7 habits that separate successful entrepreneurs from those who fail, according to psychology

My old mentor used to say, “Not every entrepreneur is cut out for success, and not every failure is a lost cause.”

Intriguing, right?

Well, it turns out, the entrepreneurial journey isn’t just about having a groundbreaking idea or a foolproof business plan. It’s about the habits we cultivate, the mindset we possess, and how we navigate through the unpredictability of the business world.

Now, what if I told you that there are seven particular habits that successful entrepreneurs consistently demonstrate? And what if I told you that these habits aren’t about working round-the-clock or becoming a jack-of-all-trades?

That’s right.

According to psychology, these habits are deeply rooted in understanding oneself, authenticity in actions, and a relentless pursuit of growth. They are what separate successful entrepreneurs from those who stumble and fall.

So if you’re wondering, “What habits do I need to cultivate to succeed as an entrepreneur?” stick around. We’re about to delve into the seven habits that could be your game-changers.

Remember: success isn’t always about doing more. Sometimes, it’s about doing it right.

1) Embracing self-awareness

Ever wondered why some entrepreneurs seem to navigate the choppy waters of business with relative ease?

The secret is self-awareness.

Successful entrepreneurs understand their strengths, weaknesses, and emotional triggers. They are acutely aware of their limitations and how their actions affect those around them.

This isn’t about being overly critical. It’s about being honest with oneself.

They don’t shy away from feedback, either. In fact, they seek it out, using it as a tool for growth and improvement.

Remember, self-awareness isn’t a one-time thing. It’s a continual journey of discovery and personal development.

The more you know about yourself, the better equipped you’ll be to make the decisions that steer your entrepreneurial journey towards success.

2) Cultivating resilience

Every entrepreneur has their share of setbacks. I remember when I first started my own business. I was brimming with enthusiasm, ready to take on the world. But then, the hard reality hit me.

Sales weren’t as good as I’d hoped, my marketing strategy wasn’t working, and investors seemed uninterested.

But here’s what separates successful entrepreneurs from those who fail: resilience. Instead of giving up or wallowing in self-pity, I chose to learn from my failures and bounce back stronger.

I reassessed my strategies, sought advice from mentors, and devised new plans. It was challenging and at times downright exhausting, but it was worth it in the end.

Resilience is not about avoiding failure; it’s about learning how to cope with it and adapt. It’s about understanding that failure is not a dead-end but a detour to a better route.

So remember this: your ability to remain resilient in the face of adversity could very well be the defining factor in your entrepreneurial success story.

3) Pursuing a growth mindset

Let me lay it out for you: success doesn’t land on your lap. It’s not about being in the right place at the right time, and it’s definitely not about luck.

It’s about a growth mindset.

Successful entrepreneurs believe they can always learn, grow, and improve. They see potential where others see failure. They view challenges as opportunities, not roadblocks.

I remember a time when my company was just scraping by. Revenue was stagnant, morale was low. It would have been easy to let negativity take over.

But I didn’t.

Instead, I took a hard look at what we were doing and asked, “How can we do this better?” I started reading books, attending seminars, reaching out to industry experts. And slowly but surely, things started to change.

Having a growth mindset means not getting complacent or settling for mediocrity. It means pushing your boundaries and constantly seeking ways to improve and evolve.

It’s not always comfortable, but it’s necessary. Because at the end of the day, the only way to achieve enduring success is to keep growing.

4) Practicing empathy

It might seem a bit out of place to talk about empathy in an entrepreneurial context, right?

But here’s the thing.

In my journey as an entrepreneur, I’ve come to realize that business isn’t just about the bottom line. It’s about people. And understanding people requires empathy.

Successful entrepreneurs are those who can put themselves in their customers’ shoes, understand their needs, their concerns, and their desires. They are able to relate to their employees, fostering a work environment that promotes collaboration and mutual respect.

I recall a time when one of my team members was consistently underperforming. It would have been easy to reprimand or even fire him. But instead, I chose to sit down and have a heart-to-heart conversation with him.

It turned out that he was going through a rough patch in his personal life. Instead of letting him go, we worked out a flexible schedule that allowed him to handle his personal issues without compromising his work.

This not only helped him bounce back stronger but also fostered a sense of loyalty and trust within the team.

Remember: people do business with people. Cultivating empathy can help you connect with others on a deeper level, paving the way for lasting success.

5) Embracing patience

Here’s something you might not know: the average entrepreneur doesn’t make a profit until their third year in business.

That’s right, third year.

Success rarely happens overnight. It’s a slow and often painstaking process that requires patience.

Successful entrepreneurs understand this. They know that real growth takes time. They don’t rush decisions or chase quick fixes. Instead, they focus on building a sustainable business that can withstand the test of time.

I’ve seen many promising ventures crumble because their founders were impatient, always in a hurry to scale up or diversify before laying a solid foundation.

I’ve also seen businesses flourish because their leaders were patient, willing to put in the time and effort required for long-term success.

Patience isn’t just about waiting for results. It’s about staying committed to your goals even when progress seems slow. It’s about believing in your vision even when others doubt it.

6) Valuing collaboration over competition

In the fast-paced world of entrepreneurship, it’s easy to get caught up in the race to be the best, to be the first, to be the most innovative.

But here’s a thought: what if, instead of seeing others in your field as threats, you saw them as potential allies?

Successful entrepreneurs understand the power of collaboration. They know that by working together, we can achieve more than we ever could alone.

I remember when I started my first business, there was another company offering a similar product. Instead of trying to outdo them, I reached out for a partnership. We combined our resources, shared our networks, and learned from each other’s experiences.

The result? Both our businesses grew faster and stronger than they would have individually.

Collaboration doesn’t mean losing your competitive edge. It means recognizing that there’s enough room for everyone to succeed. It means understanding that by lifting others, we lift ourselves.

7) Prioritizing self-care

This is crucial. And yet, it’s something many entrepreneurs overlook.

Successful entrepreneurs understand that their greatest asset isn’t their business—it’s themselves.

They know that to give their best, they need to be at their best. That means eating right, exercising regularly, getting enough sleep, and taking time to relax and recharge.

I can’t stress this enough. There was a time when I was working 70-hour weeks, fueling my body with junk food and caffeine, and running on four hours of sleep. My business was thriving, but I wasn’t.

Then, I hit a wall. My health deteriorated, and so did my productivity. It was a wake-up call.

I started prioritizing self-care. I made time for regular exercise, ate healthier, slept more. And guess what? Not only did my health improve, but so did my business.

Self-care isn’t a luxury—it’s a necessity. You can’t pour from an empty cup. So take care of yourself. Your business will thank you for it.

Final thoughts

If these habits resonate with you, or perhaps you see room for improvement in some areas, know this—it’s all part of the entrepreneurial journey.

Success isn’t an overnight phenomenon. It’s an ongoing process of self-improvement, learning from failures, and adapting to changes.

Start by acknowledging your current habits. Reflect on how they’re serving your entrepreneurial journey. Are they propelling you forward or holding you back?

Then, commit to cultivating the habits we’ve discussed. This isn’t about becoming someone else—it’s about becoming the best version of yourself.

Remember, every step, no matter how small, brings you closer to your goals. Celebrate your progress. Learn from your missteps.

And most importantly, be patient with yourself. Change doesn’t happen instantly.

As the legendary Steve Jobs once said, “I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.”

So keep going. Keep growing. The path to success is paved with habits that empower you to reach your true potential.