Ten Essential Habits For Entrepreneurs To Succeed

The fundamental ideas that produce real market value and owner wealth are based on the same habits John D. Rockefeller employed to master the oil industry (meeting, rhythm, metrics, and priorities). During that era Rockefeller's disciplined approach to business replaced the helter-skelter methods of the original pioneering speculators.

These important habits need to be embraced by all companies that want to execute on their strategy and prosper in the upcoming decade.

Companies that wish to succeed must blend discipline into their entrepreneurial culture. Here is a checklist you can use to determine if your firm has the discipline to succeed.

1. Everyone aligned with the number one thing that needs to be accomplished this quarter to move the company forward.
   • 5 priorities (Rocks) are identified and ranked for the quarter.

   • A critical number is identified and aligns with the #1 priority.

   • A quarterly theme is established that brings the key priority/critical number alive.

   • A scoreboard for the critical number is posted and theme announced.

   • All employees know what the celebration/reward will be.

2. Communication rhythm is established. Information moves through organisation accurately and quickly.

   • All employees are in some kind of a daily and weekly huddle.

   • Huddles cascade from senior management to frontline or visa versa.

3. Every facet of the organisation has a person assigned with accountability for ensuring goals are met.

   • Income (P&L), cash flow, & balance sheet statements have persons assigned to each line item.

   • An accountability chart has been created.

4. Ongoing employee feedback and input is systemised to remove obstacles and identify opportunities.

   • Employee hassles/ideas/suggestions/issues are being collected weekly.

   • There is a systematic process for addressing issues and opportunities.

   • Thank you cards are being written every week by senior management.

5. Reporting and analysis of customer feedback data is as frequent and accurate as financial data.

   • All employees are involved in collecting customer data.

   • There is a person assigned accountability for customer feedback.

   • All senior leaders communicate with at least one customer weekly.

6. Core ideologies are "alive" in the organisation.

   • Core ideologies are discovered and defined.

   • Stories are being shared of employees who represent the ideologies.

   • Core ideologies are included in appraisal and recognition processes.

7. Clear understanding of the firm's market position drives strategic planning and sales and marketing.

   • Brand promise and market (sandbox) are clearly defined.

   • The organisation is aligned around 5 key strategies (thrusts/capabilities) for growth.

8. All employees can report at any time what their productivity is and how it compares against goals.

   • Smart numbers (key performance indicators) are identified for the organisation.

   • Weekly measures for each individual/team are clearly displayed and reviewed.

9. A "situation room" is established for the weekly executive team meeting.

   • Smart numbers and critical numbers are posted bigger than life with goals clearly shown.

   • Data is presented graphically to help visualise trends.

   • Core ideologies, priorities, and market maps posted.

10. As goes the executive team, goes the rest of the firm.

    • Team members understand each other's differences, priorities, and styles.

    • The team meets offsite every few months for strategic thinking and renewal.

    • The team is having fun together.

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