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The Habits of Highly Successful Entrepreneurs

Published

6 years ago

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The Habits of Highly Successful Entrepreneurs

The Habits of Highly Successful Entrepreneurs

Modern entrepreneurs live and work in a fast-paced and frictionless environment that is unlike anything before seen in history.

Through the power of the internet, entrepreneurs have the choice of a variety of platforms and business models, all with almost zero barriers to entry. Today’s startups may take many forms: some are run as side hustles on shoestring budgets, while others may be backed by venture capitalists at multi-million dollar valuations even before a cent of revenue is generated.

While it is true that today’s entrepreneurs must be able to navigate this unique landscape, many of the crucial habits adopted by the world’s highly successful entrepreneurs are actually quite timeless and applicable to most situations – and anyone can take them up as long as they are committed to results.

What Habits do Highly Successful Entrepreneurs have?

Today’s infographic from MBAnoGMAT.com highlights the fruitful habits that many generations of business leaders have relied upon time and time again.

“Get the Most Out of Each Day”
Time is a precious resource – and people like Ben Franklin or Elon Musk have previously built their schedules to maximize the amount of productivity they get out of each day. Franklin had a 13-week self-improvement plan, in which he focused in on one specific “virtue” that he valued each week. Meanwhile, Musk schedules his days in five minute intervals to minimize wasted time.

“Look to Learn”
With zero barriers to information, you now have access to more words of wisdom than anyone throughout history. Warren Buffett, Bill Gates, and Oprah Winfrey understand this – and they make reading and acquiring new knowledge a central part of their self-enrichment strategy.

Buffett, who is known for his voracious reading habit, says reading is like compound interest:

Read 500 pages…every day. That’s how knowledge works. It builds up, like compound interest. All of you can do it, but I guarantee not many of you will do it.

“Stay Fresh With Exercise”
Richard Branson wakes up at 5 A.M. every morning to kite surf, swim, or play tennis. Why? He claims this gives him an extra four hours of productivity each day.

Go too long without an exercise routine, and you may find your ideas running on fumes.

“Possess a Strong Mindset”
According to many of the world’s highly successful entrepreneurs, the biggest barrier to success is psychological. About 80% of businesses crash and burn in their first 18 months, but many of the entrepreneurs on the other side of that statistic are the ones who simply refused to give up.

It takes time to build a reputation and a brand, and sometimes the fruits of these labors do not show up as fast as an entrepreneur would like. Self-starters who stay mentally strong will come out of this process, which always takes longer than expected, with a better shot at success.

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Technology

How Long it Took for Popular Apps to Reach 100 Million Users

Threads reached 100 million users in just five days. Here is a timeline of how long other popular platforms took to reach the milestone.

Published

5 days ago

on

July 13, 2023

By

A line chart showing the time it took popular apps to register 100 million users on their platforms.

How Long it Took for Popular Apps to Reach 100 Million Users

Of Twitter’s many new rivals, Meta’s newest social media platform Threads has established its presence with a bang.

According to Meta founder Mark Zuckerberg, Threads took only 5 days to reach the key threshold of 100 million users. It achieved this milestone through organic demand—and no paid promotions required—smashing all previous records.

But how long have other popular platforms—TikTok, Instagram, and YouTube to name a few—taken to build their user base? Pulling data from PwC and Yahoo, we rank how long it took popular platforms to get to 100 million users.

Ranking Every Apps Journey to 100 Million Users

In first place, Threads has a significant lead over the rest of the pack with its five day achievement, and may have built a significant moat in holding on to this record.

Firstly, its launch coincided with Twitter’s viewing limit decision, and rode the wave of dissatisfaction aimed at Twitter’s current owner, Elon Musk.

Secondly, new users on Threads need an Instagram account to register, thus eliminating sign-up barriers and leveraging Instagram’s 1.2 billion-strong user base.

Here’s the journey length of popular platforms to attaining 100 million users:

RankPlatformLaunchTime to 100M Users
1Threads20235 days
2ChatGPT20222 months
3TikTok20179 months
4WeChat20111 year, 2 months
5Instagram20102 years, 6 months
6Myspace20033 years
7WhatsApp20093 years, 6 months
8Snapchat20113 years, 8 months
9YouTube20054 years, 1 month
10Facebook20044 years, 6 months
11Spotify20064 years, 7 months
12Telegram20135 years, 1 month
13Twitter20065 years, 5 months
14Uber20115 years, 10 months
15Pinterest20105 years, 11 months
16Google Translate20066 years, 6 months
17World Wide Web19917 years
18LinkedIn20037 years, 11 months

Ranked second, Open AI’s ChatGPT launched in November 2022 and hit 100 million users by the start of the new year. ChatGPT introduced the incredible capabilities of large language models to the masses, prompting a rush of sign-ups, and reviving old conversations around the potential consequences of AI.

Coming in at third place, ByteDance’s TikTok took just 9 months to reach 100 million users after its launch in 2017. Like Threads, TikTok benefited from another app, accessing popular lip syncing app Musical.ly’s existing user base after it was acquired and folded into TikTok.

WeChat and Instagram round out the top-five, also with interesting advantages. WeChat, an instant messaging platform similar to WhatsApp, benefited from its unique access to China’s notoriously closed internet market of 500 million users in 2012.

Meanwhile, Meta acquired Instagram when the photo-sharing platform had 30 million users, and more than tripled that number past 100 million in just one year.

And while Facebook ranks solidly middle-of-the-pack for fastest to 100 million users, it remains the platform with the most monthly active accounts, at nearly 3 billion. In fact, Meta’s lessons learned from Facebook have been well-leveraged, and the company owns 4 of the fastest apps to register 100 million users.

So What Does Threads Success Mean for Twitter?

Coming back to Threads’ incredible feat, however, it’s still early days whether an en-masse switch from Twitter is on the cards for Meta’s newest platform.

For one, Threads has faced significant criticism due to its intensive data collection practices and lack of accessibility features. It also is missing some key features from its rival, including trending topics, hashtags, and direct messages.

Meanwhile Elon Musk has been less than pleased with Threads’ success, deeming it a copy of Twitter and even threatening legal action.

 

So where does this leave the increasingly-crowded social media space? The next decade will set the stage for either more platform consolidation, or even further audience fragmentation.

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