What shapes an entrepreneur’s identity and success is the sum of all of their habits. Rather than constantly dreaming, these habits are what lead them to actually do something, leading to success. Habits require a strong work ethic, discipline, and effective time management. They are developed through a process that involves cognitive functions such as perception, attention, memory, and executive function.
To form a habit, a hallmark 2009 study says that it requires about 66 days on average. However, developing habits can vary according to different individuals. It can be as early as 18 days or the longest, at 254 days, according to researchers.
Be curious
To be curious means actively seeking out challenges, new experiences, and new knowledge. Being curious helps entrepreneurs stay present, aware and motivated to keep learning and exploring. Entrepreneurs can develop curiosity as a habit by staying open-minded. One must be willing to consider different perspectives and ideas. Sometimes, it can be hard to be curious about a subject that is deemed boring. To combat this, find out what benefits it will bring to the table and it will spark curiosity.
Have a good tolerance for stress
Stress is common in the unpredictable world of business and we all know that. Staying calm in pressured situations can help entrepreneurs make sound decisions and adapt to changing circumstances quickly. This skill is crucial for maintaining a steady focus on long-term goals amidst the inevitable setbacks and obstacles that come with entrepreneurship. Research by Stanford Psychology Assistant Professor Alia Crum showed that viewing stress as helpful to life brings healthier health, better emotional well being and productivity. It has also been found that for people to accept stress, it requires a high tolerance for ambiguity and uncertainty.
Staying alert and prepared
Staying alert and prepared is crucial for entrepreneurs. Being vigilant allows for quick responses to market changes. Preparation ensures readiness for unexpected challenges. These habits involve good time management, such as having a morning routine and keeping track of important tasks and goals. As an example, Tim Cook, Apple CEO, wakes up at 3:45 AM to check emails and work out. Through these habits, it can help entrepreneurs adapt to and thrive in a dynamic business environment.
Begin with the End in Mind
According to the popular 7 Habits of Highly Effective People, it is one of the key habits outlined in Stephen Covey’s influential book. This habit emphasizes setting goals, knowing what the positive outcomes and setbacks are, and what plans can be made to achieve that success. It can involve developing goals for both the short and long term in terms of work, relationships, personal growth, and health, among other areas of life.
Knowing to Prioritize
A majority of tasks require prioritization and it is the only way people can focus better to meet their goals. Prioritizing means to only focus on what is important, and not what is urgent. This is a mistake that people frequently make. One effective way to prioritize tasks is to use techniques such as the Eisenhower matrix. It is categorized into four sections, which are:
- Do First (Urgent and Important): Tasks that are crucial and require immediate attention.
- Schedule (Important but Not Urgent): Important tasks that can be scheduled for later.
- Delegate (Urgent but Not Important): Urgent tasks that are less important that can be delegated to others.
- Don’t Do (Not Urgent and Not Important): Tasks that are neither urgent nor important and should be eliminated.
These methods help individuals categorize tasks based on their importance and urgency, allowing them to allocate their time and energy more effectively.
Networking and Building Relationships
Building relationships with other entrepreneurs with different expertise allows them to gain new perspectives, knowledge, ideas and opportunities. Constantly interacting with industry peers and professionals also helps to gain insights, especially in the area of your business. They will also be exposed to and discover like-minded individuals, which could help them understand challenges better and even build a strong support system for them and their businesses.
Develop a Positive Mindset
Mindset has a deep, powerful influence on a person’s behaviour. Someone with a positive mindset believes in a positive outcome despite having to go through challenges and setbacks. Successful people know that failure is part of their journey towards success. A positive mindset can help entrepreneurs make better decisions and reduce stress when navigating business challenges.
Conclusions
Entrepreneurs who build these useful habits will have a better approach to going through their business journey. When these habits are fully ingrained, dreams will not only remain dreams, rather it will come true. Each habits are unique, and it can shape entrepreneur’s ability to seize the perfect opportunities and thrive in the competitive business world.
