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Stephen Covey wrote a book titled Seven
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Habits of Highly Effective People I am
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thinking I should write a book titled 7
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Habits of Highly Effective businessmen
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and if I have to break down the chapters
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of that book for you I'm going to do it
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right now in this video so you can
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evaluate which one of these habits are
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you following as a business owner and
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which one of these habits do you need to
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develop and inculcate so that you become
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a highly effective business owner
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thank you foreign
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ER and a business coach I've worked with
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more than 25 000 business owners over
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the last seven years and by working and
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studying these 25 000 business owners
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I've been able to filter it down to
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these seven habits that I'm going to be
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sharing with you in this video here is
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habit number one of Highly Effective
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business people one of the things that
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I've noticed is highly effective
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business owners think scale they don't
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get stuck in worrying about
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sustainability and month-to-month
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survival in fact this is the one habit
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that changes the direction and the
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trajectory in which they build their
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business think about it if you as a
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business owner are only worried about
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how will you pay your salaries for the
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coming month your rent for the coming
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month your suppliers for the coming
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month and how will you take some money
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back home then naturally you become a
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control freak and take charge of doing
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everything by yourself and you end up in
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this game of month-to-month survival
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anyone who's built a successful scalable
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business always things about what is it
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that I want to build that will live
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beyond me what am I creating that will
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create a legacy and give me Financial
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Freedom that is how effective business
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owners work and play the second habit of
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Highly Successful and effective business
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owners is that they develop teams and
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delegate the work in comparison to
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ineffective business owners who look at
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doing everything by themselves and look
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at building teams as an expense and a
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headache think about it if you are going
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to do everything by yourself firstly you
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can't do everything consistently
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secondly your business will never become
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stable and successful because everything
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is dependent on you and thirdly you
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become this control freak of
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perfectionism and at the end of the day
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the truth is this perfectionism has no
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place in business business is a game of
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progress where version one is better
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than version none and highly effective
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business owners understand that that's
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why they are willing to delegate work
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and develop people on the go they are
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understand that nobody on this planet
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has built a successful business Empire
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doing everything by himself or herself
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anyone who's built a successful business
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has built that business along with a
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team of leaders so the second habit of
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Highly Effective business owners is to
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develop a second line of leaders
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delegate work so the leaders Drive the
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day-to-day activities of the business
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while the business owner has the time
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freedom and the mental space to think
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about growth and expansion that's what
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makes them an effective business owner
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which brings me to Habit number three
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effective business owners understand
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that the game is about adding value to
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your customers and it's not about adding
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equal value for the money that you
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charge for your products or Services the
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game is about adding more value than the
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money you charge for your products or
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Services because I want you to
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understand this if you are giving equal
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value for the money that you're charging
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your customer then your customer has the
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money in their pocket that you have your
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product or service with you now if
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you're giving equal value the customer
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then goes into this doubt and thought
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process thinking Hey listen it's equal
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value for the money that these guys are
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charging might as well let me keep the
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money let them keep the product or
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service but effective business owners
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understand that they need to create a
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compelling offer so that they have a
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compelling reason for their customer to
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spend money on their product or service
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so they offer way more value than the
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money that they are charging now when
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you offer way more value than the money
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you're charging for your product or
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service then you create a compelling
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reason for your customer to say hey take
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my money give me your product or service
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you look at any effective business owner
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they are winning because they are making
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their customers win and very few
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business owners have the psychology that
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I have to make my customers win most
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business owners who get stuck in this
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game of month-to-month survival and the
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trap of self-employment they are always
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thinking how can I make more money and
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give less value and that's why they're
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stuck in that game of pettiness and
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mediocrity so the habit number three
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which is the habit of Highly Effective
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business owners is to give more value
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than the money that you're charging your
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customers which brings me to Habit
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number four now I always say this to
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business owners the quality of the team
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that you build can either make your
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business or break your business an
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effective business owners understand
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that and that's why they practice this
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Habit in their business where they hire
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slow but they fire fast now contrary to
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how most business owners operate where
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they hire fast and fire slow effective
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business owners understand this that
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hiring is a matchmaking process it's not
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about bringing someone in just because
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you have a vacancy and somebody is
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desperate for a job it's about matching
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the capability and the attitude of the
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individual to the requirements of the
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skills and knowledge of a job role and
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only when they find the right match do
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they roll out that offer letter and
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bring in the right person whereas most
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business owners who get stuck in the
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Trap of self-employment survival and
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mediocrity do the exact opposite where
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they hire anybody and everybody who has
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a need for a job just because they have
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a vacancy to fill in their office you've
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got to hire slow it's like a marriage
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you date before you say I do and once
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you say I do you say I do to the person
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who is made in heaven for you otherwise
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they can make your life hell in your
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business so the key is to higher slow
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and Fire fast what do I mean by fire
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fast effective business owners
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understand that if someone doesn't fit
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into their culture or if someone does
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not have the required capabilities and
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is not even willing to show changes even
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after providing them training and
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mentoring there is no Point wasting your
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time and hope that somehow someday
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lightning will strike and this person
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will awaken and start performing for my
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business so effective business owners
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perform this habit of firing fast the
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moment they realize someone is a culture
