Entrepreneurs

Key Business Habits of Successful Young Entrepreneurs

key business habits
credit: Forbes

Key Business Habits of Successful Young Entrepreneurs

We all want to be successful at whatever we do. That’s our biggest desire. That’s our drive for the effort we put into our work. So, to be a successful young leader, you have to gain a few key business habits from the world’s most successful young business leaders and entrepreneurs. Leadership is a skill that takes character, command, and vision. Jim Rohn once said, “The challenge of leadership is to be strong, but not rude; be kind, but not weak; be bold, but not bully; be thoughtful, but not lazy; be humble, but not timid; be proud, but not arrogant; have humor, but without folly.”

Here are 5 key business habits of successful young entrepreneurs

Check your daily PRIORITIES

My overarching goal is to be consistent in my schedule, and as a result, I live a lifestyle that allows me to maximize the amount of work I get done. I believe this type of prioritization has made a huge impact on how quickly Fueled has grown.– Rameet Chawla, founder of Fueled

Keeping a daily routine allows you to create a lifestyle that is driven with purpose and vision to succeed. Jesse Lear, the founder of VIP Waste Services, will ask himself one single question each day; “If I live every day the way I did today, what kind of future would I create for myself?” According to him, this question helps him to constantly evaluate his actions and ensures his actions lined up with his priorities.

Like Jesse Lear, we all need to have a daily routine that we follow. A routine that can push every activity in our life to make sure that it’s positive achievements and rake in results for our business, leadership, and lifestyle.

Related:  Gary Vaynerchuk: Sticking to What You Know Is the Key to Success

Don’t Compare Yourself with others

We are really competing against ourselves. We have no control over how other people perform.– Pete Cashmore, Mashable

Know yourself. You are not the person you compare yourself with. You have your potentials different from his. I guess what I’m saying is that you have to be self-aware. Self-awareness gives leaders an opportunity to reflect on who they are and how effective their leadership style is. Being self-aware allows continual growth as a person and as a business leader. 

As Pete Cashmore puts it; “Focusing too much on the competition is only a distraction from achieving your own success. Instead of constantly comparing yourself to others, find out what you do best, what you love most – and do it wholeheartedly.”

Be a Servant Leader

It doesn’t matter how great your original product or idea is, if you can’t build a great company, then your product will not endure.– Brian Chesky

I believe this to be one of the key business habits any young leader should develop. However, a leader needs to build trust and respect from his team. People should be convinced on why they need to rely and trust the person they are following. And a leaders confidence, boldness and tenacity, goes a long way to proving it. A reliable leader is able to set a precedent among his team which sends a sense of professionalism, loyalty and respect.

Also, as a leader you are responsible for empowering your team to success. And rather than demanding service from the people you lead, you put yourself at their service mentoring and encouraging them to meet their goals for both business and your team’s individual success.

Embrace Change

The biggest risk is not taking any risk… In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.– Mark Zuckerberg, Facebook

Change is constant. It is inevitable. And as leaders we should be prepared for change when it comes. Many business leaders are always on the look out for change, even though changes are hard. Know that Elon Musk was able to develop Tesla and SpaceX after leaving PayPal. Mark Zuckerberg launched Facebook from his Harvard University dorm when he was 19 years old. The CEO said in an interview last year that, for any given decision, there will always be an up side and down side. But, over time, if a company is stagnant, it will be guaranteed to fail and not catch up.

Embracing change can make you a more successful business leader. As Jack Welch, the former CEO of GE, said, “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.”

Related:  7 Powerful Leadership Skills for Young Entrepreneurs

Build a Network of smart people

Find the smartest people you can, and surround yourself with them.– Marissa Mayer

Build a network by connecting with smart individuals, friends and colleagues. Join organization in your niche and make yourself actively involved in discussions and every activities of the organization. Get noticed by more people in the group and you will be able to make valuable connections and smart networking.

Marissa Mayer, CEO of Yahoo!, said; “Building a strong network of intelligent and influential people will help you learn faster and achieve more than you can alone.”

 

I am the Founder and President of Young Leaders Arena. Formerly I was the Chief Editor and program co-ordinator at Walktall. Author of the upcoming Book; Success Recipe: Start up Tool-kit for exceptional business growth. I have written numerous articles on both leadership, business start up, entrepreneurship. I have served as thought leader in many societies and organisations, including the Forum on Extractive Industries Transparency Initiative. I obtained my post graduate from the prestigious University of Port Harcourt. I also have a Bachelors from the Delta State University, Abraka. Twitter & Instagram: @Charlessholokwu

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