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.
I have one lesson to add. Do it!
Don’t spend so much time researching, analyzing and perfecting every detail. Take action and, success or failure, learn something from the experience.
Your thought reminds me of Kathryn Minshew. I saw a video of a speech she gave to a group of entrepreneurs. She was telling the audience not to worry about perfection when it comes to your product or service. “An ugly baby is better than no baby at all,” was her way of saying, don’t think too much about it being perfect.
Hello; the comment about what is measured being what gets done reminds me of something my dad used to tell us all the time. we had a competitor. over the years he went from owning three kiddie rides and booking into our events to become one of the biggest carnival owners in the state of texas if not the southwestern united states. His name was pat crabtree and I mention him because he is famous for having used time clocks in his business. He had them in the shop where they worked on rides, the ticket boxes, the office, etc. and I’ve recently been considering that its time for me to take a real vacation. I’ve been coasting a lot since finishing my second book a healthy living book I’m calling its not the cookie its the bag. been trying to get my mojo on for the next big challenge. still waiting for inspiration and passion to strike. thanks for sharing and for letting us share, Max
Thanks Max. I appreciate your comment.
I would add “Patience.” As with many changes in our lives, starting a business does not happen overnight. It takes work, devotion, and plenty of patience.
Patience…yes indeed. Steve, we can never have enough! Thanks for your comment. I hope everything is well in your world.
Goodness, nothing to argue with there. Since others added something so will I, and that’s planning. It just helps to keep everything in some kind of order and focus of direction. It also helps to review it from time to time to see if you’re still on course.
Good call. Reviewing it. What gets measured gets done.