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5 Habits & Skills You Must Develop to Be A Successful Entrepreneur

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5 Habits & Skills You Must Develop to Be a Successful Entrepreneur

No one ever said being an entrepreneur and going your own way was easy.

The worst part about being an entrepreneur, however, is having no guarantee of success.

Many entrepreneurs spend hundreds of hours and every penny they have to try to make their passion into a living, only to end up penniless with little to nothing to show for their time.

 

5 Habits/Skills You Need to Be A Successful Entrepreneur

It simply takes a lot more to succeed then some people have in them – not to mention a little luck.

Here are 5 habits that are absolutely essential for an entrepreneur to develop if they ever want to succeed:

 

1. Waking Up Early

No one wants to hear this but everyone needs to do this. I am not talking about 9 AM early either, I am talking about sometime before 7 AM at a minimum. Successful entrepreneurs and even just successful people all have this trait in common according to multiple studies.

The morning is a time when most people tend to be extremely productive, and having three extra hours each morning to push your goals is irreplaceable.

 

2. Networking

Few entrepreneurs have succeeded without networking. The hard part is that most entrepreneurs aren’t natural net-workers. They typically have a passion that they want to turn into reality and a good idea.

They give everything they have to building a product or service but fail to even go to market because they didn’t do the necessary networking and make the necessary connections to succeed.

Learn to talk to everyone, make friends with everyone, and be bold when asking for help. On that same note, always offer help to others when you can – you will find it much easier to ask for help down the road if you do so.’

 

3. Listening

It is so easy to ignore other’s advice when you are just starting out. You have a grand plan and a route to success.

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What could go wrong?

Unfortunately, a lot can go wrong. While your plan or product may seem perfect in your head, you will often be surprised by advice others may give you.

Many entrepreneurs have a tendency to assume others just don’t understand, and they will see once you are a success. Unfortunately oftentimes other people are able to see holes and problems that you are not.

By taking the time to listen and understand issues others may have with your plan, you can save a lot of heartache.

 

4. Leaving it Behind

This is probably the number one issue I have seen in entrepreneurs.

They are so passionate about what they are doing and love it so much they don’t know when to let go. They never leave work, and when they do they are still working mentally.

They let friends and loved ones fall by the wayside because their passion to succeed drives them to push harder and harder. Do not fall into this trap. Plan your time. Yes, you can work late. In fact, you will probably have to.

But always maintain property priorities and try to not let your mind wander to your projects when you are with those you love.

 

5. Planning

As an entrepreneur you will have a list a mile long with things to do, people to meet, and calls to make. You will start doing one thing, only to be reminded in the middle of it that you have to do another.

You will start to do that and something you are doing will remind you of another task. It is incredibly easy and can drain hours. Plan your schedule, make smart goals that push you, then do everything in your power to stick to the schedule.

You will find yourself getting much more done each day then you ever realized was possible.

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Summary

A quick recap on the skills you need to be a successful entrepreneur:

  1. Waking up early
  2. Networking
  3. Listening
  4. Leaving it behind
  5. Planning

Know any other habits you need to become a successful entrepreneur? Leave a comment below.

Spencer is a graduate of Brigham Young University and a passionate entrepreneur. He has worked in tech startups, agency startups, and even started a few companies of his own. He currently runs beginningstocktrader.com and does marketing consulting. His latest published work was to teach beginners to invest using Motif and can be found here.

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