Starting a business is a lot easier than it used to be 20 years ago. With the invention of technology, the internet, and the acceptance of virtual companies, you can start a company in a couple of hours including tossing up a website.
So, what’s the inside skinny on the success story? Why do some win and others fail?
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For starters, it’s not “Field of Dreams” as in if you build it they will come. Even if you have the most amazing UNIQUE never been done before product or service, you need to let people know you are in business. Many people think if they have a website, a Twitter account with a couple posts, and a Facebook page the phone should be ringing off the hook and orders/jobs rushing in. That’s not how it works. It takes sales, networking, sharing. It takes TIME – typically 3-5 years before you work out all the kinks, show a real profit, and settle in.
Toss in the towel too Early. Back to the above, you’ve got to give your business time to grow, you have to nurture it, change it, be passionate about it and devote many many hours to its soul.
Knowing it won’t always be easy, but it will be worth it. Many entrepreneurs aren’t prepared for the FAIL. Suck it up Buttercup because you will have more than one OMG, WHY! moments in your business. From staffing issues to product delivery issues, to cash flow issues (this is a biggie) to simple brain burnout issues. Prepare yourself for them, but don’t dwell on them.
Look forward not back. Speaking of dwelling, you can’t can’t can’t overthink all of your mistakes and failures – they are simply learning opportunities. It isn’t easy. Not my first rodeo and I still have to remind myself of this. When I or my team make a mistake it keeps me up at night. When cash flow is tight I get anxiety. I need to remind myself that this is simply a bump in the road, I address the issue – come up with a solution and look forward.
Know that innovation is King. You will change your business multiple times, what you start with is not what you will end with. That includes products, services – hell even your brand and your name. Be flexible and know that change is good.
Manifest your Destiny. This too is about looking forward. I always coach my clients on mindfulness and focusing on WHAT YOU WANT versus what you do not have. Sounds new agey, but it’s true. When you dwell on what you don’t have it consumes you and freezes you. When you focus on what you want and can picture yourself as a success – it happens because you easily can overlook the bumps in the road. Read “Think and Grow Rich” #gamechanger
Be Grateful. Don’t focus on the money. Trust me, this is so incredibly important. People who focus on the almighty dollar sometimes make choices they shouldn’t. Plus if you focus on all the above, the money will come. Sure – determine what you want to make, have some goals but don’t let being a millionaire blind you. Be grateful for what you have, your clients, your family, your possessions, your senses, your ability to be an entrepreneur. So many others don’t have nearly what you have. Focus on that – think deeply on that.
When I see entrepreneurs struggling, I go over this list and try to identify where the roadblock is. Once identified, I can coach them through it. Looking in the mirror is the first stage of acceptance that something needs to change – it isn’t easy but the results are AMAZING!