The 10 Habits of Highly Successful Young Entrepreneurs
Most entrepreneurs aren’t born into success. Entrepreneurial success, however you define it, comes from hard work. Part of that hard work is developing habits that will guide you on the right path. Being a young entrepreneur means you are in an ideal position to define, develop, and adopt the best habits for your career.
Some of these may seem obvious, but do you know how to apply them in terms of your entrepreneurial path? Some habits may seem like they have nothing to do with you or your startup, so you’ll just have to trust us!
Keep in mind that we’re not telling you to overhaul your life overnight. Think of these as inspirational ideas to help you better focus on entrepreneurial success.
We know you have to read for school, but what about reading for pleasure? There are many books out there to inspire any young entrepreneur, from business ideas to the life stories of successful CEOs.
If reading feels like a burden, aim to read a single page every day. That’s it. One page.
Still can’t find a few minutes in your day to read some entrepreneur-approved books? Try an audiobook on your commute to school, as you exercise, or at night before bed.
One of the best secrets of success for young entrepreneurs? Meditation. It’s not as far-out and woo-woo as it used to seem. Don’t believe us? Here’s a list of major CEOs who are known to meditate at work.
Meditation helps you clear your mind and focus on your task. Start with just a few minutes a day before bed. We guarantee that making this a habit will help you with almost all aspects of your life, not just your entrepreneurial journey.
3. MANAGE YOUR MONEY
Remember when we said that some of these tips may seem obvious? Here’s one. Naturally, young entrepreneurs need to be able to manage their money. But what does that mean when it comes to creating good habits?
Look at the money you’ve saved to start your new business. Get into the habit of making sure every penny you spend increases the value of your business. This doesn’t mean being cheap, it means being smart. So pay attention and keep good records.
Successful entrepreneurs see everyone they meet as a potential relationship. Don’t hand your business card to everyone who crosses your path in a day. (That’s a quick way to drive people away.) Networking isn’t advertising.
Think about the people you know, from your parents and teachers to former bosses and friends of friends. Consider ways you and your business can develop mutually beneficial long-term relationships. Remember that you are the best ambassador for your business.
5. MOVE AROUND
Physical activity is good for your brain, your spirit, and your body. Even if you aren’t on an athletic team or have a regular exercise routine, you don’t need to do much. Get up and stretch now and then. Take the stairs instead of an elevator one day. Go for a brisk, short walk.
Moving around will get your blood pumping through your muscles and increase oxygen to your brain. A strong body and a sharp mind are two major secrets to success for young entrepreneurs!
6. HANG OUT
It’s all too easy to let an entrepreneurial lifestyle consume your every waking moment. And young entrepreneurs are some of the most driven and ambitious people we know. That’s why it’s so important to take time away from your activities and just hang out with friends and family. Find the people who make you laugh, who support you, who keep things in perspective. Let them help you relax and recharge. And let them know that you appreciate all they do for you.
7. FOLLOW YOUR PASSION
Do you want to spend your precious time and energy working on a project you don’t care about? Probably not. One of the best habits you can create for yourself is making sure you start businesses based on what you love. If it’s something you’re passionate about, you’re more likely to stick with it and do what needs to be done for maximum success.
8. FAILURE IS NOT THE ENEMY
The most successful young entrepreneurs know that the only true way to fail at something is to quit. Even worse: don’t try at all. Fear of failure will hold you back and prevent you from reaching as high as you can for your goals. Go ahead and ask investors for the money you need to launch your startup. Reach out to potential customers. If you fail, that’s an opportunity to pick yourself up, consider what you learned, and start over again.
9. MAKE SACRIFICES
Humans naturally gravitate towards the things they value most. Stop and think about what it is you value. Creating, starting, and running a business is a top priority for nearly every young entrepreneur. What are you willing to sacrifice to make it happen? While you can’t sacrifice school, and you shouldn’t sacrifice time with friends and family (see #6, above), look for time sucks that take you away from focusing on your enterprise. (We’re looking at you, TikTok.)
10. ASK FOR HELP
Few, if any, young entrepreneurs find success all alone. It takes a team to build a successful business. Your team probably already includes family members helping out or friends doing some free marketing on your behalf. Do you need more help? Do you need an accountant or a professional logo designer? Then ask for help. There is zero shame in admitting you can’t do this by yourself. And most people are glad to be part of a young entrepreneur’s rise to success.
Creating good habits for your entrepreneurial journey doesn’t stop there. Many of these tips will help you live a better life overall!
Young entrepreneurs in Florida may be eligible for a Kantner Foundation college scholarship. Click here to learn about what we have to offer and how to apply.