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9 Habits that Accelerate the Efficiency of Successful Entrepreneurs

9 Habits that Accelerate the Efficiency of Successful Entrepreneurs

Innovative ideas are born every minute. With such intense competition, entrepreneurs who want their business to succeed must develop highly efficient habits and skills that also allow for personal growth.

Successful entrepreneurs like Steve Jobs, Mark Zuckerberg, and Sir Richard Branson all have one thing in common: they were known to have developed certain habits and unique approaches that made their businesses remarkably successful. By taking a closer look at each of the following habits, you can learn from the best and see how the habits of other successful entrepreneurs might apply to the type of entrepreneur you want to be.

1. Automating and delegating low-impact tasks

Spotting repetitive tasks in order to automate and delegate them allows successful entrepreneurs to focus on the high-level and impactful activities that no one else can do instead. For example, tech entrepreneurs Mark Zuckerberg and Steve Jobs are notorious for wearing the same clothes to work every day in order to eliminate time spent deciding what to wear. Instead, they could free up that time to focus on high value tasks.

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2. Not taking ‘no’ for an answer

Assertiveness plays a central role when it comes to developing ideas and creating a vision for your company. Usually, it’s only those who do not give up easily who end up closing the deal. They are the ones who look at every possible option and create opportunities where there haven’t been any before. Elon Musk, known for PayPal and Tesla Motors, is known for such grit by trying one venture after another.

3. Rugged tenacity

Known to have perfectionist tendencies, highly successful entrepreneurs aren’t afraid to make drastic adjustments to keep the business going. Yahoo’s CEO, Marissa Mayer set up a nursery in her office to shorten her maternity leave and get back to important tasks at hand. This is not to say her child was not important but that her time management was essential.

4. Constantly looking to solve customer problems

Consumers develop trust in companies that understand their pains. A successful business constantly innovates in order to offer new solutions that go along with the needs of their target market. One of Twitter’s founders, Evan Williams, strongly exhibits this customer-centric approach, which is reflected in the rapid growth of his other company, writing platform, Medium.

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5. Willingness to fail

Entrepreneurs who are willing to learn from their defeat are also likely to succeed in their next ventures. Payal Kadakia, founder of Classpass, imbibes such a mentality. Upon recognizing that her previous business ideas were not going anywhere, she decided to make a shift, create better business strategies, and start a new venture. A great way to think of this is to ask yourself, “Would I invest in my business in its current state?” If your answer is “no”, it’s time to address failure as an option.

6. Strong knowledge of the business

Most entrepreneurs who don’t have industry-specific skills and experience usually struggle when faced with challenging situations they are not accustomed to. However, those who have dedicated their lives to building their business know the ins=and-outs of its operations. Having valuable first-hand experience is crucial to the company’s success.

7. Transparency

Both employees and consumers trust entrepreneurs who have an open-door policy. Sir Richard Branson of Virgin Group exemplifies this habit by regularly blogging and sharing highlights about the company on the corporate blog. As an added bonus, his writing also improves the company’s visibility in the process.

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8. Cultivating a positive working environment

With a globally distributed team, Taso Du Val, CEO of Toptal, practices the habit of empowering his employees to make excellent decisions that spur company growth. Allow employees to take ownership in the business by actively communicating your company’s goals with the entire organization. This helps them feel a sense of ownership toward the organization.

9. Staying true to the company culture

Successful entrepreneurs use their differences as an advantage. They do not follow what others are already doing. Instead, they set their own standards and develop unique strategies that speak to the kind of company they have.

While anyone could come up with innovative ideas anytime, only those with the right attitude and highly efficient habits end up succeeding. If you want to accelerate the success of your business, you better start developing habits that will lead to the most impact.

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Featured photo credit: Jarle Naustvik via flic.kr

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Jonha Revesencio

Jonha Revesencio is a Business Strategist with years of experience developing digital media strategies.

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Last Updated on July 8, 2020

How to Prevent Decision Fatigue From Clouding Your Judgement

How to Prevent Decision Fatigue From Clouding Your Judgement

What is decision fatigue? Let me explain this with an example:

When determining a court ruling, there are many factors that contribute to their final verdict. You probably assume that the judge’s decision is influenced solely by the nature of the crime committed or the particular laws that were broken. While this is completely valid, there is an even greater influential factor that dictates the judge’s decision: the time of day.

In 2012, a research team from Columbia University[1] examined 1,112 court rulings set in place by a Parole Board Judge over a 10 month period. The judge would have to determine whether the individuals in question would be released from prison on parole, or a change in the parole terms.

