7 Habits Of Highly Successful Businesses

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Seven habits of highly successful businesses by CulturallyOurs Seven habits of highly successful entrepreneurs

CulturallyOurs
CulturallyOurs
7 Habits Of Highly Successful Businesses
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Show Details

In this bonus episode for Season 02, we explore seven habits of successful entrepreneurs and businesses. Derived from Steven Covey’s 7 Habits Of Highly Successful People and all the amazing entrepreneurs we have spoken to during Season 02 of the podcast, these seven habits touch upon both personal and business related concepts. Remember business, just like life, is not a race that we need to sprint to the finish line the fastest to be successful. Take your time, enjoy the process, learn along the way, give and receive help and build a business that is not only successful but also sustainable.

Show Notes

Karthika shares a bonus episode for Season 02 she explore seven habits of successful entrepreneurs and businesses derived from Steven Covey’s 7 Habits Of Highly Successful People and all the amazing entrepreneurs we have spoken to during Season 02 of the podcast. These 7 habits address both personal and business related concepts that can help creatives and business owners achieve long term sustainable growth and success instead of just short term gains. 

The Transcript

It is true, running your own business and being an entrepreneur can be quite amazing. You get to set your own hours, call all the shots, do what you love and maybe even work from home in your pajamas (if that’s your thing, of course). But the truth of the matter is that it is not an easy road and it might not be for everyone. There are some key character traits required to being a successful entrepreneur and all our guests from Season 02 which was all about Global Entrepreneurship showcased some or all these traits – creativity, innovation, tenacity, grit, faith, and humility among many others.

If you are thinking about getting into business or taking that fantastic idea you have and creating a brand, there are probably lots of questions that are going through your mind. The last think you want to do is to invest time AND money into something that is really not feasible, viable or worse yet, sellable, right?

Unfortunately, the statistics and data don’t lie. 1 out of 5 businesses don’t survive the first year and within 5 years over half of the businesses would have failed. That is quite a staggering number. But all hope is not lost.

Inspired by all the amazing people featured on Season 02 and by one of my favorite authors on productivity and self-help Steven Covey, join me on this bonus episode of CulturallyOurs as we dig deep into what are some habits of highly successful businesses and entrepreneurs.

How many of you remember Steven Covey and his extremely popular book – 7 habits of highly effective people. Steven Covey’s book was first published in 1989, as a business and self-help book. He presented an approach to being effective in attaining goals by aligning yourself to “true north” principles which were based on a character ethic that he put forth as universal and timeless.

The crux of the book was the fact that a person’s effectiveness was balance of obtaining desirable results with caring for that which produces those results. He promoted what he called the character ethic aligning one’s values with so-called universal and timeless principles because values are internal and subjective. Our values govern our behavior, while principles ultimately determine the consequences. Covey presents his teachings in a series of 7 habits that range from things like being proactive, beginning with the end in mind, putting first things first, always thinking in a win-win situation and many more.

Covey’s best-known book has sold more than 25 million copies worldwide since its first publication. The audio version became the first non-fiction audio-book in U.S. publishing history to sell more than one million copies.

If you haven’t read Covey’s book, I highly suggest you read it or maybe even listen to the audio version of it. I remember many years ago in the early 2000 when I had just started my corporate career, my then manager gifted the book to everyone on the team. I was obsessed with it and even got a hardcover daily planner that categorized daily/weekly and monthly activities based on these habits. Yup – like I said, I was obsessed with Steven Covey’s book – 7 habits of highly effective people.

Extending that concept to entrepreneurship and based on all the amazing people we have spoken to as part of season 02 of the CulturallyOurs podcast on global entrepreneurship, I want to talk to you today about 7 key habits of successful businesses and entrepreneurs that we can try to emulate to become better at what we do and how we do it. Now, before I go any further, I want to point out that success can mean different things to different entrepreneurs and also change based on where you are in your entrepreneurial journey. So take these habits and apply them as you see fit in your business and your entrepreneurial journey, okay?

Seven habits of (highly) successful businesses and entrepreneurs

1) Dream big dreams and work towards them, systematically and consistently without fear

Often we take the easy way out because of fear or something else. We are afraid of what will happen if we are successful as much as we are afraid to take that first step. Do you know how many millions of ideas never make it through to the finish line because of fear. Believe in yourself enough to overcome your own mindset blocks. Now lets be honest. No matter how strong you are, you will get some mindset blocks along your entrepreneurial path. These blocks can be debilitating at times. It is important that you develop the skills to not only recognize these blocks but also overcome them. Most mindset blocks occur in terms of scarcity, completion, self-worth, confidence and a ‘why me’ attitude. But belive in yourself and your dreams. You have what it takes, you can make it and you are worthy – it is important to always have that attitude and mindset to move past these fears.

