6 Habits Successful People Never Do Twice
Posted on 24th May 2017 in Business
Written by James Marren
As Kelis’ famous song goes, “Might trick me once, I won’t let you trick me twice”. That’s the attitude of most successful entrepreneurs towards failure and mistakes they make along the way. It’s obviously impossible to avoid failure altogether, but those who gain success tend not to make the same mistakes over and over again. Experience takes time to accumulate, but this process can be sped up by a keen desire to learn from errant decisions through evaluation and dedicated learning. Our discussions with a wide range of successful business owners have allowed us to collate the key lessons learned from their personal journeys of growth. Evaluate which ones you have already learned and which you need to prepare yourself to face.
1. Always following
Standing on the shoulders of giants makes a lot of sense, however, you must be careful where and when to take tips and strategies from external sources. Even if from a highly reputable source, any tip/strategy isn’t guaranteed to work for your business. There are so many variables, that at any stage of following someone else’s strategy, a different outcome, perhaps one which is not desirable, can occur.
It is only through testing and feedback from your paying customers that you can establish best practices for your business and help it grow. Your decisions should arise from your data and certainly not exclusively from the opinion of others. Forecasting with FUTRLI allows you to extract deep insights about your business from your numbers, allowing you to base your decisions on more than just other people’s words. By all means, take inspiration from sources you’ve picked discerningly, but be resolved to test and research the methods of someone else’s success for yourself.
2. Prioritising short-term comfort
Identifying what you wish to achieve is fundamental in gathering the motivation and momentum with which to reach your goal. The successful person realises that any goal that motivates them intensely enough so that they take action, is unlikely to be easily achieved and most likely requires discomfort and pain to get there. Stopping too early, before all avenues have been explored, or at the first sign of pain is a fundamental difference between you gaining success or not.
3. Failing to honestly assess your situation
It can be easy to turn a blind eye or put your head in the sand, particularly when what you’re turning away from is causing you to lose sleep. In some cases when you do finally pluck up the courage to assess your cash flow or your cash runway in detail, it can be too late. Successful people may get burned once by this type of fear, but they quickly adopt much better modes of business practice to compensate moving forward.
Embracing tools such as QuickBooks and Xero and automating almost every possible admin task from bank reconciliations to issuing invoices, can massively enhance your business’ efficiency. Soon you’ll be able to shift time spent compiling your accounts and figuring out your taxes, to time spent analysing your numbers and Forecasting ways to grow your business.
FUTRLI offers a clear view of your financials with beautiful graphs and charts, enabling you to easily follow the decisions you are making. This allows you to develop your business operations based on facts, rather than just crossing your fingers and hoping for the best.
In FUTRLI you can create a base scenario and then play with it to reflect a range of possible futures (optimistic, pessimistic and most likely, as a minimum). This way you are forecasting and anticipating problems in order to prepare, rather than just waiting for them to manifest.
4. Undervaluing yourself
Your value and your perceived value are not static. If you’re underselling yourself due to self-limiting beliefs, your business cannot grow at the rate it should. Worse still, it can result in you missing your moment to really leverage your offering and the market moving onto something else before you’ve had a chance to cash out or develop your business more fully.
Your goal, clearly, is to aim to be compensated what you’re worth. If after having established an accurate value based on extensive market research and a customer is not willing to pay it, then they are probably not worth your time. Successful people such as Tim Ferriss learn quickly that diverting too much of your resources to the wrong type of customer will have a detrimental effect on your business as a whole – sometimes you have to “Fire High-Maintenance Customers”.
5. Neglecting your inner life
We are what we think and feel and research indicates that happiness and fulfilment are mainly fuelled by how we control our inner game. Successful people quickly learn that who you are on the inside and, in particular, how you manage your internal dialogue has a significant impact on the manifestation of your external circumstances.
It’s important that you quickly identify your own negative patterns which cause you the most mistakes and take measures to cease repeating them again. Whether it is indulging negative thought processes, lack of rest, or not learning to manage your chimp (your animal instincts) you need to take action on how to stop. This audiobook is a great place to start and you can even get it for free if you start a free trial with Audible.
6.Taking your eyes off the prize
You’ve just sat down to look at your monthly figures when you get an email notification or a WhatsApp message to burst your concentration bubble. In today’s modern environment it’s becoming increasingly difficult to retain a single-minded focus with which to best make use of your time.
Likewise, it’s equally difficult keeping your eyes on the big picture and to hold in your mind that no single event, whether that be a win or a loss is ever the whole story. The successful person sees the big picture and functions emotionally and physically better as a result of knowing that business growth occurs as series of mini-battles which are won and lost. If we use the stock market as an example, we can see many sizable dips over the last 100 years, but the overwhelming trend has been for it to go up over this time. As long as you can focus on your prize, use the best tools available and work hard towards it, you can see your growth follow a similar trajectory.