As exciting as the start of any entrepreneurial journey is, we also know how mentally, emotionally, spiritually, physically, and of course, financially taxing it can be to run and manage a business in the long term. In fact, it’s so difficult that eight out of every 10 businesses in the United States fails after just 18 months of operations. Even more shocking? After 10 years, only four out of every 100 businesses are still around.
If those statistics aren’t enough to stifle you from charging headfirst into the world of commerce, then you’re not alone because 28 million small businesses are operating in the United States with an additional 22 million professionals that are self-employed. Clearly, the entrepreneurial flame is alive and well in the hearts and minds of many, not just in the U.S., but around the world.
Considering that only 20 percent of businesses reach that 18-month mark and that 96 percent of all businesses disappear within 10 years, the question that beckons most has very much to do with just how a business can succeed in the long term. While it’s easy enough to start a business, it’s obvious that longevity is what eludes us most.
So what is this magic recipe for long-term success in business? What’s the formula that some of the world’s most successful entrepreneurs employ to see things through? Clearly, you need to be agile, innovative, productive and an effective with your actions to succeed, but you also need to instill a set of good daily habits so that you can automate your success.
Habits hold the gateway to success in any endeavor. Not only do the habits we hold dictate the quality of our lives, but they also reflect our potential for success. Bad habits will always hold us back, especially when it comes to running a business with any staying power. Yet, it’s not just about eliminating the bad habits, you need to instill the right habits for entrepreneurial success.
1. Waking up early.
Apple’s CEO Tim Cook sends out company emails by 4:30 a.m. every day with a visit to the gym shortly after at 5 a.m. One of the world’s most successful CEOs knows a thing or two about the importance of getting up early. But he’s not the only one. Disney’s CEO, Robert Iger wakes up at 4:30 a.m. and so does Howard Schultz who also gets a workout in before showing up to the office at 6 a.m.
But there’s a reason why they and countless others of the world’s most successful individuals wake up that early. It’s in the early-morning hours, when the world is still and silent, that we can focus and concentrate best on our efforts, to see things through and push towards our long-term goals.