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The Habits of Highly Successful Entrepreneurs

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The Habits of Highly Successful Entrepreneurs

The Habits of Highly Successful Entrepreneurs

Modern entrepreneurs live and work in a fast-paced and frictionless environment that is unlike anything before seen in history.

Through the power of the internet, entrepreneurs have the choice of a variety of platforms and business models, all with almost zero barriers to entry. Today’s startups may take many forms: some are run as side hustles on shoestring budgets, while others may be backed by venture capitalists at multi-million dollar valuations even before a cent of revenue is generated.

While it is true that today’s entrepreneurs must be able to navigate this unique landscape, many of the crucial habits adopted by the world’s highly successful entrepreneurs are actually quite timeless and applicable to most situations – and anyone can take them up as long as they are committed to results.

What Habits do Highly Successful Entrepreneurs have?

Today’s infographic from MBAnoGMAT.com highlights the fruitful habits that many generations of business leaders have relied upon time and time again.

“Get the Most Out of Each Day”
Time is a precious resource – and people like Ben Franklin or Elon Musk have previously built their schedules to maximize the amount of productivity they get out of each day. Franklin had a 13-week self-improvement plan, in which he focused in on one specific “virtue” that he valued each week. Meanwhile, Musk schedules his days in five minute intervals to minimize wasted time.

“Look to Learn”
With zero barriers to information, you now have access to more words of wisdom than anyone throughout history. Warren Buffett, Bill Gates, and Oprah Winfrey understand this – and they make reading and acquiring new knowledge a central part of their self-enrichment strategy.

Buffett, who is known for his voracious reading habit, says reading is like compound interest:

Read 500 pages…every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.

“Stay Fresh With Exercise”
Richard Branson wakes up at 5 A.M. every morning to kite surf, swim, or play tennis. Why? He claims this gives him an extra four hours of productivity each day.

Go too long without an exercise routine, and you may find your ideas running on fumes.

“Possess a Strong Mindset”
According to many of the world’s highly successful entrepreneurs, the biggest barrier to success is psychological. About 80% of businesses crash and burn in their first 18 months, but many of the entrepreneurs on the other side of that statistic are the ones who simply refused to give up.

It takes time to build a reputation and a brand, and sometimes the fruits of these labors do not show up as fast as an entrepreneur would like. Self-starters who stay mentally strong will come out of this process, which always takes longer than expected, with a better shot at success.

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Entrepreneurship

10 Proven Ways to Build Trust With Employees

Trust is the glue of modern organizations to ensure collaboration and healthy conflict. Here are proven ways to build trust with employees.

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Making progress towards ambitious and complex organizational objectives can be a tricky endeavor for even the most accomplished of teams.

But if there was ever a surefire recipe to make this undertaking more difficult, it’d be embarking on these kinds of goals with a team that doesn’t actually trust each other.

Not only does trust enable individuals to work outside of their silos and collaborate with other people on the team, but trust is also associated with improved communication, job satisfaction, and higher performance levels within organizations.

The Trust Imperative

Today’s infographic comes to us from The Business Backer, and it highlights 10 proven ways to build trust with employees in teams and organizations.

10 Proven Ways to Build Trust With Employees

Many of the complex challenges that dot the modern business landscape cannot be solved by a myriad of solo efforts.

Teams are necessary, and working together cannot take place only at a superficial level. To tackle the big problems, teams must have deep-rooted commitments to each other, creating potential for collaboration, healthy conflict, and differences of opinion.

Managers need to trust employees and vice versa, but different types of teams need to trust each other across other business functions as well.

10 Ways to Build Trust

It’s not possible to build trust with employees overnight, but there are some easy ways to kickstart the process.

