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There are key habits you must develop if you want to become a successful entrepreneur. The absence of any one of these habits can be costly, if not fatal, to your business.

PLAN AHEAD

The better, more thoroughly and more detailed you plan your activities in advance, the faster and easier it will be to carry them out and get the desired results. There’s a ‘Six P’ acronym that reads, ‘Proper prior planning prevents poor performance”. To become a better planner, develop the habit of asking and answering some of the following questions: What exactly is my product or service? Who exactly is my customer? Why does my customer buy? What does my customer consider value? What is it that makes my product or service superior to that of any of my competitors?

GET ORGANISED BEFORE YOU GET STARTED

Once you’ve developed a complete plan for your business, you must then organise the people and resources you need before you begin —and you must make this a habit before the start of any new project you launch. In organizing, you bring together all the resources you’ve determined you’ll require in the planning process.

FIND THE RIGHT PEOPLE

95% of your success as an entrepreneur will be determined by the quality of the people you recruit. The fact is, the best companies have the best people. The third best companies have average or mediocre people —and they’re on their way out of business.

LEARN HOW TO DELEGATE

You must develop the ability to delegate the right task, to the right person, in the right way. The inability to delegate effectively can be the cause of failure or underperformance of the individual, and even bring about failure of your business.

INSPECT WHAT YOU EXPECT

Once you’ve delegated, it’s essential that you monitor the performance of the task, and make sure that it’s done on schedule and to the required level of quality. Remember, delegation is not abdication.

SET SPECIFIC, MEASURABLE STANDARDS

What gets measured gets done, and you have to set specific timelines and deadlines to make sure you “make your numbers” on schedule. Everyone who’s expected to carry out a task must know with complete clarity the targets that he or she is aiming at, how successful performance will be measured, and when the expected results are due.

DEVELOP THE DETERMINATION TO WIN

To succeed greatly in business, and to become a self-made millionaire, there are additional habits you need to develop. One of these habits is the determination to win, to succeed, to outperform your competition and to ultimately be successful.

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