As an entrepreneur and independent businessperson, you have the coveted position of being the one in charge of … everything.
As an entrepreneur who has started and managed three businesses, I have certain truths — aha! messages — that have helped me succeed.
These axioms will be your coach and confidant as you reflect upon your own journey in the world of small business, and can help you grow your top lines sales and bottom line profits.
1. Do the business tasks that you hate doing first thing in the morning. By 10:30AM, you should be done with this work.
What did you get done today in the office? Was it a productive day or did you really get nothing done of significant value?Of course, there’s always busy work, but how about meaningful and productive work to propel you and your company forward?
Why not try for the next two business weeks (10 work days) to stay really focused on meaningful work with no distractions from 8:30 a.m. to 10:30 a.m.? Plan no meetings (unless critical), and only make phone calls that will have a meaningful significance on your bottom line. No friendly phone calls, no checking Facebook or responding to any emails. Work hard for two hours and you will feel free to enjoy the rest of your day.
2. Do your corporate friends ever go to bed wondering about making payroll? Probably not. Jealous? Don’t be an entrepreneur.
There is definitely a difference between being an entrepreneur and independent business owner vs. working in the corporate world. One is not better than the other — but it is definitely a different career path.
Having only had one corporate job in my career where I worked three and a half years at Lehman Brothers on Wall Street prior to starting my first company, I am always amazed when my corporate friends think they are entrepreneurs.
Do they stay awake at night thinking about payroll, hiring, the office lease, the FedEx bill? Probably not.
Of course, my corporate friends have other business stresses, but in my opinion, it’s nothing like being the person in charge of the ship. It’s just different.
3. Don’t just start an organization because you love your hobby. With this logic, every college jock would start a sports memorabilia shop.
Business is business. There are distinct business principles that pervade all types of companies regardless of the industry type.
I meet so many prospective entrepreneurs that only want to marry their love of their hobby with identifying a company in that space. Rather, I would challenge you to find a good business.
Did you ever consider the taxi industry (prior to Uber) or the hotel industry (prior to AirBnb)? There are hundreds of other examples.
I’ll make this very easy for you –— find a problem and fix it. There’s your business. Of course, I’m being naïve with this simplistic approach, but it really does work.
I do love sports, specifically basketball, but I’ve yet been able to find a business involving the round ball. However, I did marry my wife, who was the director of marketing at the NBA in the late 1980s. Yes, I love her for her personality, but I was equally attracted to her access to tickets, players and sports paraphernalia (if you see her, please don’t tell her I told you this!)