While the facts of the case often take precedence in decision making, the judges mental state had an alarming influence on their verdict.

As the day goes on, the chance of a favorable ruling drops:

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    Image source: Proceedings of the National Academy of Sciences

    Does the time of day, or the judges level of hunger really contribute that greatly to their decision making? Yes, it does.

    The research went on to show that at the start of the day the likelihood of the judging giving out a favorable ruling was somewhere around 65%.

    But as the morning dragged on, the judge became fatigued and drained from making decision after decision. As more time went on, the odds of receiving a favorable ruling decreased steadily until it was whittled down to zero.

    However, right after their lunch break, the judge would return to the courtroom feeling refreshed and recharged. Energized by their second wind, their leniency skyrockets back up to a whopping 65%. And again, as the day drags on to its finish, the favorable rulings slowly diminish along with the judge’s spirits.

    This is no coincidence. According to the carefully recorded research, this was true for all 1,112 cases. The severity of the crime didn’t matter. Whether it was rape, murder, theft, or embezzlement, the criminal was more likely to get a favorable ruling either early in the morning, or after the judges lunch break.

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    Are You Suffering from Decision Fatigue Too?

    We all suffer from decision fatigue without even realizing it.

    Perhaps you aren’t a judge with the fate of an individual’s life at your disposal, but the daily decisions you make for yourself could hinder you if you’re not in the right head-space.

    Regardless of how energetic you feel (as I imagine it is somehow caffeine induced anyway), you will still experience decision fatigue. Just like every other muscle, your brain gets tired after periods of overuse, pumping out one decision after the next. It needs a chance to rest in order to function at a productive rate.

    The Detrimental Consequences of Decision Fatigue

    When you are in a position such as a Judge, you can’t afford to let your mental state dictate your decision making; but it still does. According to George Lowenstein, an American educator and economy expert, decision fatigue is to blame for poor decision making among members of high office. The disastrous level of failure among these individuals to control their impulses could be directly related to their day to day stresses at work and their private life.

    When you’re just too tired to think, you stop caring. And once you get careless, that’s when you need to worry. Decision fatigue can contribute to a number of issues such as impulse shopping (guilty), poor decision making at work, and poor decision making with after work relationships. You know what I’m talking about. Don’t dip your pen in the company ink.

    How to Make Decision Effectively

    Either alter the time of decision making to when your mind is the most fresh, or limit the number of decisions to be made. Try utilizing the following hacks for more effective decision making.

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    1. Make Your Most Important Decisions within the First 3 Hours

    You want to make decisions at your peak performance, so either first thing in the morning, or right after a break.

    Research has actually shown that you are the most productive for the first 3 hours[2] of your day. Utilize this time! Don’t waste it on trivial decisions such as what to wear, or mindlessly scrolling through social media.

    Instead, use this time to tweak your game plan. What do you want to accomplish? What can you improve? What steps do you need to take to reach these goals?

    2. Form Habits to Reduce Decision Making

    You don’t have to choose all the time.

    Breakfast is the most important meal of the day, but it doesn’t have to be an extravagant spread every morning. Make a habit out of eating a similar or quick breakfast, and cut that step of your morning out of the way. Can’t decide what to wear? Pick the first thing that catches your eye. We both know that after 20 minutes of changing outfits you’ll just go with the first thing anyway.

    Powerful individuals such as Steve Jobs, Barack Obama, and Mark Zuckerberg don’t waste their precious time deciding what to wear. In fact, they have been known to limiting their outfits down to two options in order to reduce their daily decision making.

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    3. Take Frequent Breaks for a Clearer Mind

    You are at your peak of productivity after a break, so to reap the benefits, you need to take lots of breaks! I know, what a sacrifice. If judges make better decisions in the morning and after their lunch break, then so will you.

    The reason for this is because the belly is now full, and the hunger is gone. Roy Baumeister, Florida State University social psychologist[3] had found that low-glucose levels take a negative toll on decision making. By taking a break to replenish your glucose levels, you will be able to focus better and improve your decision making abilities.

    Even if you aren’t hungry, little breaks are still necessary to let your mind refresh, and come back being able to think more clearly.

    Structure your break times. Decide beforehand when you will take breaks, and eat energy sustaining snacks so that your energy level doesn’t drop too low. The time you “lose” during your breaks will be made up in the end, as your productivity will increase after each break.

    So instead of slogging through your day, letting your mind deteriorate and fall victim to the daily abuses of decision making, take a break, eat a snack. Let your mind refresh and reset, and jump-start your productivity throughout the day.

    More Tips About Decision Making

    Featured photo credit: Kelly Sikkema via unsplash.com

    Reference

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