Empowered Entrepreneurship: 3 Critical Skills Every Entrepreneur Needs

Uncategorized Jun 23, 2019

10-minute Read

Have you ever wanted to be an entrepreneur? Have you wanted to have your own business or a side-hustle of some sort?

The dream of being an entrepreneur is about freedom, independence, making an impact and building a legacy for a better tomorrow.

However, forgoing your weekly paycheque to follow your true passion takes lots of guts. Therefore, most people spend their lives working to build someone else's wealth.

This isn’t necessarily a bad thing and having a steady job and income can be extremely rewarding and lucrative.

But maybe you have an entrepreneurial itch you have always wanted to scratch.

The reality is that being an entrepreneur is dam hard.

46% of new businesses fail within the first 5 years and by year 10 that number is even higher!

And despite the odds of success not being in your favour, you still choose to forge on because the reality is that you would have it no other way.

 

This is your calling.

This is your purpose.

This is what you’re meant to do.

 

But what if you could set yourself up for a better chance of success?

What if with a little bit of planning, self-reflection and intentional effort you could beat the odds and find the success you desire?

In this article, we will do a deep dive into the 3 critical skills that every entrepreneur, both new and old, needs in order to find long-term success!

I’ve also created the Entrepreneur Skill Set Checklist so you can reflect on your existing skill set and explore ways to sharpen your skills. Download this checklist now so you can reflect on it after reading the article.

Click here to get the checklist!


PART 1 – Habits

8 Effective Habits for the Successful Entrepreneur

Every career has a set of habits that greatly increase the odds of success. The habits necessary for success will vary from career to career. Fortunately, there are many successful entrepreneurs that we can look to for guidance. It’s not surprising that many of them share the same habits.

There’s no reason why you can’t have the same habits as some of the most successful people in the world!

Increase your odds for success with these habits:

  1. An incredible work ethic. It takes a lot of time and effort to grow a business. It's necessary at first to be a jack-of-all-trades. Until you can grow enough to hire others to cover all the required skills your company needs to thrive, you're going to have to carry a lot of weight.
  2. Conscientiousness. When you own a business, it's up to you to ensure that things are done properly and on time. The responsibilities are great. You don't have the luxury of putting out sloppy work. It will always come back to haunt you.
  3. Use time wisely. Time will always be a limited resource. How you use your time dictates how successful your company ultimately becomes. That means having the knowledge and experience to make wise decisions and the mental toughness to avoid distractions.
  4. Have a plan each day. One of the keys to using your time successfully is to plan for each day ahead of time. Avoid going to bed without having a detailed idea of what you're going to do the following day. When your feet hit the bedroom floor, you should already know what needs to be done for the day.
  5. Wake up early. There are very few successful entrepreneurs that don't get up very early. Some get up even before 4 a.m. How early you get up is up to you, but if you're not beating the average person out of bed, you're behind.
  6. Set goals. It's not enough to work hard and work smart. You also must know where you're going. Goals help you make wise decisions. Know what you're trying to accomplish today, this week, this month, this year, and 10 years from now.
  7. Deal with stress effectively. Entrepreneurs have plenty of stress to deal with on a regular basis, so it's important to learn how to manage it. Have a process for dealing with stress and anxiety. Learn to recognize what you can control and what you cannot.
  8. Look ahead for obstacles. Avoid being blindsided by obstacles and setbacks. Be aware of your future. Look ahead for the challenges that you're likely to face and have solutions in mind.

What are your current habits? Can you see why your current habits have either helped you or harmed you on your path to business success? Think about what you want to accomplish to be successful and build a set of habits that will support those activities.

The person with the best habits usually wins. How far will you go with your habits?

 

PART 2 - Personal Growth and Development

With such a strong desire to achieve success, many entrepreneurs find themselves in hustle-mode. Maybe you can relate…

Working as hard as you can, as quickly as you can and for as long as you can.

You are running a marathon at a sprinter’s pace!

This can only go on for so long, and even though you get more done in the short-term, long-term you are on the path to burnout and the costs to your emotional health are staggering.

As entrepreneurs, one thing we often neglect is our own personal growth and ensuring that we are focused on our own wellbeing as much as we are focused on our business’s wellbeing.

If we’re not in our optimal state how can we expect our business to be?

For your business to truly reach its full potential, it’s important to spend some time each day furthering your own personal growth and development. A few minutes each day can yield great rewards over the years.

But where should you start and what should you focus on to generate the greatest return on your personal growth investment?

Focus on these 3 strategies for the greatest personal growth ROI:

1.) Meditation

In his book Tools of Titans, Tim Ferris interviewed 200 of the world’s most successful billionaires, icons and world-class performers. Of these 200, 80% had some sort of daily meditation or mindfulness habit.

And while it isn’t just meditation that makes these Titans successful, meditation is the foundation that much of their success is built on.

From a more tangible perspective, science has proven that meditation can: reduce anxiety, improve focus, increase creativity, help you find flow, boost memory and so much more! All of these benefits are incredibly valuable to us as entrepreneurs.

If meditation isn’t part of your daily routine already, it doesn’t take a lot of effort to get started. You’ll start seeing benefits by starting with just a few minutes each day.

