It’s impossible to succeed as an entrepreneur living an erratic and impulsive lifestyle. Upon establishing goals, entrepreneurs must focus their resources toward success. According to Mitch Vandergunst, a real estate investor from London, Ontario, those resources include material wealth, such as money and equipment, but the most valuable resources are time and mindset.
Routines help one’s mind and body lower life’s complexities. As an entrepreneur, one will be forced to make hundreds of critical decisions every day. If that entrepreneur has a great routine, many of those sound decisions get made by default, notes Mitch Vandergunst.
Without routines, it’s easy to feel overwhelmed and to lose focus on priorities. For example, a morning routine can help an entrepreneur wake up at a reasonable time, do body and mind-building exercises, and begin their work in their prime physiological state. Without routine, entrepreneurs allow their anxiety to nurture avoidant behaviors which can have a negative effect upon their business.
One can lose money and earn that money back with a few wise decisions. But once time has passed, it is gone. Mitch Vandergunst advises entrepreneurs to never lose sight of the fact that time is money. Investing one’s time wisely can accomplish more for one’s business than can millions of dollars in cash injection.
For example, many entrepreneurs, particularly freelancers or owner-operators, get lost “doing” their business rather than managing their business. As a result, they invest one unit of effort for one unit of return. This model frequently results in burnout.
Entrepreneurs that understand how to manage their time focus on investing one unit of effort for three, five, or ten units of return. Time well spent can open up opportunities to accomplish more with less.
Most often, entrepreneurs are less excited about “the numbers” than they are about their product or service. This trend is natural and the underlying reason why entrepreneurs are so passionate about what they do, shared Mitch Vandergunst.
But the most successful entrepreneurs are the ones that consistently consult “the numbers.” These numbers include company financials, as well as customer and market data found in point-of-sale systems, web traffic, investment publications, and more.
That said, not every successful entrepreneur is a numbers guru. Those entrepreneurs that struggle to understand financial and analytics information frequently partner with experts that do. By taking the “numbers” seriously, these entrepreneurs remain focused on their goals and are better equipped to pivot with consumer behavior and market trends.
Entrepreneurs generally love widening their perspective. Learning new things means new opportunities to grow and reach more customers. This cognitive agility allows entrepreneurs to take business hardship less personally and remain grounded in reality.
Widening one’s perspective usually means listening carefully, especially when certain data or viewpoints challenge one’s opinions, explains Mitch Vandergunst. Those that remain defensive and established in their narrow points of view rarely succeed in business.