Being an entrepreneur and running your own business is very challenging. It is easy to get bogged down in the minutiae of managing things. You spend whole days working hard but sometimes you wonder if you are actually accomplishing something and moving things forward. Here are 5 habits of highly success fashion entrepreneurs.
- Sets goals: There is a saying, “if you don’t know where you are going how will you know when you’ve arrived?” So true! Making goals is hard for many an entrepreneur. They are afraid to dream and put out a goal into the universe. Because, heavens, what if it is too audacious? Or what what if you are selling yourself short? The truth is if it is a huge goal and you fall short you still will have done better than if you had none at all. If your goal is achieved earlier then you can set up a new goal. According to a study by Dr. Gail Matthews, a psychology professor at the Dominican University in California you become 42% more likely to achieve your goals and dreams, simply by writing them down on a regular basis. That means you don’t make them and forget about them but you keep writing them often till you achieve them. Another problem I find entrepreneurs have is know the difference between a goal and a tactic. A goal is: “I want to increase my sales in 2023 by 20%. A tactic is you are going to reach out to new stores to get additional business. It sounds like a goal but it is really one of the actions you would take to reach a goal.
- Being intentional: Being intentional means doing things in, with intention and purpose, in order to achieve your goals. You know what you are aiming to achieve in life. When you’re living life intentionally, you’re thinking about what you want to accomplish and take steps each day that moves you closer to the outcome you want. You stop moving aimlessly each day.
- Manages finances: This is one of your most important responsibilities as an entrepreneur. The ones who are on top of their finances are always way more successful. You need to know how much you need to run your business. To know when to spend and when to conserve. Keep an eye on cash flow. You don’t want to run out of money before you have to pay bills. And of course you need to keep profitability as your most important goal. Keep watching your profitability like a hawk.
- Always be focused on the activities that are the highest value: Anything that moves you closer to accomplishing your business goals and achieves bottom line success is an high level activity. There are a million things that come up during the day that it is easy for the day to pull you along rather than you controlling your day. You need to prioritize the tasks that move the needle forward everyday. Of course there will always be crisis’ that occur but if you are always being reactive instead of proactive you will never accomplish anything. To learn more about this read: “The 7 Habits of Highly Effective People” by Stephen Covey.
- Always be learning: I am very lucky. I love to read! I read both fiction and non-fiction books. I am always learning something new to help improve my self and my business. It keeps me relevant and also curious. Consistently learning keeps you engaged and helps you come up with new ideas that can keep your business fresh and exciting. Learning raises your productivity and can inspire you to new heights.