10 Habits of Successful Entrepreneurs

“Your habits shape your identity, and your identity shapes your habits” — James Clear

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Introduction

Entrepreneurship is hard. While it may look cool but it’s not. It requires consistent discipline, and confidence in yourself. But for those who hustle, come back and get the work done, it is the most satisfying job in the world. And the first step towards your entrepreneurial should be building habits.

It needs constant repetition to adopt these habits. While it may sound difficult, forming good habits is one of the ways to help you handle unexpected challenges in your business.

First forget inspiration. Habit is more dependable. Habit will sustain you whether you’re inspired or not. -Octavia Butler

1)They Read

Most successful entrepreneurs consume books more than anyone else. It’s worth making time to read books. In fact, on an average, CEO’s read about 60 books per year. Reading expands your horizon. Legendary investor Warren Buffett spends about 80% of his time reading books. Bill Gates read about 60 books a year.

Try to make it a part of your routine in the early morning or else before going to sleep, depending on your most productive hours.

2) They value sleep

This is the most important and underestimated habit of all. Sleeping less or more than required will hinder your thinking and decision-making abilities. One study of 4,188 US workers found a drop in productivity and performance among those who slept less and a $1,967 loss in productivity per worker.

In a talk with podcaster Joe Rogan, Musk said that due to the high workload, he needs at least six hours to sleep otherwise he would feel less productive.

3)Money Management

They are very careful with money management and avoid increasing liabilities as much as possible to balance cash flow. They prioritize saving more than spending.

Surprisingly, many top business magnates and investors like Warren Buffett live in the same modest house bought in 1956 and calls the luxury items “a pain in the neck” .

4)Exercise

Being strong mentally, you also need to be physically strong as an entrepreneur.

It’s not building muscles like The Rock or Ernest Khalimov(aka Giga Chad), it’s about doing basic exercises on a daily basis to keep your body fit. Make sure you dedicate some time to exercise on your daily schedule.

5)Focus on the Highest Value Tasks

Brian Tracy in his bestseller book Eat That Frog tells that in order to achieve higher output, start your day with the most important, frustrating, or procrastination-inducing task. Because it prevents you from procrastinating on important tasks for too long .

6)They learn from failures and take risks

A perfect example is Elon Musk. Despite failing three times in the rocket launch of Space X, he didn’t give up and took a risk to launch the fourth time which was wildly successful.

7)They meditate

It’s no doubt that entrepreneurs need to be able to make quick and accurate decisions. Doing meditation can help you increase your focus and reflect on yourself as a person.

Studies show that even 10–15 minutes of meditation can be a huge boost to your memory. Entrepreneurs like Steve Jobs and Bill Ford are well known for preaching about meditation .

“More than 80% of the world-class performers I have interviewed have some form of daily mindfulness or meditation practice. It’s the most consistent pattern. It’s a “meta-skill” that improves everything else.” –Tim Ferriss, in Tools of Titans

8)They know the art of time management

There are various time management methods like Eisenhower Matrix, Pomodoro Technique, Parkinson’s Law, etc which many use to manage time.

Elon Musk manages time by time blocking, which means following a 5-minute scheduling blocking system .

9)Make Time For Your Community

Each of us has our own community. Doing a high-workload job doesn’t mean you should just grind on your work. Instead, make out some time to spend with your friends or family.

It’s your responsibility to make sure you stay connected with your near ones.

10)Prioritize Deep Work

This a concept proposed by Cal Newport in his book Deep Work. The most impactful ones schedule some time for working deeply on their highly valuable tasks.

High-Quality Work = Time Spent X Intensity of Focus

Being able to work to your deepest level of focus is another skill entirely. It requires you to eliminate social media, emails, and shallow work from your workspace.

Try and track how much time you work deeply and increase it slowly as it becomes a habit. You will find a different level of flow state if you cultivate this habit.

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Thanks for reading.