4 Habits of Highly Successful Entrepreneurs. The last one may surprise you!
They’re Leaders, Not Just Managers:
Your business needs a leader, not a manager. Managers are task focused – it’s all about executing and getting shit done. While this is a very important skill, every business also needs a leader. Leaders create strategy, empower people to make decisions and ultimately cultivate the leadership qualities in others.
Early in my career, I was a great manager but a terrible leader. I often jumped in and took over for my staff, interrupted them, and ultimately disheartened them. Thankfully I had an employee who pulled me aside and said very directly – Elizabeth, if we ever want to get to your level we have to learn how to do it ourselves. Please stop doing it for me and let me learn the way someone let you learn. Ouch! But I will forever be grateful for this brave employee. To become a great leader you have to be willing to listen, learn and allow your team to blossom. Because when everyone on your team flourishes, your business flourishes.
They Master The Overscheduled Week:
Don’t you hate those Sundays when you look at your schedule for the week and there is not a moment to breathe? I used to experience this far too often. So I took control of my schedule! Here are a few tips to help you do the same.
- Block lunch out so you are not tempted to book those slots.
- Schedule your workouts, dog walks, self care – and do not allow yourself to book over them.
- Allow 5-10 min between each meeting to fill up your water bottle and take a potty break.
- If you are driving between meetings make sure that you allow enough time for traffic – I put an extra 15 min between meetings just in case.
- And most important – if you can delegate – do it. If you have too much scheduled in one day then reschedule to the following week if not pressing.
- Start and end each day with at least 30 min unscheduled to make time for emails, phone calls, etc.
Remember, having a manageable schedule makes you more productive and effective as an entrepreneur and leader.
They Understand Company Financials:
The Profit & Loss statement (P&Ls) is one of the best ways to gauge your company’s well-being. It allows you to spot financial irregularities, such as sudden increase in utilities or supplies, which can signal a mismanagement issue. I share P&Ls with my entire management team every month. And for those that aren’t comfortable with numbers, I take time to review financials with them until it clicks.
It’s important to have a good bookkeeper so you have access to timely financials and can act quickly when something is off. One of the biggest mistakes I see with other business owners is that their bookkeeper is more familiar with their financials than they are. I meet with my bookkeeper every week to review revenue and upcoming expenses, like total revenue, total expenses, payroll and net income. And comparing to previous periods is key!
They Make Time for Self-Care & Exercise:
Everyone knows the mind/body connection is powerful. Here are some ways simple movement and exercise can give you an edge as an entrepreneur:
- Research says that higher intensity exercises like burpees, mountain climbers, and cycling uphill boost your brain power! 150 minutes of cardio every week is recommended.
- Mind-body exercises that incorporate balance are good for concentration, like tai chi, qi gong, and yoga.
- Inversion stretches or poses increase passive blood flow to the brain, building brain power. Examples include standing forward bend, headstand, shoulder stand, legs up the wall pose, and bridge.
The life of an entrepreneur can be stressful so it is extremely important that you set aside time each day for self-care. For me exercise is key. I workout 3-5 times per week – this includes some cardio, weight training and yoga. If you can do it…hire a trainer – it really does make a difference!
At least once a week I do something restorative…take a hot bath, meditate, get a massage or a facial, have a glass of wine with my bestie, or snuggle up with my love.