Happy New Year!
2020 was a year to remember and if we’re honest, it left many of us feeling deflated. But, it’s a new year and that means there is hope and new opportunities to create the life you love because you can have it.
As each year comes to a close, we find ourselves assessing our current lives and making the ever-notorious new year’s resolutions. This year, we challenge you to think not about your goals but instead focus on your habits.
Contrary to popular belief, success is not ensured by setting goals but rather changing your habits. Successful business owners understand this. So if you are aiming for success in your business in 2021, this is where you need to start! Check out the top 10 habits of successful business owners below.
1. They read
For successful business owners, education doesn’t end with their academic careers. They are always learning. A study of 1,200 of the world’s wealthiest people found that reading was the number one means of self-education. Remember: knowledge is power. No matter what you start with, get into the habit of expanding your mind and learning from those who have done what you want to do. You’re reading this for starters, so you’re already on the right track!
2. They have a mentor and a coach
Behind every successful business owner are great mentors and business coaches. Like everything in life, success doesn’t happen overnight, nor can it be done alone. Make use of other professionals and experts.
Having a mentor and business coach gives you access to information, support and most importantly accountability from top professionals so that you make choices that will benefit both your business and your personal life.
3. Wake up before 5 am
The early bird catches the worm and successful business owners are definitely early-risers. Some of the world’s most successful people wake up between 4:30 am and 5:30 am. CEO of Apple, Tim Cook rises at an impressive 3:45 am! While you don’t have to get up at 3:45 am, waking up an hour earlier each day will drastically improve your productivity.
Waking up earlier enables you to do all of the important things that you typically “don’t have time for” like eating a good breakfast, journaling and exercising. In doing so, you’ll be more energised and focused throughout the day, improving your overall work performance and hopefully your pockets.
4. Exercise 30 min per day
You can’t work if your body doesn’t. Being physically healthy fosters a healthy mind and this is imperative to being able to work well and create a successful business. Regular exercise sharpens your focus, improves your mood and increases your decision-making abilities and we could all do with a bit of fresh air having spent most of 2020 inside. Make a commitment to one thing a week and get going!
5. Have clarity on purpose and goals
Effective business owners go into every venture with the end goal in mind, so before you start your next project, get clear on your end goal. Understanding your goals at the beginning of your projects allows you to map out the steps that you need to take to achieve said goals and gives you a clear framework by which you can measure your progress and ensure that you are actually moving towards your goals. Many people are busy, but being busy doesn’t mean that you are being productive.
Pro tip: Write down your end goal and the steps that you need to take to get there and place it where you can see it each day, so you can check off each step as you complete it. You can be a successful business owner; you just have to start!
6. Act fast
Successful business owners take risks regularly. Calculated risks ensure that your business is always growing and if done well can put your business years ahead of its competitors. Study your consumers and don’t be afraid to try new and innovative things. Assess what has and hasn’t worked for you in the past often and be a student of those around you. Above all, remember to act on what you find! You know what they say, no risk no reward.
7. Multiple streams of income
Diversify, diversify, diversify! If ever one market crashes or a product is not well-received, you want to make sure that you have another product or service to fall back on. You can multiply your streams of income by offering different types of products and services, investing or simply creating your business alongside your current job. The point is to create a good number of streams, so you are never at a loss.
8. Don’t try to do everything
Time is everything for successful business owners, so if they can get someone else to do something, they will. What are your strengths and weaknesses? What can you do in your sleep? What tasks give you a headache? Capitalise on your strengths and outsource your weaknesses. Assess yourself and focus your time on what’s most important within your strengths and outsource the rest (where possible). Maximise on your time. Remember: Being superman/superwoman doesn’t make you smart, it makes you slow.
Rome wasn’t built in a day and “no” doesn’t mean never. Get used to rejection and work on your resilience. Business can feel like a battlefield sometimes, but the most successful business owners develop an attitude of resilience and perseverance early. Remember: rejection isn’t personal. Take every rejection as an opportunity to perfect your business and come back stronger. Listen to customer feedback (compliments and complaints) and get a mentor to help you get your business to the next level.
10. They give back often
Have you ever noticed that the wealthiest business owners are also big givers? Giving back to charity and community projects has both emotional and practical benefits. First and foremost, giving back provides a sense of fulfilment to you and helps the recipients to build the resources and causes that they are dedicated to.
Practically speaking, giving back positions your business better both within your industry and the public eye. When you give to organisations and communities, you also attend events and functions, these help you build connections with like-minded people who could potentially invest in your business and makes your business appear ethical and caring. With consumer interest growing in the ethics of business, philanthropy is a great business move.
Successful business people understand that in order to master success, they must first master themselves. That is where you need to start. We challenge you to skip the new year’s resolutions this year and simply start implementing the habits for success, so you can develop the mind and discipline of a successful business owner as you’ve been dreaming of.