Mergers & Acquisitions Advisory

A Neumann & Associates, LLC

September 22, 2015

7 Habits That Successful Entrepreneurs Employ

By Achim Neumann

This post is an amalgamation of the knowledge we at Neumann & Associates have obtained from our amazing clients who have come to us to buy a business, sell a business and consult with us about mergers & acquisitions. It’s truly a pleasure for us to work with people who are as educated, dedicated and experienced in the world of entrepreneurship and running businesses from small to large.

Being an entrepreneur may not be easy, but its rewards make the sacrifices required worth all the trials that one must endure. While you might be struggling on your own path, know that successful business owners before you have adopted habits that have enabled them to find their way. If you wish to assimilate their collective wisdom, we have assembled seven of their most common practices below:

They constantly find ways to build skills

While you might not be the best at certain aspects of your business, it is to your benefit to cross train in these disciplines. It might be tempting to stick with your strengths, but by learning the basics of things like bookkeeping or coding, you’ll gain a broader understanding of what is going on in your business. Furthermore, you might be thrust into a situation where you’ll have to cover for an employee that falls ill or quits suddenly; knowing the basics will allow you to fill in for them without missing a beat.

They begin with the end in mind

Most people’s logical process moves from where they are now to where they hope to be over a given period of time. Makes sense right? Then again, how many people fall short of their goals every year? A more effective way of approaching a goal is to envision where you want to be, and then to work backwards from it. So you want to breach seven figures in sales by this time next year… who will be your customers by then? How will you find them? What products and services will they buy from you? What marketing strategies will you need to put into place to attract them to your website? By reverse engineering the process by which you will arrive at your goal, you will uncover exactly what you need to do, instead of blindly applying business principles in the hope of stumbling your way to your goal.

They get started before the sun rises

 

For many folks, waking before the light of dawn sounds like a good idea from a production standpoint, but not so much to their bodies. However, you can train your body to wake up earlier by slowly easing into a sleep schedule that will allow you to (eventually) rise at 5 am. Unburdened by distractions that can rule the day after 9 am, you’ll find that your productivity will be markedly higher soon after starting your new work regimen.

They have their ducks in a row

 Adopting structure to your day is not only a tool for turbocharging your productivity, but it is also strangely liberating, counter-intuitive as it may seem. As American author Annie Dillard once said, “A schedule defends from chaos and whim”; when you have a calendar dictating what you need to be doing at any given time, it limits second-guessing and ad hoc decision making that can derail the effectiveness of your work.

They always ask themselves, “Am I creating value for my customer?

You might think that the service you provide your clients is valuable in and of itself … but is it really? Is the content that you are writing winning the hearts and minds of your prospects, and directing them towards a course of action? Is the new marketing strategy you are crafting for your customer really going to tap into unmet demand in the marketplace? Whenever you sit down to do work for any client, approach it with the mindset that of an unstoppable problem solver. You might think that the service you provide your clients is valuable in and of itself … but is it really? Is the content that you are writing winning the hearts and minds of your prospects, and directing them towards a course of action? Is the new marketing strategy you are crafting for your customer really going to tap into unmet demand in the marketplace? Whenever you sit down to do work for any client, approach it with the mindset that of an unstoppable problem solver.

They put their health first

 

Work is the not the be all, end all of your existence. If you don’t have your health, you have nothing. Eat right. Exercise regularly. Take breaks from your desk. Go on holidays. Walk away from your laptop when you’re feeling mentally overtaxed. This stuff is important … don’t neglect it.

They freely teach what they know to their employees and contractors

As much as entrepreneurs try to be a superhero in their business, the same is true in the 21st century as it has been in the past: commerce is a team sport. While games conducted within its arenas can be won on the back of a single player, championships are earned through the combined efforts of multiple individuals. By sharing knowledge in areas in which you are eminently skilled, the power of your business increases exponentially.

If you’d like to talk more about your business, how things are going or are interested in receiving more information about Neumann & Associates professional services, then head to our contact us page and don’t hesitate to reach out.

About A Neumann & Associates, LLC

A Neumann & Associates, LLC is a professional mergers & acquisitions and business brokerage firm having assisted business owners and buyers in the business valuation and business transfer process through its affiliations for the past 30 years. With an A+ Better Business Bureau rating, the company has senior trusted professionals with a deep knowledge based in multiple field offices along the East Coast and has performed hundreds of business valuations in its history. The firm’s competitive transaction fees are based on successfully completing transactions. For more information, please contact A Neumann & Associates at 732-872-6777 or info@neumannassociates.com

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