Modern entrepreneurs live and work in a fast-paced and frictionless environment that is unlike anything before seen in history.
Through the power of the internet, entrepreneurs have the choice of a variety of platforms and business models, all with almost zero barriers to entry. Today’s startups may take many forms: some are run as side hustles on shoestring budgets, while others may be backed by venture capitalists at multi-million dollar valuations even before a cent of revenue is generated.
While it is true that today’s entrepreneurs must be able to navigate this unique landscape, many of the crucial habits adopted by the world’s highly successful entrepreneurs are actually quite timeless and applicable to most situations – and anyone can take them up as long as they are committed to results.
WHAT HABITS DO HIGHLY SUCCESSFUL ENTREPRENEURS HAVE?
Today’s infographic from MBAnoGMAT.com highlights the fruitful habits that many generations of business leaders have relied upon time and time again.
“Get the Most Out of Each Day”
Time is a precious resource – and people like Ben Franklin or Elon Musk have previously built their schedules to maximize the amount of productivity they get out of each day. Franklin had a 13-week self-improvement plan, in which he focused in on one specific “virtue” that he valued each week. Meanwhile, Musk schedules his days in five minute intervals to minimize wasted time.
“Look to Learn”
With zero barriers to information, you now have access to more words of wisdom than anyone throughout history. Warren Buffett, Bill Gates, and Oprah Winfrey understand this – and they make reading and acquiring new knowledge a central part of their self-enrichment strategy.
Buffett, who is known for his voracious reading habit, says reading is like compound interest:
Read 500 pages…every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.
“Stay Fresh With Exercise”
Richard Branson wakes up at 5 A.M. every morning to kite surf, swim, or play tennis. Why? He claims this gives him an extra four hours of productivity each day.
Go too long without an exercise routine, and you may find your ideas running on fumes.
“Possess a Strong Mindset”
According to many of the world’s highly successful entrepreneurs, the biggest barrier to success is psychological. About 80% of businesses crash and burn in their first 18 months, but many of the entrepreneurs on the other side of that statistic are the ones who simply refused to give up.
It takes time to build a reputation and a brand, and sometimes the fruits of these labors do not show up as fast as an entrepreneur would like. Self-starters who stay mentally strong will come out of this process, which always takes longer than expected, with a better shot at success.