Most new businesses fail. Despite such a high failure rate, some business owners do manage to find success beyond their wildest dreams. However, their success was not a coincidence. Successful entrepreneurs all share certain traits and behaviours that help lead their companies to prominence. Below is a list of five habits that all successful entrepreneurs have.
1. Always Plan for the Future
One habit of successful entrepreneurs is always planning for the future. This includes both the immediate future as well as one, two, five and ten years ahead. True entrepreneurs are never completely satisfied with current successes. When Sir Richard Branson found success with Virgin Records, he was already plotting his entry into the airline business. After finding success with Virgin Airlines, he started plotting his company’s expansion into space travel. Entrepreneurs should always think ahead.
2. Being Innovative
However, highly successful business owners don’t only have plans. They also have plans that innovate within their given industries. For example, Uber revolutionised the taxi industry, Dropbox changed how we share files, Dollar Shave Club popularised cheap shaving supplies with their subscription model, and Modafinilcat innovated within the pharma industry by making it easy to access the increasingly popular wakefullness drug. Entrepreneurs shouldn’t be satisfied only with the old ways do doing things. They must also think of new ways of doing things before others to gain a competitive advantage.
3. Always think About the Customer
All highly successful entrepreneurs know that the most important person for any business is the customer. They know that the customer supersedes everything else that may be important about a company such as beating the competition and the prices charged for products. If the customer isn’t happy, all that work will be for naught. How to best serve the customer’s interest was always in the back of the mind of Steve Jobs. Thanks to his insight into what the customer really wanted, he was able to make computer technology and the internet accessible and convenient for nearly everyone.
4. Be Obsessive
Being a successful entrepreneur doesn’t only mean being passionate about a company and its products. Instead, he or she must exceed mere passion into obsession. A business owner must be constantly thinking about every element of the company, its products, its marketing and more. Success in highly competitive markets doesn’t happen by mere accident. It must be achieved through relentless hard work and devotion to the success of an organization and its products. This certainly requires an obsessive personality as far as one’s work is concerned.
5. Overcome Adversity
According to a study published by a student at the Cass School of Business, 20 percent of all British entrepreneurs have dyslexia. This correlation suggests something about the personalities of successful business people. Working to overcome obstacles is part of their daily routine.