You won’t read here the same old “make sure you get to sleep, exercise, and eat right,” because these habits are important for anyone’s life, not just for a profitable entrepreneur. That said, let’s assume that you already have those healthy habits in place.
However, there are five habits that I believe are incredibly important, and are, in fact, the ones that separate a profitable entrepreneur from an unprofitable one.
1. Aligning their priorities with their actions.
Surely as an entrepreneur, you have goals. Based on those goals, a profitable entrepreneur ensures that their priorities are set. As for me, I time block everything in my diary. If you look at my diary, every single minute of close to every single day of close to the whole week is blocked out. I make sure that tasks that get results are prioritized around my schedule, including time for sleep, for eating, and even time with my kids. I do this so that I know exactly what I need to achieve, and when I need to do them.
It goes without saying that you should honour your schedule, that when something is written there that you should be doing at a certain time, you really should focus on that task. It might be an hour of learning and not mindlessly browsing Instagram through an online course or putting your phone away so you can focus on playing with the kids.
2. Holding themselves accountable and 100% responsible for their own life and their own business.
Anything that goes wrong in my business is my fault – completely my fault. Even if someone in the team does it, I take it as my fault. I hired them; I brought them on board, so it’s all my fault, no questions asked. It might sound too radical, but this is a significant thing for a business owner. Profitable entrepreneurs don’t pass on responsibility for their business to anyone else.
If something needs to be corrected, they do it with both authority and care, without passing the blame on to anyone.
3. Understanding that their team is key to their success.
I won’t be able to run my business the way I do without my team; it would not be possible. I know that many other entrepreneurs feel exactly the same way. I am there to support my team to do their role, and in turn, their role supports the business’s growth and me. That is how we work. My team is 100% there to fulfil their role, and I am 100% there to support them in doing that.
4. Understanding that their finances, metrics and KPIs are things that they need to review regularly.
Profitable entrepreneurs don’t say, “I don’t get Math. I don’t understand the numbers.” Instead, they make sure that they understand their finances. Numbers might intimidate them, but they still take time to learn and get over that feeling of being intimidated. To be a profitable entrepreneur, you need to make sure that you are not in the dark when it comes to how you arrive at a certain amount of profit. Understand the metrics in your business, and you will understand what needs to be reviewed to drive results.
Once you get clarity on your finances, you will understand your KPIs better and make results-driven and time-bound decisions. Make sure you visit and revisit your finances on a regular basis; it is the most tangible proof of your profitability, and you want to watch it closely so you can tweak strategies.
5. Taking risks.
Profitable entrepreneurs get out of their comfort zone to take risks and are completely happy with failure. Their identity is not dependent on their failures but is anchored on their ability to turn things around regardless of it.
Because failure will happen, whether they’re minor failures or big catastrophic ones, as business owners, we will fail, and we will fail frequently. That’s ok. It promotes learning, and that’s how we move forward. If we didn’t try anything, we wouldn’t get anywhere. Nothing fast-tracks growth than lessons you can immediately apply from experience.
If you want to know more about this, you can always check out my YouTube Channel, Annette Fergs TV, for up-to-date content about UK Businesses. Be sure to follow Annette & Co. on social media for informative, daily updates as well!