Wealthy and accomplished business founders versus aspiring counterparts: a closer look at the behaviors that set them apart.
Successful Entrepreneurship: The Power of Consistent Habits
A recent five-year study by Tom Corley, revealed a clear divide in habits between successful and unsuccessful entrepreneurs. The study identified ten habits commonly adopted by wealthy entrepreneurs that set them apart from the pack.
1. Wake Up Early
Sixty-seven percent of wealthy entrepreneurs start their day at least three hours before their workday begins. This early rise allows them to plan, exercise, or engage in creative thinking, setting the tone for a productive day.
2. Focus on One Thing at a Time
Eighty-one percent of wealthy entrepreneurs practice single-tasking, concentrating their energy on one major goal until completion. This focus allows them to achieve their objectives efficiently and effectively.
3. Seek Feedback and Embrace Criticism
Seventy-nine percent of wealthy entrepreneurs actively look for constructive feedback from customers, mentors, and peers to improve their products or services. They value this feedback as a means to grow and adapt.
4. Exercise and Prioritize Health
Seventy-six percent of successful entrepreneurs engage in aerobic exercise daily to maintain physical and mental fitness. This commitment to health is crucial for their overall well-being and productivity.
5. Maintain a Positive Outlook
Successful entrepreneurs maintain a positive outlook and optimism about life and possibilities. This mindset helps them to navigate challenges and seize opportunities.
6. Take Their Time Accumulating Wealth
Wealthy entrepreneurs often accumulate their wealth over many years, demonstrating patience and a long-term vision.
7. Plan Effectively
To avoid wasting mornings being reactive, successful entrepreneurs plan effectively. They use their mornings to focus on their most important tasks, setting themselves up for a productive day.
8. Avoid Multitasking and Distractions
To enhance productivity, eighty-four percent of wealthy entrepreneurs avoid multitasking and distractions. They understand the importance of focusing on one task at a time.
9. Maintain a Vision
Successful entrepreneurs have a clear vision for their ideal life or future selves. This vision serves as a guiding light, inspiring them to work towards their goals.
10. Practice Persistent Hard Work, Discipline, and Continuous Self-Improvement
Successful entrepreneurs practice persistent hard work, discipline, and continuous self-improvement. They understand that success is largely attributed to consistent daily habits, not luck.
In addition, eighty-eight percent of wealthy entrepreneurs actively build relationships daily, while only seventeen percent of the unsuccessful do the same. Sixty-two percent of the wealthy in the study track their progress in a journal for 30 days when committing to a new habit. Ninety-one percent of wealthy entrepreneurs take analytical risks, often piloting ideas on a small scale before rolling their product or service out to the world. Eighty-four percent of wealthy entrepreneurs have faced significant setbacks but kept going, pivoting when needed to alter their strategies or processes.
For those looking to scale their business, boost revenue, and build sustainable success, the Level Up conference offers strategies and insights. By embracing these ten habits and adopting a growth mindset, entrepreneurs can set themselves apart from the pack and achieve their dreams.
[1] Corley, T. (2012). Rich Habits: The Daily Success Habits of Wealthy Individuals. New York: Thomas Nelson. [2] Corley, T. (2014). Change Your Habits, Change Your Life: How Successful People Achieve Their Goals. New York: Thomas Nelson. [3] Corley, T. (2016). Rich Kids: How to Raise Our Children to Be Happy and Successful in Life. New York: Thomas Nelson. [4] Corley, T. (2018). The Rich Habits Advantage: The Secrets of Wealthy Women. New York: Thomas Nelson.
11. Networking is Key for Entrepreneurs: Eighty-eight percent of wealthy entrepreneurs build relationships daily, recognizing the value of networking in business.
12. Progress Tracking is Important: Sixty-two percent of wealthy entrepreneurs track their progress in a journal for 30 days when committing to a new habit, demonstrating the importance of accountability in entrepreneurship.
13. Small-Scale Testing Leads to Success: Ninety-one percent of wealthy entrepreneurs take analytical risks, often piloting ideas on a small scale before rolling out their product or service.
14. Learning is an Ongoing Process: Eighty-four percent of wealthy entrepreneurs have faced significant setbacks but kept going, demonstrating the importance of resilience, adaptability, and continuous learning in entrepreneurship.
15. Embracing a Growth Mindset for Success: To achieve a sustainable business growth, entrepreneurs must adopt a growth mindset and integrate it with their daily habits.
16. Scaling Business Demands Skills: Those looking to scale their business, boost revenue, and build sustainable success may find valuable insights at the Level Up conference.
17. Achieving Success Requires a Combination of Factors: For others aspiring to emulate the habits of wealthy entrepreneurs, resources such as Corley's books on Rich Habits, Change Your Habits, Rich Kids, and The Rich Habits Advantage can provide useful guidance.
