Get All Access for $5/mo

8 Attributes of Very Successful Business Owners Get up early, don't sweat the small stuff and don't make enemies when you can make a friend.

By John Rampton Edited by Dan Bova

Opinions expressed by Entrepreneur contributors are their own.

Shutterstock

Passion, motivation, persistence and a little bit of luck all play a part in separating the successful business owners from the ones who aren't so fortunate. But, what makes some business owners super successful? They possess the following eight habits:

1. They're up before sunrise.

Successful business owners and leaders are known to arise early in order to catch that proverbial worm. But, they don't just wake-up early. They wake-up long before the sun rises. The reason? It gives them time to respond to emails, catch-up on the news or workout. Research has found early risers are more productive and happier.

Jack Dorsey, the co-founder of Twitter and Square, and Kara Goldin, the founder of Hint Water, are just two examples of successful people who wake-up early.

Related: It Only Takes Five Minutes to Become a Morning Person

2. They're not afraid of competition.

Richard Branson, the founder of the Virgin Group, has said, "If you want to be successful in business, you need to welcome your competition with open arms - just don't let them walk all over you. Strike the right balance between respecting your rivals and focusing on how you can beat them, and you'll have a winning formula."

That explains why Branson had lunch with a rival. Branson told the Wall Street Journal;

"I've always believed in befriending your enemies. Years ago British Airways went to extraordinary lengths to put us out of business. After the court case, I rang up Sir Colin Marshall, who ran BA, and said, "would you like to come out for lunch?" I think he wondered why on earth I was doing it. But we had a delightful lunch at my house in London and became friends and buried the hatchet."

3. They welcome harmless distractions.

Business owners need some time to decompress, recharge and sometimes master a repetitive task. Not only does this help them work on practicing incremental development, it's a good distraction that will free your mind. Instead of being stuck on a problem, partaking in a harmless distraction gets the creative juices flowing. That's why Bill Gates would spend his lunch breaks playing card games like Bridge.

4. They know to compensate for their weaknesses.

According to Barry Conchie, co-author of Strengths Based Leadership;

"The great leaders we've studied are not well-rounded individuals. They have not become world-class leaders by being average or above-average in different aspects of leadership. They've become world-class in a relatively limited number of areas of leadership. They've recognized not only their strengths but their deficiencies, and they've successfully identified others who can help them compensate for those deficiencies."

5. They're generous.

Have you ever noticed that the best business owners are very generous? This doesn't always have to be with money but can be with time, connections or even simply encouraging others. Learning to give back is an important step that I've learned in my life that has helped me to connect with some of the most amazing people on this planet. It's also helped my business more than I had ever imagined.

Related: 4 Ways Your Company Benefits From Giving Back

6. They mostly say "no.''

Business owners have to play nice with vendors and customers, but that doesn't necessarily make them "yes men." As Warren Buffett has famously said, "The difference between successful people and very successful people is that very successful people say, "no," to almost everything."

7. They don't waste time with small decisions.

Business owners know how to stay mentally and emotionally sharp throughout the day; they don't waste their time making small, trivial and unimportant decisions. That's why Zuckerberg has a wardrobe that essentially only contains gray t-shirts and hoodies. It's also why Tim Ferriss eats the same breakfast everyday.

8. They have a life outside of their business.

John Jantsch, founder of Duct Tape Marketing, has stated that this is a common trait he's noticed among his fellow business owners. According to John, "These days you can run your entire business without actually interacting with other human beings, but human beings need to interact in order to live. If you're to grow, feel, learn and understand you've got to get out of the office. Go to a conference, grab coffee with a customer, mingle with people who are weird (your definition.) It's how you find strategic partners, new perspectives and opportunities to learn and grow."

Here is to being the best business owners that we can be!

Related: Get a Life. It Might Just Be the Best Thing You Can Do for Your Business

John Rampton

Entrepreneur Leadership Network® VIP

Entrepreneur and Connector

John Rampton is an entrepreneur, investor, online marketing guru and startup enthusiast. He is founder of the online invoicing company Due. John is best known as an entrepreneur and connector. He was recently named #3 on Top 50 Online Influencers in the World by Entrepreneur Magazine and has been one of the Top 10 Most Influential PPC Experts in the World for the past three years. He currently advises several companies in the San Francisco Bay area.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Living

Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Marketing

SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.

Career

These 3 Big Tech Companies Offer 6-Figure Salaries and Easy Interviews — Especially If You Follow This Expert's Advice

There are far more candidates than positions, so being strategic on the job hunt is key.

Health & Wellness

4 Habits I Cultivated to Become a Healthier, More Effective Entrepreneur

By the time I hit mid-life, some of my bad habits were becoming a risk to my long-term business goals — and my health. Here's how I was able to change them.