Entrepreneurship is a brave and challenging role, despite the glamour and celebrity it is usually associated with. Our Space understands what truly makes an entrepreneur and has highlighted 5 key traits to maintaining success in business...
- Establish a routine and set milestones
The most successful entrepreneurs recognise that small, daily habits are the most effective way to achieve big results in the long-term. To effectively practice daily habits, it’s necessary to establish a routine which supports the actions required to complete them.
Once the route is in place and habits are established, the next step many take is to set milestones, deadlines or goals. This acts as a motivator for productivity, to ensure tasks are completed within a certain timeframe and progress can be measured to instill a sense of urgency where necessary.
- Maintain a strong and positive mindset
Much of entrepreneurship is not about being particularly talented or being ‘born an entrepreneur’, but more about developing a particular type of mindset that allows you to problem solve, stay committed and block out any negativity.
Take Shaun Pulfrey, Founder of Tangle Teezer, as an example. After being denied £80,000 funding by Dragon’s Den investors, who referred to his business as a ‘hair-brained idea’, Pulfrey went on years later to sell 6 million products across 60 different countries, with complete ownership of his business.
- Work to strengths and delegate weaknesses
There is no harm in working to improve your weaknesses, but there is a powerful amount to be gained through knowing your strengths and effectively delegating when a task demands a particularly weak skill of yours. Andrew Carnagie, who went from rags to riches and became the world’s richest man in 1902 by building the American steel industry, believed "No person will make a great business who wants to do it all himself or get all the credit."
Over a century later, this still stands. Richard Branson similarly encourages delegation as he claims "If you really want to grow as an entrepreneur, you've got to learn to delegate."
- Share ideas openly, but selectively
It’s no surprise that the more you talk about your ideas, the more they develop and the more you project your ambitions, the more likely it is you will achieve them. However, as with anything in entrepreneurship, this is easier said than done. We are all fragile human beings with the potential to be discouraged by those who don’t understand our ideas.
Be selective with who you share your thoughts with; your actions will be much greater if you surround yourself and share your ideas with like-minded individuals. In the words of Mark Ambrose: “show me your friends and I’ll show you your future.”
- Avoid burnout
Entrepreneurs are the first to embrace ownership and take full responsibility for their business, but the successful ones simultaneously do their utmost to avoid burning out. Brad Feld, Managing Director at the Foundry Group and Co-Founder of TechStars, is an advocate of this as he says “imbalance is no way to live the start-up life, and, in fact, it’s detrimental to this kind of work. The only way I survive the dark periods is by constantly renewing myself and my perspective. Starting over is part of the process of starting up. That’s something those in the entrepreneurial community should understand better than anyone else.”
If you’re looking for somewhere to establish a good routine, surround yourself with like-minded entrepreneurs, share your ideas and achieve a healthy balance, take action today by booking a tour with Marbella’s largest and most innovative boutique co-working space.