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3 Habits of Wealthy Entrepreneurs

3 Habits of Wealthy Entrepreneurs

Business man pointing the text: Motivation is What Gets you Started Habit Is What Keeps You Going

The small habits we create every day lead to momentous changes. To create the highest impact, habits need to be cultivated toward an intended goal.  

If a habit is nothing more than a repetitive busy task it becomes a mindless mundane distraction. You want to develop habits that inspire and push you toward your best life.  

The following are 3 habits cultivated by wealthy entrepreneurs on their way to the top.  

  1. Quick to Make Decisions

Successful entrepreneurs don’t wait for the perfect answer, move fast, and stand by their decisions. Once the decision is made they move forward. They know that wrong decisions can be corrected but a missed opportunity or indecisiveness is detrimental. 

Delaying a decision is often worse than making the wrong one. 

CEO of Vi-Jon, Jerry Bowe, is a great example of this mindset, “Once I have 65% certainty around the answer, I have to make a call… I ask myself two questions: First, what’s the impact if I get it wrong? And second, how much will it hold other things up if I don’t move on this?” (4 Things That Set Successful CEOs Apart) 

There are a number of small things you can do today to begin forming this habit in your own life. 

  • Self-imposed deadlines. Give yourself 30 seconds to make small decisions. Start with decisions like perusing the menu at a business meeting, choosing a movie, or a new book to read. With time and experience, you will begin to trust your gut instinct.   
  • Put it in a hat. If the options are equal in value and you’re stuck, write it down and throw it in a hat. Pull your decision out at random. This will keep you from overthinking the solution. 
  • Get over the fear of failure. We all make mistakes. Think through the repercussions of not making the decision at all. Chances are they are worse than making the wrong decision. Inaction leaves you where you are at. Decisions lead to momentum.   
  1. Slow to Change

Confidence is a key factor to being a successful entrepreneur. Once a decision is made the entrepreneur stands by it and is slow to change. The need for change is not reactionary but rather well thought out, implications weighed, and vision cast long before the change ever occurs.  

Change for the sake of change does not produce results.  

While some might see a drop in sales or traffic as an indication to immediately change course, successful entrepreneurs know that there will be successes and hiccups along the journey. Consistent evaluation of progress allows them to see where they are in the journey rather than react to a minor setback.  

To begin forming this habit in your own life: 

  • Set both short- and long-term goals. 
  • Perform performance evaluations on your own work (weekly, monthly, and annually). 
  • Learn to clearly identify your emotions and eliminate knee-jerk reactions. 
  1. Consistently Consistent

Every successful entrepreneur knows that small daily tasks lead to achieved goals. When you gain control of your habits you gain control of your life and you shape yourself into the person you want to be, and your business into the business of your dreams.  

Forming good habits takes discipline and hard work. It is the consistency of the action itself that makes it a habit.  

To become consistently consistent in forming good habits, start small. Make your bed every morning, add a workout routine, read daily. By adding consistent good habits into your personal life, it will begin to affect your output as an entrepreneur.  

Successful entrepreneurs are quick to make decisions, slow to change, and consistently consistent. By making small changes in the beginning they build the foundation to their success.  

6 Comments

  1. Rosanne Marheine on August 15, 2017 at 4:43 pm

    Thank you for the information very rewarding. I will keep this and work on being consistent. I have started to be consistent in many ways. But will improve mor

  2. Ruth Tannenbaum on August 15, 2017 at 6:10 pm

    Good article

  3. Jeff Flack on August 15, 2017 at 7:05 pm

    Mr. Cass, Hey! Thanks for the outstanding insight, tips, etc.! I appreciate it, as I’m an entrepreneur getting Back in the Game!!!

  4. Tamara Greer on August 16, 2017 at 12:44 am

    Never think too long on any situation or problem. Take charge and go into action. But that how I learned from the School of hard knocks!!$

  5. Vicki Kyker-Jameson on August 16, 2017 at 3:24 am

    Mr. Cass, thank you for the information on (3 Habits of Wealthy Entrepreneurs.). I plan to put these habits to very good use in the very near future. As a new member to LDI, I’m excited to learn all I can, hopefully in a short amount of time.

    Thanks again!

  6. Portia Berrey on August 16, 2017 at 9:00 am

    Love this!!!

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