The Franchise King®

The 7 Habits Of Highly Successful Business Owners

celebration of successful business owners

Are you ready to tap into your strengths and become a highly successful business owner? Great!

In this post, I’m going to go over the top habits of super successful business owners. Your job? Adopt them and succeed at this! Let’s begin.

Our Always-Changing World Of Business

In the dynamic world of business, particularly small business, success isn’t only about having a great idea or a solid business plan.

In essence, it’s about cultivating the right habits that set highly successful small business owners-and successful businesses apart from the rest.

(This post may contain affiliate links. Please read my disclosure policy).

These habits are the secret sauce. They propel individuals to achieve extraordinary results and create thriving small businesses-including franchise businesses.

With that in mind, I encourage you to read this post so can learn about the essential habits that can transform you into a successful small business owner.

On Having A Clear Vision And Doing The Work

All successful small business owners possess specific characteristics that elevate them above the competition. Who comes to mind?

These are the people who have a clear vision of what they want to achieve and are always willing to put in the hard work to make it happen.

For instance, they always have a strong sense of confidence…self-belief, and they aren’t easily discouraged by setbacks.

I want you to take a moment to think about someone who excels in their field. Someone who you feel…you know is a superstar. What makes them different? What do they have that you want?

Note: I just did it myself.

To clarify, I just spent a half hour accessing my slowly diminishing memory cells and thought of a few people who were superstars in their fields. Those that came to mind include:

Former President, Bill Clinton. His skill as an orator and as a politician still leave most of his counterparts in the dust. Even with his flaws.

LeBron James. Need I say more.

And in the field of franchising, Howard Bassuk.

The first time I heard Howie speak on franchising I was floored.

Now his franchise knowledge was/is vast.

But it was his speaking ability…the way he captivated his audience. And to this day, I’ve yet to find a lot people with his skills. I still think about him every now and again. Anyway…

I’ve also found that the folks who excel are adaptable and open to change, constantly seeking new opportunities to grow and improve.

In addition, they possess excellent communication and leadership skills, enabling them to inspire and motivate their team members. And they’re usually gifted public speakers.

7 Habits Of Wildly Successful Business Owners

The habits below form the foundation upon which successful businesses are built. Here they are:

Habit 1: Setting clear and achievable goals

One of the most important habits of highly successful business owners is setting clear and achievable goals. These people completely understand the power of goal-setting in providing direction and focus to their everyday efforts.

In other words, they take the time to define specific, measurable, attainable, relevant, and time-bound (SMART) goals that align with their overall vision.

In fact, when they break down their big goals into smaller milestones, they actually are creating a roadmap that allows them to track their progress and make necessary adjustments along the way.

To conclude, setting clear and achievable goals not only provides a sense of purpose, but also fuels motivation and determination, driving them towards success. And doing so can help you do the same for your business.

Habit 2: Continuous learning and personal development

Highly successful business owners are lifelong learners.

They understand that the business landscape is constantly evolving, and in order to stay ahead, they need to continuously update their knowledge and skills.

These small business owners invest in their personal development by reading books, attending seminars, and networking with industry experts.

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Plus, they’re almost always open to new ideas and perspectives, and they want to expand their horizons.

Bottom line?

By staying curious and embracing a growth mindset, they are able to adapt to changing circumstances and seize new opportunities. And you can too!

On Taking Risks And Building Your Network

Habit 3: Taking calculated risks

Successful business owners aren’t afraid to take risks. However, they’re not reckless gamblers either.

Instead, they carefully weigh the potential risks and rewards before making a decision.

In addition, they understand that calculated risks are an essential part of growth and innovation. They weigh the pros and cons, analyze market trends, and make informed decisions based on thorough research and analysis.

By taking calculated risks, they’re able to push boundaries, explore new territories, and create breakthroughs that consistently set them apart from their competitors.

Habit 4: Building a strong network

Networking is an important part of doing business. And it’s a habit that all successful business owners participate in. Why?

Because small business owners and franchisees understand the power of building relationships and surrounding themselves with like-minded individuals.

They actively seek out opportunities to connect with others in their industry. So they do things like:

  • Attend conferences
  • Join professional organizations
  • Participate in online business communities

That’s because they understand that a strong network can provide valuable insights, access to resources, and potential business collaborations/partnerships.

And by building a strong small business network, they’re able to leverage the collective knowledge and experience of others, so they can accelerate their own growth and success.

Successful Business Owners Value Their Time

Habit 5: Effective time management

Time is a precious resource, and owners of successful businesses know how to make the most of it.

That’s because they (generally) possess excellent time management skills and can prioritize tasks based on their importance and urgency.

These individuals understand the value of setting boundaries, saying no to distractions, and delegating tasks to their employees when necessary.

Additionally, they seem to have a clear understanding of their most productive hours. That allows them to structure their day accordingly.

To conclude, by effectively managing their time, they are able to maximize productivity, minimize stress, and maintain a healthy work-life balance.

Next, I encourage you to watch this excellent Tedx Talk on time…and time management. It’s a good one.

On Being Positive

Habit 6: Maintaining a positive mindset

Being positive, having a positive mindset…is a powerful tool that all wildly successful small business owners have. They understand that challenges and setbacks are an inevitable part of their entrepreneurial journey.

However, instead of dwelling on negativity, they choose to focus on real-time solutions and opportunities.

These owners practice gratitude, maintain a positive outlook, and surround themselves with positive influences.

In addition, they understand the importance of self-care and prioritize activities that nurture their mental and emotional well-being.

The lesson?

By maintaining a positive mindset, they’re able to overcome obstacles, bounce back from failures, and stay motivated even in the face of adversity. And you can do the same.

Successful Small Business Owners Embrace Failure

I don’t know about you, but I’ve heard that more than once.

Habit 7: Embracing failure and learning from it

You may find this difficult to believe, but failure is not the end for highly successful business owners, but rather a stepping stone to success. Why?

Because today’s business owners understand that failure is a valuable learning opportunity and an essential part of the entrepreneurial journey.

These individuals embrace failure, analyze what went wrong, and extract valuable lessons from the experience.

Additionally, they view failure as feedback and use it to refine their strategies and offerings. By embracing failure and learning from it, they are able to iterate, adapt, and ultimately achieve their goals.

Failure is delay, not defeat. It is a temporary detour, not a dead end.” ― Denis Waitley

Are You Ready To Cultivate The Habits of Successful Business Owners?

What do you think?

Do you have it in you to get on board with these habits?

I hope so, because becoming a successful small business owner isn’t a matter of luck or talent.

Instead, it requires cultivating the right habits and mindset that set highly successful individuals apart from the rest.

It All Boils Down To This

By setting clear and achievable goals, continuously learning and developing oneself, taking calculated risks, building a strong network, practicing effective time management, maintaining a positive mindset, and embracing failure, you’ll be able to unlock your full potential as a small business owner.

So go do it. I know you can.

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franchise article written by joel libava
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joel libava

I'm The Franchise King®, Joel Libava. I help prospective franchise owners avoid bank account emptying mistakes.
For 23 years, I’ve been showing people how to make smart, informed decisions on franchises to buy, and I can help you, too!
P.S. I'm not a franchise consultant/broker.

Joel is Highly Principled
There are many people in the franchise business who claim to to be experts in the field. Unfortunately many of them lack both knowledge and integrity. Joel, however, is without question one of the most qualified and principled people I know, in or out of his industry."
- Greg Reynolds, Retired Outplacement Counselor
"Many receive advice, only the wise profit from it."
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