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Misfit or someone does not have the
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learning ability to be able to
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comprehend and take the support of
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training and mentoring and show
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development in their capabilities that's
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the key of building a highly successful
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business higher slope Fire fast which
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brings me to Habit number five of
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effective business owners effective
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business owners know how to say no with
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respect in a manner where the other
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person understands and they are holding
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their own ground and not giving their
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time their energy and their resources to
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anyone who's demanding it look at the
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end of the day you need to know one
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thing when you are an entrepreneur there
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will always be demands from your team
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members and demand some of your
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customers you got to learn how to hold
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your ground and say no to those who
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don't deserve a yes you don't throw a
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yes at everybody who demands it you
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throw a yes only at someone who deserves
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it an effective business owners know how
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to respectfully draw the line on
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unreasonable demands be it from that
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customers or from their team members
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whereas business owners who struggle for
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survival in their business one of the
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things you will notice is that they have
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a habit of saying yes to anybody who
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demands anything from them whether later
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they're able to fulfill that demand or
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not a secondary but they are just yes
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men who don't know how to hold their own
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ground and end up being treated like a
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doormat by their customers as well as by
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their team members who may not have the
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best of interest in mind for a win-win
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equation so effective business owners
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differentiate themselves from mediocre
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business owners by having the habit of
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saying no and knowing whom to say yes to
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because they've believed that it's about
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saying yes to people who deserve it
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rather than people who demand it which
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brings me to Habit number six that
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differentiates as a Hallmark of an
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effective business owner habit number
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six is effective business owners think
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win win win now what do I mean by win
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win Stephen Covey in his book Seven
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Habits of Highly Effective People said
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that you need to be a win-win person
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where you need to always think how can
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the other person win and how can you win
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I feel when you're a business owner it's
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not enough just to be a win-win person I
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believe effective business owners are
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those who are win win and win because
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any business is a vehicle to serve
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people and any business has three
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stakeholders who they have to serve the
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first stakeholder is your customers so
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you as an effective business owner need
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to make sure that your customers are
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winning by getting more value than the
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money they are spending the second
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stakeholder in any business are team
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members and an effective business owner
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ensures that apart from customers
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winning even team members are winning by
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getting Financial growth career growth
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and a good quality life at the workplace
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and effective business owners also
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understand it's not just about making
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sure customers are winning and team
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members are winning but effective
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business owners also know how to make
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sure that they are winning in the
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process and in the Journey of building
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their business and for an effective
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business owner the win is financial
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growth brand growth so that their
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product or their service reaches and
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impacts more people and time freedom
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from day to day firefighting so that the
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business owner can focus on growth and
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expansion and a truly effective business
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owner is one who designs their business
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in a manner where customers are willing
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team members are winning and the
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business owner himself or herself is
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also winning now one of the key habits
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of ineffective business owners is that
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they look at win-win-win as an
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idealistic philosophy which may not be
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possible to be done in a practical
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scenario and that's where they make
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decisions to compromise on the customers
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win or their team members win or on
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their own win and they go nowhere in
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this journey of building a business but
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if you are someone who's committed to
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developing the skills required for you
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to design and structure the strategies
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and systems to build a win-win-win
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business then I have a special
00:11:06
invitation for you I do a three-day
00:11:08
signature Live program which is done
00:11:10
online called the business Space Program
00:11:13
I've been teaching the business based
00:11:16
system to entrepreneurs since April
00:11:18
2016. more than 25 000 entrepreneurs
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have attended and benefited by adopting
00:11:24
the base system in their business now if
00:11:27
you ask me what is the pay system the
00:11:29
pace system is a step by step
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practically implementable system for
00:11:33
your business where you can create a
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win-win-win business where your customer
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wins by getting more value than the
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money you're charging your team members
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win by getting Financial growth career
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growth and good quality of life at their
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workplace and most importantly you win
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as a business owner where you can get
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financial growth to pay yourself
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consistently you can get brand growth by
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making sure your work reaches more
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people and you can get out of day-to-day
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firefighting of your business and get
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the time freedom to set your business in
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a manner where it can grow without you
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so if you are interested in turning this
00:12:09
win-win-win into a reality for your
00:12:11
business then click on the link below
00:12:13
and register yourself for my upcoming
00:12:15
three-day signature business Space
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Program 25 000 entrepreneurs and
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Counting you got to be the next one to
00:12:21
build a win-win-win business which
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brings me to the seventh and final habit
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of Highly Effective business owners the
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seventh and most critical habit of
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Highly Effective business owners is that
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they over communicate effective business
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owners understand that people are not
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going to read your mind or your
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intentions and it's important as a
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leader to communicate over communicate
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with your customers with your team
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members with your suppliers and any
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relevant stakeholders in your journey of
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building a business whereas ineffective
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business owners they do not communicate
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enough they expect people to understand
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them and they feel disappointed without
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even communicating their expectations
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effective business owners are different
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they understand that in any situation
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it's important to ask when they are not
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clear tell even though people are not
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asking and discuss and debate every
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single idea so that the best ideas get
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attention and action and because of this
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one single habit of over communicating
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they're able to keep people together and
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lead them effectively so these are the
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seven habits effects of Highly Effective
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business owners tell me what you think
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about these seven habits and if you have
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more habits add it in the comment
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section below of this video I'd like to
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compile this and create a book of
00:13:42
critical Habits of Highly Effective
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business owners so I look forward to
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hearing from you in the comment section
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below and I'll see you at the business
00:13:49
Space Program make sure you click on
00:13:51
that link register yourself invest three
00:13:53
days of your time with me and I can tell
00:13:55
you your life and your business will
00:13:57
never be the same again after those
00:13:59
three days I'll see you at business
00:14:00
Space Program
