Raizcorp CEO Allon Raiz has provided an overview of the habits of successful entrepreneurs in South Africa, which include reading, a strong vision, tracking progress, planning, and thinking.
Raizcorp is Africa’s most successful business incubator model which supports over 500 entrepreneurs and their businesses.
The company develops entrepreneurs in different contexts and in different stages of their lifecycles.
Raiz studied thousands of entrepreneurs whose businesses showed 50% growth for at least three consecutive years to try to find common traits among them.
He said successful entrepreneurs built good processes, employed the right people, and sufficiently funded their businesses to sustain strong growth.
Raiz identified a few prominent habits among these entrepreneurs which they repeatedly did to sustain business growth.
“Some of these habits were expected, but some of the habits were not what we anticipated,” said Raiz.
The habits which Raiz identified among successful entrepreneurs include:
- Vision – Successful entrepreneurs are very conscious of their vision and kept iterating and altering it, typically quarterly. They also expressed their vision in both words and pictures.
- Tracking progress – Successful entrepreneurs are obsessed with progress and tracked various metrics like net asset values, budgets, and objectives. This tracking is typically done in groups.
- Read a lot – Successful entrepreneurs read a lot and take notes about what they learned. They often create to-do lists based on this new knowledge.
- Planning – Successful entrepreneurs plan for everything – from presentations to growing the business.
- Thinking – Successful entrepreneurs make a habit of “deliberate thinking”. This includes a notepad and a to-do list.