Every chance I get, I’ll ask a business person a question like, “Over the years, what are your most important lessons learned?”
Recently, a mild mannered shy entrepreneur provided a short reply to my deep dive introspective question. After some prodding, like a flower that blooms in Spring, they slowly opened up.
In summary, and my interpretation, here’s what this budding young entrepreneur shared in regards to lessons learned:
On paper, in a journal, or an Excel spreadsheet, record the revenues, expenses, and net income you intend to materialize on a monthly, quarterly, and annual basis.
If your business has multiple streams of revenue, label each product and service as a profit center and figure the expenses and net income for each.
In the end, what gets measured gets done.
First, how much time do you want to spend running your business? Do you want to work 20 hours a week, 40, or more? God forbid if you want to work more than 40. You’ll never have time to play!
By the way, once you answer the hours question, you’ll be able to determine what fees you want to charge or what profit margin you want to attain to meet your budget commitments.
Second, creating a business takes time. There are so many unknowns. The value of your offering, competition, and of course those unexpected events you can never plan for.
It’s impossible to create a business alone.
Surround yourself with people who have the right attitude, motivators, behaviors, etc. Individuals whose values align with you and the organization.
Even if you’re a solopreneur, you’ll still need a coach, web/IT support, and partners who’ll help you grow the biz.
Even after you’ve figured out the budget, time, and team parts of the puzzle, you’ll need confidence.
Confidence can be elusive when your Itty Bitty Shitty Committee steps in the way and starts to whisper sweet negative thoughts in your ear.
How do you keep the confidence switch turned on?
- Invest in a personal development program.
- Each day, visualize where you want to take yourself and/or the business.
- Hire a coach. That’s what I do.