too much control. I am sort of the same way but because my business has been growing, I am learning to delegate and it has been so much weight lifted off of my shoulders.
I think funding should be another key factor besides those great points you’ve listed.
I have one great business idea but what is limiting me now is funding!
Habits can either make or break your business. Stephen covey’s book has helped me so much.
This was a great explanation of traits a lot of us lack and need to improve on. We definitely need to give feedback to those that are under us to keep the motivation going and we definitely have to review our performance to see how we can improve and make the business better for us and for client. These tips are crucial for the longevity of the business! Thanks for sharing!
Good stuff, Nate. I think consistency is another trait that is vital for an online entrepreneur – they must be consistent in their marketing and outreach.
Spot on, Kelly. Though I view consistency and habit as synonymous and therefore Nate touched on it in the title 🙂
YES, YES, YES…
As always, a well thought out and well-reasoned post. The Key-Word here is, in my opinion, in the title. HABIT.
A couple of habits not specifically mentioned here is ‘the habit of THINKING AND SPEAKING LIKE A BUSINESS OWNER.
As I see it, your seven habits apply equally to a manager of someone else’s business. I look forward to your “3 critical ways to think and act like a business OWNER”
THANK You, Thank YOU, THANK YOU
Good points Nate! Planning is important for business. Thanks, Wendy