2) Get out of your comfort zone and do something different every day

This doesn’t just apply to entrepreneurs but actually is true for anyone. I started doing this a few months ago and cannot tell you how much of a difference it has made for my confidence and self-esteem. These daily get-out-of-your-comfort zone tasks don’t have to be big monumental achievements. Somedays it is sending a introduction email to a future podcast guest, or introducing myself to someone. Other days it is connecting with a person face-to-face to get to know them better or writing 3 blog posts in a single day, or baking a cake without it failing to rise – my list of fears in itself is scary sometimes. But for every one that I cross off, I find myself standing up taller and telling myself, I can do this (whatever this is). So write down your list of things you are scared of and tackle them one by one.

3) Be flexible and adapt quickly to change

As with the constant refinement of processes in technology and business overall, your own systems need to be constantly worked on as well. It is okay to have some basics in place just to get your feet off the ground knowing that you will come back and revisit them once you are a little more stable and have a good handle on things. Do you remember Megan Steffen, the artist and creative entrepreneur who owns Dishique. Megan talked about how initially she would go use a kiln almost 2 hours away from home to create her custom tabletop and decorative pieces. But as she learnt the process better, she was able to invest in a space and equipment that helped her improve her business efficiency in the long run. Now Megan is able to fulfill large catalogue orders for her products in-house and even has a 100% Made Locally badge to her business credit – things that have really helped her scale her business quickly because she was flexible at the beginning.

‘Good enough’ is never something that we entrepreneurs should get comfortable with. Instead we should always be asking ourselves how we adapt as needed and do it better.

4) Make your health and wellness a priority

Arguably Steven Covey’s most famous habit is to focus on the important, not the urgent. And we all know that there is nothing more important than one’s health. But health is easily neglected as its consequences are felt mostly in the long run. As entrepreneurs and small business owners, there is always one more email, one more phone call or one more activity that just has to be done before the end of the day.

We need to get past the misguided belief that one needs to be constantly on email to be successful. The physical benefits of exercise are well known. But the benefits of exercise are far more than just physical. Meeta Wolff, a food blogger and food photographer from Germany, talked about how having a morning routine that starts with exercise and wellness has been instrumental in her maintaining a positive work-life-balance that is sustainable. So maybe finish listening to this podcast episode and then go take a break. Go for a walk, leave the headphones behind and just enjoy the outdoors for all that it is worth. Work will always be there when you come back to in.

5) Keep your clients front and center

Everything you do should ultimately tie back to your clients and what your customers want. Even if the product or service is not directly related to what you do, it should ultimately drive customer growth and customer satisfaction. Remember Uppma Vridi, the Chai Walli from Australia. Uppma talked about how she is constantly evolving and trying out new products and services like chai flavored chocolate and chai soaps. Even though these have nothing to do with chai, her custom chai blends are making its way into other things that her customers use. Her ultimate goal is to provide her customers a way to experience Ayurvedic chai and the benefits of that in all walks of life.

6) Have a collaborative mindset

We have a whole bonus episode on how a community mindset is much more beneficial than a competitive mindset. If you missed last week’s episode on the importance of community over competition, don’t forget to listen to that bonus episode after this one. I will link to it in the show notes too. I shared some practical tips on how to develop a community mindset in your industry. Many guests including Freya Dowson, Jody Daunton and Rachel Taylor, and Niki Peel talked about community and how important it has been for them. Not only do you make friends but a lot of times, these business colleagues share work, provide leads, and make introductions that lead to bigger and better business opportunities.

So reach out proactively to your ‘competitors’, introduce yourself and try to find ways you can help each other out so that it is a win-win for all concerned parties.

7) Focus on your personal growth and education

Learning should be a lifelong goal. Even the most successful business owners and entrepreneurs are constantly learning in an effort to improve not only themselves but also their businesses and processes. Technology is constantly evolving and improving and there are so many innovate ways of doing things that are cheaper, faster and more efficient. Being at the forefront and having a pulse on your market space and industry is important for your long term business sustainability and success. Invest in education – be it formal by way of classes, seminars or workshops or even informal by way of mentors. Pravin Shekar, a 20 year veteran serial entrepreneur talked about the importance and the pivotal role mentors played in his business success and growth.

I love taking classes and signing up for seminars and workshops. Some of them are free and some are an investment. But I have always felt that the money I spend on workshops and seminars come back at least 2 fold when I am able to apply my learnings into my business. I recently took an Ikebana class at the Japanese cultural centre here in Chicago and while you may argue that it has nothing to do with my business, it taught me so much about Japanese culture (watch out for another blog post on that) and also taught me the importance of patience, process and a systematic approach to things – all of which are key in the Japanese art of flower arrangement.

Remember business, just like life, is not a race that you need to sprint to the finish line the fastest to be successful. Take your time, enjoy the process, learn along the way, give and receive help and build a business that is not only successful but also sustainable – both for you and for the people you serve.

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