A great app to begin with is https://www.headspace.com/


2.) Read Non-Business Books

Developing a reading habit can be one of the most rewarding things you can do for your personal growth.  But with so many items on your to-do list, finding the time is often easier said than done.

As an entrepreneur, it is easy to reach for a business-related book to help you grow your business. Interestingly enough though, reaching for a non-business book might actually be a better business decision.

We spend so much time thinking about our business that our mind is all business all the time. By exploring books that aren’t business related you are actually engaging different types of creative thinking. This helps you think about the world in a different way and you may just have a breakthrough that you don’t expect.

The Kindle app is a powerful resource for diving into books of all kinds. It has allowed me to read more books because my phone is always on me!
 

3.) Public Speaking

Developing your public speaking skills is one of the best investments in your personal and professional growth that you can make.

As an entrepreneur, a big part of your success comes from your ability to be able to articulate your ideas effectively and with passion.

Even if you have zero intention of speaking regularly, developing public speaking skills will positively impact your life and business in many ways. Boosting your confidence, enhancing your presence of mind, allowing you to speak on the spot, improving your ability to communicate your ideas, and so much more!

Not to mention, conquering your fears of public speaking, (If you had a fear to begin with), will allow you to face the challenges of growing a business with even more drive and confidence!

Hands down the best place to practice your public speaking skills would be to join a Toastmasters club.

To find one in your area visit https://www.toastmasters.org/

 

Focusing on these 3 strategies with consistency and discipline will create a ripple effect of personal growth throughout your life and your business.

As entrepreneurs, our drive and determination are powerful forces on our path to entrepreneurial success. But it can be a slippery slope if we let our mental, emotional and spiritual growth fall by the wayside.

The path of growing our business is really a journey of growing ourselves. Through the setbacks and the comebacks is where we discover what we’re made of.

By consciously focusing on your own personal growth while also focusing on business growth, you will set yourself up for the best possibility of success!

 

PART 3 – Mindset

While the first step in becoming an entrepreneur is locating a profitable business idea, the true foundation of entrepreneurial success rests within your mindset. A good idea can take you only so far. However, true determination to stop at nothing to achieve your goals can carry you through to the finish line.

You may have hundreds - if not thousands - of competitors in your field. Many of them sell the exact same product or service as you. Yet, one business may be raking in huge monthly revenue, while the other can barely get off the ground.

So, what separates these two businesses? It's the difference in mindset of the entrepreneurs behind the ventures. The successful businessperson boasts a heightened business mindset that leads to higher revenue and more success. The unsuccessful one may know a thing or two about business but are okay with doing the bare minimum.

Below is a list that displays the key characteristics of a successful entrepreneur. Adopt the mindset philosophies of the successful entrepreneur and you'll happily discover the impact they will make on your life and business!

 

The Winning Mindset of an Entrepreneur

  1. I will succeed if I work hard enough and smart enough. I know that perseverance is the key to success, but I can’t just work long and hard. I must work long and hard on the right things.
  2. The value I provide eventually comes back to me. I am focused on providing as much value as I can to the world. I understand that the more value I provide, the more income I receive. I do my best to increase the amount and the quality of value I create.
  3. I invest my time and money wisely. My time and financial resources have limits, so I allocate them intelligently. I know which things in my business most require my time and money.
  4. It’s important to know and understand the truth of the situation. I avoid making assumptions and I keep my ego out of my decisions. I am open and committed to understanding the reality of every situation I face. I make intelligent decisions based on the facts.
  5. My choice of employees can make me or break me. One bad employee can create significant challenges. The right employees can free my time and take my business to the next level.
  6. I will be better tomorrow than I was today. I use what I learn each day to improve myself and my approach to my business. I am getting better and stronger each day.
  7. I can find a solution to any obstacle. It doesn’t matter what has gone wrong. I know that I can find a way to resolve the situation.
  8. I believe in my ability to achieve the best. I am willing to push myself beyond my comfort zone for the greater good of my business.
  9. I value my intuition over the advice of another. I truly understand what's best for my business and am confident making the decision.
  10. Continuous Improvement. I review each day, so I can be even more effective tomorrow. I avoid repeating my mistakes and expect the same from my employees. We’re all getting better each day!

 

Is Entrepreneurship for you?

So maybe you’re someone who already has a business or maybe you’re someone wants to start a business or even just a side-hustle.

Or…maybe you’re not.

If this is the case, nice work on making it to the end of this article!

The reality is that all of the suggestions and insights in this article don’t just apply to entrepreneurs. They apply to anyone who is looking to take their life to the next level.

And based on you even arriving at this point in the article I know you are that type of person!

Entrepreneurship isn’t for everyone and that’s ok. Even if it isn’t for you, there is something to be said about adopting an entrepreneurial mindset in all you do.

Focus on cultivating habits of success in all areas of your life.

Make personal growth and development a non-negotiable in your life.

And cultivate a success mindset in all you do.

And most importantly, Dream BIG!

As Jim Carrey once said, “You can fail at what you don’t want so you might as well take a chance on doing what you love.”

If you haven’t already, make sure to download the Entrepreneur Skill Set Checklist so you can reflect on your existing skill set and explore ways to sharpen your skills.

Click here to download the checklist.

-Dustin

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