Are you a young entrepreneur with dreams of making it big? Is running a business something that you like doing? Do you have ideas and visions that you’d like to see coming to fruition?
Entrepreneurship is not everyone’s cup of tea, but if you develop a few habits that you implement in your daily life as well as during the time you work, so that you’re on the right path to success.
Listed below are five habits that each entrepreneur should follow so that they have a high chance of success in their endeavours.
1. Risk Taking
A common trait amongst many successful entrepreneurs is that they’re not afraid of taking risks. Sushant Pradhan, Founder and CEO of The Physique Workshop says, “Entrepreneurship is all about exploring unknown areas so risk taking comes naturally, but it’s important to make calculated risks and not just jump into decisions.”
Dreaming and wishing is not enough to make it in the world of business. Some calculated leaps are a must. Some risks might not pay off, true, but it’s important to learn from this, rather than get disheartened by it and give up.
2. Consistency
Running a business is very different from a 9-to-5 job. The need to make a schedule and stick to it is of vital importance. Success doesn’t just come overnight, you have to plan for the success. And this consistency should not just be limited to your professional life, but also your personal life. There are certain personal obligations, like homeworks or household chores that should also be paid attention to, since consistency is a lot easier to maintain if it’s applied in everything.
On this matter, Sushant Pradhan says “Another quality for entrepreneurs should be a never giving up attitude. The longer you can sustain and keep getting at something, the more precise you will be. Hence consistency is a must and consistency with the same level of intensity day in and day out is a recipe for success.”
3. Identifying Opportunities
Every successful entrepreneur are where they are because they identified opportunities that others missed, and acted upon it. Opportunities can present themselves in the unlikeliest of places, so it’s better to always be prepared for them.
Amod Niroula, Co-Founder of ACT360 Digital Marketing Solutions says, “I have seen young people today overthink on the opportunity that is right. As Thomas Alva Edison puts it, “Success is 1% idea and 99% perseverance”, it is only when you act on these opportunities (big or small), you actually are reaping benefits out of that opportunity. If you think something will work, don’t paralyse yourself with analysis, just put your ideas to work and see if it works. And if it does not, this will be your learning to take forward for the next iteration or a different opportunity.”
4. Self Motivation
“No one will motivate you as much as yourself. When everybody else is saying that it cannot be done, you should at least be the one to have your own back. Motivation can come from various sources for people. Find what drives you and use it to fire up your journey.”, says Sushant Pradhan when asked about the importance of self motivation.
Self motivation is extremely important if you’d like to be a successful entrepreneur. If you approach each day eager and enthusiastic about your tasks, and stay motivated enough to see them through, work will feel less like work and more fun. It will also make you an example to be looked up to by your employees.
5. Learn New Things
No matter how experienced you are, what you have done and what you know, there is always something to be learned. Constant improvement, thirst for learning and interest in new things are very important factors for being successful in the business world.
According to Amod Niroula, “I cannot stress enough how much continuous learning is important when you are running a business. Each day brings to you new challenges and it is only when you read how great leaders in the past tackled those challenges, you have a list of tried and tested solutions to these challenges. Your job now is only to pick what is likely to work. Not learning continuously limits your options and can make you feel stuck.”
Adopting these habits does not guarantee success, of course, but it does set you on the right track and allow you to execute your ideas to the fullest potential, so embrace these habits, and make it big!