If entrepreneurship was as simple as just collecting the right “things,” 100% of small businesses would succeed. While that stat is impossible to achieve, you can still stack the deck in your favor by arming yourself with these 5 things as you’re heading down Entrepreneurship Road.
These are things every entrepreneur should look into obtaining if they really want a good chance of survival. As a woman in business it is especially easy to overthink, over work and burn yourself out before you even get started. These are my 5 things all female business owners need in order to run a successful business.
THE ABILITY TO ADAPT
One of the biggest mistakes you can make when opening your business is trying too hard to stick to a plan. While plans are important and very necessary, it is vital to remember that they are guidelines, not a crystal ball as to how things are promised to turn out. Business ownership is like a roller coaster….but you don’t get to see the twists and turns ahead of time. Be flexible in your means and adapt to situations as they arise.
A GROWTH MINDSET
It is important to know now this: There will never come a point in your business in which you just sit back and coast on it’s coattails. If you are not growing in business, you’re dying. It sounds harsh, but what’s implied is true: if you stop trying to grow, you begin to shrink. Having a growth mindset and being focused on growth is important to have in business. Having a growth mindset will also help you through the down cycles in your business (which are totally normal and part of the game). A growth mindset will help you to analyze your successes and missteps in a non-emotional light.
This one is hard. It’s easy to start in business and just want to “succeed.” But what does that mean to you? The budding entrepreneur might just want to make more money than they spend -a good goal!- but it’s not your VISION. Spend time visualizing what your business will look like in one year, five years and so on. Don’t build the tracks as the train is rolling down them. Get out in front of it and lay some ground work so you’re ready for growth as it comes and you have your sights set on where you want it to go. You can help find vision and get this clarity by spending time daily journaling specifically about your business. What’s going right? What’s going wrong? Who am I serving? Are their needs being met? Where can I insert help? What make me nervous? What excites me? What did am I kicking ass at here?
Point blank: working for yourself is 10x harder than working for the worlds worst boss. Because sometimes you are going to have to BE the worlds worst boss and make yourself do the things you really just don’t like to do. Sadly, some people just don’t have the grit to get themselves up and going. There will be days you are sick, tired, wanting to take a break or so scared you feel like you can’t even make the next move…but you have to. Grit is the ability to get up again and again even when you are seriously questioning your decision to go into business. Want more about grit?? Watch this TED talk by Angela Lee Duckworth and you’ll understand why it’s so vital to business.
SELF LOVE AND RESPECT
You are your number one employee. You have to remember that and treat yourself well. Exercise and healthy food are fuel for more than just your body…they can fuel your business. Strong body, strong mind. Drink water. Get sleep when you can (because lord knows there will be late nights and early mornings on the regular when you’re running the show). Read books that expand your knowledge and surround yourself with positive people. You cannot build an empire by beating yourself up and living with the “sleep when I’m dead” or “I’ll take care of myself later” mentality.
What is the side effect of having these 5 things as part of your business? CONFIDENCE! And confidence is like a magic bullet for business
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