In 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 the 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, 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 organization. You have to be organized in whatever you do. Firstly, better organization of whatever you have available will enable you to be always ready, whether it is a sudden meeting with some client or presenting a solution to the customers. Secondly, 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 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 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.