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10 Habits Of The Most Successful Young Entrepreneurs

10 Habits Of The Most Successful Young Entrepreneurs

Success can come in all shapes and sizes. But that doesn’t mean that there aren’t some key aspects to success that everyone should focus on. If you’re a young entrepreneur just entering the business world, or you’re hoping to help an aspiring businessperson reach their goals, keep these 10 habits in mind. After all, every little bit counts when you’re starting your own business. Luck is part of it, but success is mostly due to hard work and determination. Start forming these habits now and you’ll be more likely to succeed in the long run.

1. Find something you’re passionate about.

No one ever created a good company based on something they cared nothing about. It’s impossible to start a business without first being interested in the product or service begin created by the business. Take Fraser Doherty, for example: this young man began a jam business based on his grandmother’s recipes, and now sells his jams in almost 200 stores. Were he not so interested in using a family recipe to make something that he loved, his success would not have been as great.

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2. Devote enough time to your business.

Young entrepreneurs have a lot of advantages, but one disadvantage is that many of them are still in school. This leaves less time to devote to developing their businesses. That being said, an advantage to being young is having a ton of energy. Sacrifice some social time and sleep now, and you’ll benefit in the long run.

3. Focus.

Once you have an idea for your business, stick to it and don’t let anything distract you. It’s easy to lose focus, but ultimately it’s key to starting a solid business.

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4. Ask for help.

There’s no shame in needing help with something. Just because you have a great idea, that doesn’t necessarily mean that you have the know-how to execute that idea and make it a reality. Whether you need investors or a tech developer, surround yourself with people who have the skills that you don’t have.

5. Reflect on your progress.

Like any businessperson, you might have to operate on the basis of trial and error for a while before you find what really works for your company. There’s no shame in changing things around, so take the time to reflect on your progress and make changes accordingly.

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6. Get feedback.

While you might think you have a great idea, your customers may think otherwise. Make sure you talk to customers to get their input on your business as a whole and your products. And while it might help to talk to friends first, eventually you want to talk to people who are completely unbiased towards you and your business. This is the best way to get real information about what your customers are looking for.

7. Stay organized.

You should have a system for organizing paperwork and tracking your business’s progress. Otherwise, you’re going to regret it down the road. Come up with a system and don’t change it unless you absolutely have to.

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8. Don’t let it consume you.

While it’s important to work hard and stay focused on your business, it’s also extremely important to step back sometimes and take a small break. Don’t let your business become your life. Try to make time for leisure activities, or else you will become too stressed, and ultimately your business will suffer as a result.

9. Get the hard stuff done first.

Let’s say you hate meeting with investors. You have to do it, but you really don’t like it. Do that first thing in the morning if you can. You’re more likely to enjoy developing your business on a day to day basis if you get the hard stuff out of the way first and leave the more interesting aspects for the rest of the day.

10. Get creative.

Businesses succeed because they’re different. Yes, you can open up another coffee shop or boutique, but something about them has to be unique. They have to be set apart from every other coffee shop or boutique. Try to find something that draws people in and makes them want to be a part of your business. Innovation is what you’re looking for here.

Featured photo credit: Steve Wilson via flickr.com

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Last Updated on March 15, 2019

How to Be a Leader Who Is Inspiring and Influential

How to Be a Leader Who Is Inspiring and Influential

When I began managing people 15 years ago, I thought having a fancy title was synonymous with influence. Over time, I learned that power is conferred based on likeability, authenticity, courage, relationships and consistent behavior. When leaders cultivate these attributes, they earn power, which really means influence.

Understanding influence is essential to professional growth, and companies rise and fall based on the quality of their leadership.

In this article, we will look into the essentials of effective leadership and how to be a leader who is inspiring and influential.

What Makes a Leader Fail?

A host of factors influence a leader’s ability to succeed. To the extent that leaders fail to outline a compelling vision and strategy, they risk losing the trust and confidence of their teams. Employees want to know where a company is going and the strategy for how they will get there. Having this information enables employees to feel safe, and it allows them to see mistakes as part of the learning journey versus as fatal occurrences.

If employees and customers do not believe a company’s leadership is authentic and inspiring, they may disengage, or they may be less inclined to offer constructive criticism that can help a company innovate or help a leader improve.

And it is not just the leadership at the top that matters. Middle managers play a distinct role in guiding teams. Depending on the company’s size, employees may have more access to mid-level managers than they do members of the C-suite, meaning their supervisors and managers have greater influence on the employee and the customer experience.

What Is Effective Leadership?

Effective leadership is inspiring, and it is influential. Cultivating inspiring and influential leaders requires building relationships across the company.

Leaders must be connected to both the teams they lead as well as to their own colleagues and managers. This is key as titles do not make a person a leader, nor do they automatically confer influence. These are earned through trusting relationships. This explains why some leaders can get more out of their teams than others and why some leaders experience soaring profits and engagement while others sizzle out.

Eric Garton said in an April 25, 2017, Harvard Business Review article:[1]

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“… inspiring leaders are those who use their unique combination of strengths to motivate individuals and teams to take on bold missions – and hold them accountable for results. And they unlock higher performance through empowerment, not command and control.”

