04 Nov The 5 Disciplines of a Successful Entrepreneur
No matter where you are on the journey to becoming a successful entrepreneur, I believe everyone needs some basic disciplines in order to be truly prosperous.
The following five disciplines are good habits to keep in mind. As you build your business and watch your dream become a reality, these disciplines will help you stay on track.
The 5 Disciplines of a Successful Entrepreneur
1. Initiate Your Passion
You won’t be able to move forward standing on your heels. Get plugged in with people heading the same direction as you.
Reach out and make new friends. Ask questions. Talk to people about what you’re doing. Communicate your vision, even if no one solicited it.
Michael Hyatt says, “You can’t fail if you don’t quit. You can’t succeed if you don’t start.” Start today. Initiate your dream!
2. Meet a Need
There is no need to be selling ice cubes in the North Pole. Find a market that will need your business.
You may have to ask a few questions and do some research, but it will save you a lot of time, energy, and money in the long run.
Some great questions to get you started are…
- Who is my ideal customer?
- What does this ideal customer need and/or want? What problem are they trying to solve?
- What is the best way to present a product or idea to this ideal customer?
- How can I deliver the best bang for a buck with my idea?
3. Make Lasting Relationships
Have you ever heard the saying, “It’s not what you know, it’s who you know?” Of course you have. Most of the time, it’s true.
Take advantage of networking and investing in relationships that will support your vision. The people you meet and run into may not be as random as it seems. Make the most of every opportunity to make a new friend.
My wife, Becky, and I like to think of these seemingly random encounters as divine connections. We pray regularly for divine connections and diving appointments from God.
4. Remember Your Purpose
Chances are that if you’re a go-getter and you take initiative, you’ll meet many people with great ideas. This is good, but it can easily throw you off course. Once you make up your mind about the business/product you’re going to develop, you’ll need to consistently come back to the original dream so that you won’t get pulled in the wrong direction—the direction of what others think your dream should be.
Don’t be offended. They’re usually just trying to help, but it’s important to stay focused.
Frequently ask yourself…
- What is my vision?
- How am I currently carrying out my vision?
- In what ways may I have (or have not) strayed from my original purpose and mission?
5. Give More than You Take
Don’t be a taker who always looks for ways to benefit yourself. Nobody likes that guy. Sometimes you’ll have the opportunity to help someone else out through your connections or experience and they won’t be able to pay you back.
Give generously without expecting anything in return. It’s a lot of fun! I promise!
Some ways to give without expecting anything in return include…
- Praying for someone’s ministry or organization
- Giving an anonymous charitable donation to a ministry or organization
- Supporting another organization’s product launch or fundraiser
- Spreading word of another person’s business by word-of-mouth or on a blog/website
Each of these disciplines has kept me on track and helped me always move forward in running my own businesses successfully. I will continue to practice them because they will never go out of style.
What disciplines have you developed that allow you to be a successful entrepreneur?
Do you have a specific example when one of these disciplines kept you on track? Let us know about it in the comments!
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