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Guest Post by Stacy Karacostas

The longer I’ve been in business, the more I’ve realized there are major differences between entrepreneurs who are successful, and those who aren’t. So I decided to make a list of the top ten and share these important insights with you…

  1. Successful business owners know there is always something more to learn. They make a point of reading books, taking classes, attending seminars, and looking at what others in their industry (or other industries) are doing.

Or, in the words of Jim Rohn, “Rich people have big libraries;
poor people have big TV’s.”

  1. They understand the power of delegating and outsourcing. You’d be hard pressed to find a millionaire who’s made it there all by themselves. Most have at least one assistant (virtual or in-house), many have teams of people they can rely on.
  2. Powerhouse business-owners are stingy with their time. Sure, we’ve all heard the phrase time is money. But when was the last time you calculated the value of every minute of your day? Or looked at how much time you actually spend being productive versus busy? Once you do, I guarantee you’ll change the way you use your time.
  3. They stay focused on the things that actually make money. You’re just not going to find a $2000/hour consultant doing their own filing or bookkeeping or Web design. Not when those tasks can be hired out at a fraction of the cost. Instead they stay focused on tasks that generate revenue or grow their business.
  4. Super-successful entrepreneurs take massive action. Because massive action produces massive results. By the same token, a little action produces small results. And no action at all…well, you get the picture.
  5. They don’t think in terms of failures and problems, only learning experiences and opportunities. It’s all about taking calculated risks, and if need be, failing forward. But nothing ventured truly is nothing gained. And there are never any guarantees a product, service, program or business is going to be successful.
  6. Smart business owners are always looking for ways to improve their offerings. Most millionaires don’t ever stop and rest on their laurels. Instead they are searching for ways to expand their current market share or break into new markets.
  7. Successful entrepreneurs typically don’t want to be involved in the day-to-day aspects of running a business. But they also know they can’t expect their business to suddenly start running itself. So they create processes, set up explicit expectations and create systems to manage workflow and keep employees and contractors on track.
  8. Savvy business owners pay attention to the numbers so they know when to cut their losses. And they don’t get personally attached to ideas. When something’s not working, not making money, or not helping them meet their goals, they have no qualms about making a change.
  9. Entrepreneurs earning six and seven figures don’t just go about running or growing their businesses willy nilly. They have goals. And they make plans to reach those goals. Which is why they become so successful.

If you want to become highly-successful, then the best thing you can do is mimic those who have already made it big—starting with these ten ideas.

What are your thoughts? Any other traits you’ve noticed? Please do share by leaving a comment below…

Join Stacy Karacostas on Success Institute, March 1, 2011 at 1:30pm CST, for the “Secrets of Outsourcing Your Way to Success without All the Stress “

Original Post from The Unchained Entrepreneur


8 thoughts on “10 Ways Successful Entrepreneurs Are Different from Most Small Business Owners

  1. Thanks for all the wonderful comments and tweets about my article. So glad to see it’s clearly striking a chord.

    Donna, I have to admit I still need to remind myself of #6 sometimes.

    Theresa, you’re so right. It’s hard to achieve success if you’re still trying to decide what to do or which way to go.

    Love the comment about getting rich being just a side effect. I always focus on your clients or customers needs and goals and you’ll end up meeting your own.

    Holly, thrilled you liked it, and that you got a chuckle out of it too.

  2. Facebook User says:

    Just stumbled upon it on Twitter – excellent post. The one I can’t help myself to add: Very successful entrepreneurs *do not* hope to get rich but hope to make a difference. Getting rich is just a side effect. 😉

  3. What an excellent article! And great reminders to set up systems that are reliable for the ability to release. So glad you provided this list. Jessica Chapman http://roomtobreathe.org

  4. Anonymous says:

    Enjoyed your post. Gave a few areas I need to work on – like outsourcing. One I’d to add is the ability to make a fairly quick decision. Spending too much time on any one item (like the theme for a website) produces stagnation. Most successful entrepreneurs I know are strong decision makers.

    1. Anonymous says:

      If you want to learn more about outsourcing, don’t miss Stacy on Success Institute today, 3/1/11, at 1:30pm CST! https://events.ewomennetwork.com/event/details.php?eid=14751

  5. Donna Gunter says:

    Great post, Stacy! I like number 6 and often have to remind myself that I’m not failing — it’s simply another learning opportunity. After awhile, I discovered I’m able to bounce back from failure much more quickly than I used to!

  6. Anonymous says:

    I found myself chuckling as I read your post today Stacy–because you are spot on! There is no doubt that successful entrepreneurs are a breed of their own. And if you have the privilege of working with them, their tenacity and endurance wears off on you.
    For readers of your blog post who may be considering a business start-up, I recommend reading “Five Fatal Errors to Avoid When Starting a Business” to steer them in the right direction. The article is available at: http://www.exitpromise.com/articles/StartingABusiness
    All the best,
    Holly Magister, CPA, CFP

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