5 Essential Habits to Develop Before Launching Your Start-Up
It’s probably no surprise to you that launching a start-up is difficult. Actually — really, really difficult. In fact, in 2019 the startup failure rate was 90%. Approximately 21.5% of those start-ups failed in their first year with that number increasing to 70% by year ten. While those numbers may seem daunting, they are not reason alone to jump ship and abandon your ambitions. Let’s talk about five essential habits you can develop before launching your start-up that will help propel you to entrepreneurial success!
1. Wake Up Early (Or Stay Up Late)
Do a quick Google search for “habits of successful people.” Almost all the results will bring up some kind of strategy for managing sleep. Waking up early is an easy way to allow you time for quiet reflection before the monster of life and responsibilities awaken. It’s a great way to get a head start on the day by exercising, meditating, or setting your intentions for the day. However, I don’t buy into this being the ONLY way to be productive. Some of us (including myself) just do better at night, when the world has grown dark and a hush has fallen over the day. It’s a unique time for a different kind of productivity. In fact, a 2017 study from Harvard found that it doesn’t matter what time you do to bed or wake up as long as you stick to a regular sleep schedule. So, whether you prefer early to bed and early to rise or late to bed and late to rise, just stick to a sleep routine your productivity will be A-ok!
2. Work on Decisiveness
When it comes to launching a business there are a lot of decisions to be made. What to name your company, how and where to incorporate, and how to open a business bank account are just a few. The best way you can prepare for this is to practice decisiveness now. In this age of information, it is easy to get caught up in research about every little thing or, by contrast, to be overwhelmed by the information available and just take your best guess. Whatever it is you are working on, give yourself an allotted amount of dedicated research time and then set a deadline to make your decision. This will help you stay on track while flexing your decision-making muscle.
3. Make All The Lists
If there is one thing you should know, it’s that organization and prioritizing are not overrated. I have found that the easiest way to keep my thoughts and responsibilities organized/prioritized is with lists and a lot of them! Lists are great for everyday personal things like groceries, to-do’s, and reminders. Prioritizing is a breeze by simply arranging your list in order of most important to least. When it comes to business, however sometimes these lists can feel…overwhelming to say the least. If you find yourself here, I recommend shifting gears and utilizing the Four Quadrant Impact list. This system allows you to more specifically prioritize your to-do list by assessing time versus benefit. This helps narrow down what tasks will have the most impact on your business. Be sure to give it a try if you are feeling buried under a never-ending task list.
4. Form Habit Resilience
Resilience is often considered a personal trait but did you know you can actively build it into a habit? Life is constantly throwing us curveballs and that is especially true as entrepreneurs. When launching a start-up it often seems like Murphy’s Law is in full effect and that everything that can go wrong does. This is where resilience comes into play but how, oh how do we build it? The answer is gratitude. The only way to build resilience is through. Through the hard parts, through the losses and the heartbreaks, through the defeats, but gratitude is the light that helps guide us as we go. Developing a daily gratitude practice now will help tremendously throughout your journey as an entrepreneur.
5. Keep Learning
Above all, learn to be teachable. While there is value in confidence there is strength in humility. The ability to listen and learn from those who have gone before you is a valuable and time saving habit for life and especially business. Start cultivating this habit now by reaching out to those you admire for advice or even a simple check-in. After all, wisdom is gained to be shared. Whether you are learning to navigate personal relationships or business relationships, remember, you are never too old to learn.
