There are few feelings that compare to the freedom and fulfillment that comes from owning your own business. There are also few feelings that compare to the frustration and misery when that business doesn’t go exactly as planned.
And that business will not always go exactly as planned. Quite the opposite. More often then not, your business will require some form of course correction, adaptation, and adjustment. This is where the popular proverb comes into play:
When the going gets tough, the tough get going.
One of my favorite analogies is the airplane course correction analogy. An airplane on a typical flight is off course 95% of the time, but flights still consistently arrive at their destinations, (and usually at least somewhat on-time).
I swrote about the Top 10 Principles of Successful Entrepreneurs and one of the key elements was of course, hard work. But what I didn’t go into much detail on was the drive, determination, and motivation that makes the hard work possible. The “why” behind what you’re doing. The reason for the work.
If you’re still struggling to find the true reason behind doing what you’re doing, (your “why”) I suggest checking out Simon Sinek’s incredibly popular TED Talk, “How Great Leaders Inspire Action”.
Assuming you have a solid reason to pursue this path of entrepreneurship, how can you stack the odds in your favor and thrive in a world where the statistics of running a successful business are staggeringly low?
1. Know You Have Something Of Value To Offer
While you feel that becoming an entrepreneur may not be for you, it’s my heartfelt belief that everyone has something of value to offer.
While quitting your job today and striking out down the path of entrepreneurship may not be a wise decision (though admittedly it did work for me) there’s nothing stopping you from trying it out from the sidelines, a little bit at a time.
The key is to first identify something unique about yourself. This could be a special skill or talent, a passion or fascination in a unique area, or a different viewpoint or opinion that others may want to hear. You have something that could help others, and helping others is the basis of entrepreneurship.
2. Have A Thick Skin
Bad stuff is going to happen. You can prepare, you can mitigate and plan and do everything in your power to avoid catastrophic disasters, but bad things are still going to happen.
You may lose a big contract, or a key employee. You may get robbed, sued, insulted, rejected, and you may fail. Possibly repeatedly.
You’re going to need to learn to not take everything personally, and to keep pushing forward even when it appears things just aren’t going to work.
To paraphrase a popular quote:
You will succeed in the end. If you haven’t succeeded yet, then it’s not the end.
3. Get Back On Track
Just like the analogy earlier about the airplane consistently correcting it’s path, you need to do the same. There is going to be some turbulence. It’s up to you to keep the faith, keep the vision, and keep moving forward.
When you suffer a setback or get bumped off your path, learn what you can, take a deep breath, and immediately get back on track. Don’t allow a temporary setback to impede the momentum you’ve established.
4. Have A Back-Up Plan
I was often taught to not have a Plan B. It shows commitment and an “all in” attitude. The problem with this is that sometimes there really are circumstances that are beyond your control.
A Plan B is important to have for when Plan A is either taking longer then expected, or needs to be edited. A Plan B is especially important if you have a family or children who depend on you.
Big risks are often required in business, but they can be calculated and well thought out.
Your back-up plan doesn’t need to be glamorous or exciting (otherwise it would be Plan A) it just needs to exist incase things don’t work out exactly as planned.
When I first started my marketing agency I gave myself 6 months to reach a certain level of profitability. If I failed to do this my Plan B was to go out and get a job. Needless to say I hit and exceeded my goals and my Plan B was there to remind me every single day what would happen if I failed to keep hustling.
5. Everything In Moderation (Even Moderation)
Productivity is one of my favourite topics to study, right behind success. I’m fascinated that we all have the same 24 hours in a day and yet some of us manage to accomplish more in a day, than others do in a year.
One of the skills that I’ve learned is that in order to reach a maximal level of productivity, I need to schedule everything in moderation.
This includes work, family, health, and fun.
There have been a number of studies showing that increasing the hours you work eventually lead to a decrease in productivity.
When I first started a couple of my businesses I would consistently sacrifice all other areas of my life to focus solely on the businesses. No fun, no fitness or health, and limited family time. Needless to say it wasn’t long before this caught up to me and I found that I was burnt out, tired, and becoming less and less productive.
These marathon sessions in the early days were vital however in building the momentum of the business and making it viable. Not to mention the hunger and drive allowed me to start to carve out a piece of the market and establish the business as a first class contender.
The point to remember is that moderation is good, but sometimes moderation needs to take a back seat in order to get things done. The key is to find the balance that works best for you.
6. Do What Others Are Not Willing To Do
This could be things like:
- Waking up early (Wake up everyday at 5am. Weekends included)
- Staying health (Workout 5 days a week, a mix of weight training and cardio. Cut out sugar)
- Put yourself out there (Write, speak, and create media that establishes your views, opinions, and expertise)
- No excuses (Understand that you alone are responsible for your successes and your failures)
- Daily learning (Spend at least 1 hour studying, reading, or learning something in your field or market)
By doing the things that others aren’t willing to do, it puts you in a position to have the things that others don’t have (freedom, money, success, health, happiness)
Ignore The Statistics
Business failure statistics paint an ugly picture. The beauty is that these statistics apply to the average person, and you are not an average person. The fact that you’re reading this alone shows your commitment to learning, growth, and excellence in your work and your life.
Everyone has something of value they could share with the world, and sharing and providing value is what business and entrepreneurship are all about.