  1. Show them the big picture
    Ensuring employees have a view of the big picture creates a space for communication and openness.
  2. Set clear expectations
    A lack of clarity of what to expect can lead to confusion, which erodes trust.
  3. Listen actively
    Asking open-ended questions like “How’s the project going?” builds trust and respect.
  4. Delegate low-risk projects
    A cycle of trust can be created, moving up to bigger and more important projects.
  5. Schedule weekly catch-up meetings
    Regular meetings create a trusting environment for people to give and receive feedback.
  6. Be honest
    Even when it is uncomfortable, being honest helps build trust and creates healthy conflict.
  7. Commit to your word
    Trust depends on integrity, and seemingly erratic behavior undermines this.
  8. Recognize excellent work
    This has the biggest effect on trust right after a goal has been met.
  9. Share a bit about yourself
    Oxytocin is released in the brain when we socialize and build trust.
  10. Let employees work on projects they enjoy
    This allows employees to focus on what they care about most, fostering trust.

Consequences of Inaction

It doesn’t matter how smart or experienced your team is.

Without the element of trust, they will not be able to work together in an effective fashion. For this reason, undertaking a mission to enable and build trust with employees is crucial for the success of any modern organization.

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Chart of the Week

Tech Founders Predict the Next Wave of Startup Growth

Which U.S. startups are best poised for growth and spin-off success? This chart shares insights from over 500 tech founders about the state of startups.

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Tech Founders Predict the Next Wave of Startup Growth

Today’s tech founders have unique insights into the evolving arena of innovation and are keenly aware of why some companies succeed more than others. Many have worked with multiple startups and have gone on to invest in successful tech unicorns.

This week’s chart comes from First Round’s State of Startups 2018 survey, in which 529 founders shared their predictions on the tech startups best poised for growth and spin-off success.

Tech Startup Valuations

Stripe, the payments startup darling, has already grown from $1.8 billion in valuation in 2013 to over $22 billion today. According to the tech founders surveyed, 19% see Stripe continuing on this path in the years to come.

Q: Which U.S.-based tech startup’s value will increase the most in the next 10 years?

RankStartup% of respondents
#1Stripe19.0%
#2SpaceX12.7%
#3Coinbase12.1%
#4Slack11.3%
#5Airbnb9.8%
#6Palantir6.8%
#7WeWork6.3%
#8Uber5.3%
#9Lyft4.7%
#10Pinterest1.6%
Other10.3%

It’s worth noting that this list includes some startups that have already IPO’d since the survey was released in December 2018.

In fact, in the first half of 2019, we’ve already seen Pinterest, Lyft, Uber, and Slack hit the market. Slack’s public offering was the most notable, as they chose to go the direct listing route. The share price still jumped 48.5% less than 24 hours after they went public.

The Next PayPal Mafia?

The PayPal Mafia is a legendary group of billionaire investor-entrepreneurs that have had far-reaching influence in the tech world since they parted ways with PayPal.

Not only did members of this group go on to start many major unicorns, including YouTube, SpaceX, LinkedIn, and Palantir, but some members have invested in over 100 startups each. This “giving back” has had a monumental impact on the Silicon Valley ecosystem, planting the seeds that would emerge as many of today’s star companies.

Q: Which U.S.-based company is most likely to spin out the next generation of notable founders over the next five years?

RankStartup% of respondents
#1Uber22.5%
#2Slack15.7%
#3Stripe15.2%
#4Airbnb13.9%
#5Coinbase10.6%
#6Palantir9.1%
#7SpaceX4.2%
#8Lyft1.8%
#9WeWork1.8%
#10Amazon1.1%
Other4.2%

Current tech founders predict that the companies listed in this survey will be perfect launching points for many of the world’s future tech founders.

Of all U.S.-based tech startups, Uber is predicted to be a top contender for producing the next generation of startup talent by 2023.

Other Survey Findings

Interestingly, over 60% of founders believe that the world is in a technology bubble, with evenly split reviews on whether it’s either nowhere close or very close to popping.

While 57% of founders believe the U.S. will continue to dominate the tech world, 39% predict China’s growth will become the world’s hub for tech innovation by 2028.

Only time will tell, as tensions between the U.S. and China continue to heat up, and the global recruitment of tech talent becomes increasingly competitive.

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