3 Core Habits of Profitable Entrepreneurs

In the US alone, 500,000 new businesses are being founded each month and only half of them will survive for 5 years (investopedia, 2022).

Additionally, according to small business statistics, 40% of all small businesses operating in the US are profitable; 30% manage to break even, and the remaining 30% lose money consistently.

So, what are the profitable business owners doing to thrive that the others are not? There are three core habits found with profitable entrepreneurs, that non-profitable entrepreneurs do not possess or apply on an inconsistent basis.

1. They have a comprehensive strategic plan. Profitable entrepreneurs understand the value of research and preparation. It starts with the “what”. They have a tested product or service that they know will resonate with their target audience and have developed a marketing and sales strategy to support the short-term and long-term growth of the deliverable. This includes financial management around the delivery and keeping to a budget to ensure profit margins are possible.
2. They are time creators. As a whole, entrepreneurs do not like to be “managed”, so therefore naturally rebel against “time management”. However, profitable entrepreneurs have been able to master time creation for themselves and their businesses. This includes prioritizing revenue producing work activities and making time to ensure they have external support in place around self-care, mental health, and accountability. This is particularly important for solopreneurs as 70% of all small businesses are operated by a single person.
3. They are lifelong learners. The most profitable companies are those who operate from a mindset of innovation. They do not assume to know everything and accept that there will be many failures along the way before reaching sustained profitability. By applying processes and technologies in their business, they are able to measure results and make adjustments based on data.

Profitability doesn’t have to be only for big businesses. It is achievable to all who have the desire and drive to make it happen. If you would like to learn more about how to accelerate your profits, reach out at [email protected]. And, if you are a female entrepreneur, please join our complimentary professional women’s network for free training, resources, and to connect with other women just like yourself. Visit Power Your Pay today to join.