How to Be an Inspiring and Influential Leader

To be an inspiring and influential leader requires:

1. Courage

The late poet Maya Angelou once said,

“Courage is the most important of all the virtues, because without courage you can’t practice any other virtue consistently. You can practice any virtue erratically, but nothing consistently without courage.”

Courage is required in the workplace when implementing new strategies, especially when they go against professional norms.

For instance, I heard Lisa TerKeurst, bestselling author and founder of Proverbs 31 Ministries, explain her decision to move away from her company’s magazine. While the organization had long had a magazine, she saw a future where it didn’t exist.

In order to make the switch, she risked angering her team members and customers. She took a chance, and what started out as a monthly newsletter, has grown into a multi-dimensional organization boasting half a million followers. Had Lisa not found the courage to change the direction of her organization, they undoubtedly would not have been able to experience such exponential growth.

It also takes courage to give and receive feedback. When leaders see employees who are not living into the company’s mission or who are engaging in behavior that may undermine their long-term success, one must risk temporary angst and speak candidly with the colleague in question.

Similarly, it takes courage to hear constructive criticism and try to change. In business, as in life, courage is necessary for being an inspiring and influential leader.

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2. A Commitment to Face Your Internal Demons.

If you feel great about yourself, enter a leadership position. You are likely to be triggered in ways you didn’t think possible. You are also likely to receive feedback that may leave you second-guessing yourself and your leadership skills.

The truth about leading others is that you get to a point where you realize that it is difficult to take people to places where you yourself haven’t gone.

To be an influential and inspiring leader, you have to face your own demons and vow to continually improve. Influential leaders take their personal evolution serious, and they invest in coaching, therapy and mindfulness to ensure that their personal struggles do not overshadow their professional development.

3. A Willingness to Accept Feedback

Inspiring and influential leaders are not afraid to accept feedback. In fact, they actively solicit it. They understand that everyone in their life has a lesson to teach them, and they are willing to accept it.

Inspirational leaders understand that feedback is neither good nor bad but rather an offering that is critical to growth. Even when it hurts or is an affront to the ego, influential leaders understand that feedback is critical to their ability to lead.

4. Likability

Some people will argue that leaders need not worry about being liked but should instead focus on being respected. I disagree. Both are important.

When team members like their boss and believe their boss likes them, they are more likely to go the extra mile to fulfill departmental or organizational goals. Likable leaders are moved to the front of the line when it comes to being influential.

Relatedly, when colleagues feel management dislikes them, they experience internal stress and can spend unnecessary time focusing on the source of their manager’s discontent versus the work they have been hired to do.

So, likability is important for both the leader and the people she leads.

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5. Vulnerability

Vulnerability is critical for being an inspiring leader. People want the truth. They admire leaders who can occasionally demonstrate vulnerability. It promotes deeper relationships and inspires trust.

When leaders can showcase vulnerability appropriately, they destroy the illusion that one must be perfect to be a leader. They also demonstrate that vulnerability is not a dirty word; they too can be vulnerable and ask for a helping hand when necessary.

6. Authenticity

Authenticity is about living up to one’s stated values in public and behind closed doors.

Influential leaders are authentic. They set to live out their values and use those values to guide their decisions. The interesting thing about leadership is that people are not looking for perfect leaders. They are, in part, looking for leaders who are authentic.

7. A True Understanding of Inspiration

Effective leaders are inspirational. They understand the power of words and deeds and use both strategically.

Inspiring leaders appropriately use stories and narratives to enable the teams around them to see common situations in an entirely new light.

Inspirational leaders also showcase grit and triumph while convincing the people around them that success and victory are attainable.

Finally, inspiring leaders encourage the teams they lead to tap into their own genius. They convince others that genius is not reserved for a select few but that most people have it in them.

As explained in the article True Leadership: What Separates a Leader from a Boss:

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“A leader creates visions and motivates team members to work together towards the same goal.”

8. An Ability to See the Humanity in Others

Inspiring and influential leaders see the humanity in others. Rather than treating their teams as mere tools to accomplish organizational goals, they believe the people around them are unique beings with inherent value.

This means knowing when to pause to address personal challenges and dispelling with the myth that the personal is separate from the professional.

9. A Passion for Continual Learning

Inspiring and influential leaders are committed to continual learning. They invest in their own development and take responsibility for their professional growth.

These leaders understand that like a college campus, the workplace is a laboratory for learning. They believe that they can learn from multiple generations in the workplace as well as from people from diverse racial and ethnic backgrounds.

Influential leaders proactively seek out opportunities for learning.

The Bottom Line

No one said leadership was easy, but it is also a joy. Influencing others to action and positively impacting the lives of others is a reward unto itself.

Since leadership abounds, there is an abundance of resources to help you grow into the type of leader who inspires and influences others.

More Resources About Effective Leadership

Featured photo credit: Markus Spiske via unsplash.com

Reference

[1] Harvard Business Review: How to Be an Inspiring Leader

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