Starting a business in 2023 has its ups and downs. It’s never been easier to find a customer base, but it can be difficult to get their attention. It’s simple to get started as a business owner, but it’s difficult to thrive in a crowded marketplace.
Since the COVID-19 pandemic, more and more people have been starting businesses and becoming entrepreneurs. Unfortunately, a good percentage of these new businesses will fail within the first few years. Other entrepreneurs will build and grow a long-term, stable business.
Entrepreneurs who make it through the first critical years of opening a new business typically share some key habits. If you want to create a sustainable business that will grow over time, here’s what you need to be successful as an entrepreneur in 2023.
Regularly Setting Clear Goals
Most people who start new businesses know what their big goals are as an entrepreneur. Fewer create both short-term and long-term goals. Only a small percentage are dedicated to goal-setting and make it a regular habit.
Goal-setting is a great way to motivate yourself as an entrepreneur. No one is holding you accountable but yourself (well, and any investors you might have), so you have to figure out ways to stay proactive in getting things done. You have to be your own project manager and build the practical skills you’ll need to succeed. Setting goals can help you avoid overwhelm and procrastination while allowing you to measure your progress.
So, should you create big, scary goals? Absolutely. But you should also create short-term goals that are realistic. The best goals push you to do your best and help you build your confidence. You need big dreams and smaller goals to succeed.
Staying Curious And Learning Continuously
Entrepreneurs who are successful in today’s market are always willing to learn. They’re curious and hungry for information. They understand that the world of business is not static and that they have to keep up with the changes and developments in their industry.
A growth mindset is important for entrepreneurs. There will be setbacks along the way, and entrepreneurs who see failure as a learning experience are more likely to overcome these challenges. To help develop a growth mindset, entrepreneurs should set time aside for professional development and ongoing learning.
Networking Like A CEO
In business, it’s all about who you know. The more people you connect with, the more opportunities you’ll get. Networking isn’t a passive process, however, it’s an active habit.
Successful entrepreneurs are always looking for networking opportunities. They practice and learn how to provide value as they network, building meaningful relationships that will often pay off later on.
Entrepreneurs also stay open and humble. They seek out mentors and try to learn from everyone they meet. This habit helps them grow their skills, connections, and knowledge, all of which are helpful in running a business.
Taking Calculated Risks And Learning From Failure
People who start their own businesses are inherently bold, at least in some ways. They’re willing to take calculated risks and accept failure when their plans don’t pan out.
When failures do occur, successful entrepreneurs dust themselves off, adjust according to what they’ve learned from the experience, and move on. They don’t dwell on these failures and they continue the habit of taking calculated risks. In fact, their failures often help to inform their future strategies.
Being comfortable with taking calculated risks is a skill that usually takes some time to develop. Entrepreneurs need to know when taking a risk has a strong chance of paying off, vs. taking risks that are just plain risky. Taking risks can be important for business growth and for building resilience!
Prioritizing Self-Care And Well-Being For Long-Term Success
Entrepreneurs are extremely busy people. They have to wear many hats, especially in the beginning, which can easily lead to stress, overwork, and ultimately, burnout. Burnout is a death knell for new businesses and can cause some entrepreneurs to give up on independent success.
One way that successful entrepreneurs avoid these pitfalls is by making self-care a habit. It’s trendy to make overwork look glamorous, but entrepreneurs can easily develop unhealthy habits that seem beneficial to the business but actually are detrimental. When an entrepreneur spends 6 days a week working 16-hour days, their mental and physical health will suffer, which can lead to poor decision-making and a decline in productivity.
Self-care looks different for everyone, but the foundations are usually similar. To maintain optimal well-being, entrepreneurs need to prioritize habits like healthy eating, exercise, hydration, mindfulness, and quality time spent with loved ones and on personal interests.
Rest is also very important and can be a huge factor in an entrepreneur’s productivity, mood, and creativity. Fitting these habits into a busy entrepreneur’s schedule might seem difficult, but most people can find the time if they get creative.
Entrepreneurship Is A Marathon
Being a successful entrepreneur doesn’t always mean being a tech genius tinkering in your mother’s basement. It means cultivating the right mindset and habits that will help lead you to success.
Entrepreneurship is a marathon. If you want to create a business that will thrive long-term, then you need to be willing to roll up your sleeves and build the skills and habits you’ll need to succeed. If you have the persistence, drive, and work ethic, then entrepreneurship could be the best career choice you’ll ever make.