Let’s face it, entrepreneurship is on the rise. The word has become rather sexy.
Recently, entrepreneurs in the United States account for 14 percent of the U.S. working age population. This is considered among the highest rates of entrepreneurship in the developed world.
In China, entrepreneurship has grown at an exponential rate bringing forth disruptive innovations not only to China, but also, increasingly to the rest of the world. Other places in Asia where entrepreneurship is growing include countries such as South Korea, Hong Kong, and even in Singapore.
Among these independent workers, many from the younger generations are now joining the stage alongside with those who have been around for some time. While there are businesses that sprout and prosper, there are also many who disintegrate and then fade into obscurity.
Why is that so?
There are many factors which determine the rise and fall of a business venture. Nevertheless, we can be sure that the critical factor behind the fate of a business lies in the person — the entrepreneur himself, what we also call, the captain of the ship.
What makes an entrepreneur successful?
Consistency is the word.
Nearly every entrepreneur has developed specific habits that helped them improve their life, and subsequently, their business. Here are 10 habits that make entrepreneurs successful.
1. Spend time in solitude
Spending time in solitude can be an excellent opportunity to think about your work or life issues, and plan where you want to be in the future. Experts note that spending time alone also improves concentration, productivity, and even allows creativity to flourish such that you may be inspired by newer ideas for your business.
2. Get enough rest or sleep
Successful entrepreneurs know that they cannot go far feeling empty and lethargic. Therefore, a few ways for entrepreneurs to feel consistently recharged and energised, are to get enough rest or sleep, have an exercise routine, or even quality time with family and loved ones.
3. Plan and strategise the week ahead
If you fail to plan, you plan to fail. Successful entrepreneurs always have a plan. They know what their goal is, and the ways to achieve that goal. Having a plan serves as a road map that keeps you accountable to your goals. Moreover, planning the week ahead helps to guard against missed opportunities and costly errors.
4. See opportunities and not failure
Be ready to fail. Entrepreneurs fail all the time. There is no successful person in this world who had never tasted failure in their life. The only obstacle that prevents an entrepreneur from succeeding in business is his/her mindset — how he/she choose to respond to failures or rejections. Unpleasant experiences like failures are beyond our control, so let us take the chance to learn, move on, and improve on our strategies along the way.
5. Possess a constant learning attitude
The day you stop learning is the day you are placed six-feet under. There is something new to learn everyday. We are living in an era when we are bombarded by countless of information and knowledge that we can find on the Internet. The key to success is to choose the more relevant knowledge and skills to learn in order to propel yourself towards your goal. Successful entrepreneurs know this very well.
6. Make things happen
As Tony Robbins once said, “The path to success is to take massive, determined action”. Nothing can be further from this truth. The ability to march straight on towards one’s goal despite the criticisms of naysayers is what differentiates a successful entrepreneur and the other who is unsuccessful.
7. Persevere and never-say-die
If you managed to read the stories of how many famous entrepreneurs overcome their failures, you will begin to realise that almost or all of them had one thing in common that made them successful — they never give up.
Just to name a few…
J.K. Rowling got fired from her job as a secretary in Amnesty International before she became famously known as the author for the seven-volume saga of Harry Potter.
Oprah Winfrey was fired from her career as a news reporter for Baltimore’s WJZ-TV before she became a television personality, and then became one of the leading black philanthropists in the United States.
Tim Ferris was turned down by about 25 publishers before he managed to publish his bestselling book called “The 4-Hour Workweek”.
Elim Chew started out as a humble hairstylist who aspire to become a millionaire. She later founded 77th Street that revolutionised the streetwear scene in Singapore.
8. Reflect often
Successful entrepreneurs often reflect on their past week and evaluate their actions taken and what can be done better or differently in the coming future. They know that by investing their valuable time reflecting on their actions will help them set goals that will bring them to the next level of success.
9. Have patience in what you do
Whether you are building a business, writing a novel, or inventing a new device, it can be both mentally and financially stressful. Those who choose to embark on this extraordinary journey need to realise that their patience will be tested. Successful business takes time to grow. For me, I learned that one way to have patience in what I do is to develop a strong passion towards my goal.
10. Be with good company
Friends are good to have around, especially those who share your values and are ones who constantly encourage and give you their support. Surround yourself with friends who also push you to become a better person. Emulate successful entrepreneurs, and where possible, associate yourself with these successful individuals to learn from them and model after them. You can find many of such positive like-minded connections at mastermind groups, business networking platforms, or other relevant talks and seminars.