New entrepreneurs at some point or another have to come the stark realization that their future and livelihood, all depend on their ability to turn their ideas into profits. The thought and process of that can make some newbies cry themselves to sleep every night.
If you enjoy what you do, you may be successful at your attempts and make money out of it. It is easy to start and go racing on the much loved road of your new venture but to keep it going for long is difficult.
As you go down the entrepreneurial road, it gets even harder, more challenging, and its difficult to remain driven. It leaves most of us wondering whether we are going to achieve what we have been working for. Even if we achieve it, would it be something worthwhile or not, etc. these apprehensions are a usual happening whenever we are on a road without signboards.
New entrepreneurs usually experience the shock of having to do something they’ve never done before which is not to rely on a paycheck.
Making it through to profits, sale, or IPO is a great accomplishment. The goal of this article is to allow that to happen without ending up in an insane asylum.
1. Meet With a Mastermind Regularly
Most entrepreneurs know other entrepreneurs that have been through or are currently going through the same thing you are. Find them and meet with them. Frequently.
A strong alliance of other people who have connections, experience, and resources that you may need is a powerful thing to have. But your network should not just be about getting all that you can get. There are 3 other important aspects to a good mastermind group.
Note: We may start a mastermind group on this site soon along with some selected readers so subscribe or join the Facebook page and we will keep you updated.
1. Sharing-Before joining a mastermind group that is valuable, be sure that you can also add value to the other members. Any insider group will quickly smell and exile a person looking to join a group just to get something out of it without any intention of putting in.
2. Accountability-Good mastermind groups have an accountability system that insures that the individuals involved are not wasting their time. Accountability works well when each member promises to do something and the other members hold them accountable for what they promise. Good groups don’t take “I was busy this week” as a reason for not doing the activities they committed to doing. Especially, if those activities were going to make an impact on business goals.
3. Support-We all need it at one point of another. When you begin to lose hope in your goals or they begin to seem far away, you’ll need some support to keep going. Having a support group already in place will prevent a complete drop off and may help you bounce back faster.
2. Take some “Me Time”
Most of the successful entrepreneurs, irrespective of the field they are in, have been found to be firm believers of ME TIME. Steal those precious minutes or hours and keep yourself away from all the hats that you have to wear as a boss and devote all the time in doing something at leisure.
The key is to relax, and not complete a ritual. For those valuable minutes, you have to forget all about your business and organization and just rejuvenate and charge your battery. It should be a mix of exercise, meditation, a thoughtful gesture or some inner reflection, and a healthy breakfast.
3. Set Boundaries- “Cans and Can’ts”
The NBA’s all-time three point champion is Ray Allen. He is known as one of the greatest shooters in NBA history and has been instrumental in several championship runs with the Boston Celtics and Miami Heat.
He also hasn’t had a hamburger since he was 19 years old. He decided at age 19 that he wanted to perform at the highest level possible and since then has had strict guidelines for what he puts in his body. At the time of the disclosure of his “no junk” diet, he had been in the NBA for 17 successful years.
What can new entrepreneurs learn from this highly disciplined pro athlete? Everything. Business, like athletics, is very competitive and taxing. Its going to be hard to set goals and accomplish them if you do not have structure and boundaries around what you can and can’t do. You will be tempted to do everything; don’t. Say no to projects you don’t have time for and don’t hop on every opportunity that comes your way.
Setting personal “can and can’ts” will help you stay in line and on track to success. If you know you have a long day or important activities the next day then a late night of socializing, watching Netflix, even working on unimportant tasks is out of the question. Get some rest, gain some focus and be one step ahead of those who lack that disciple.
4. Delegate Financial Worries
Most of us spend endless hours, energy, and emotions while handling money. The most hateful questions are: how much do we have, how much we need, what to do for funds, where does the money go, and why is it so.
All this drains our energy, and emotions in such a way that the fear doesn’t allow us to work effectively, this biting fear is capable of distracting us heavily.
Its important, especially as a small business or startup, that the money is managed well. Most entrepreneurs try to manage their finances themselves. That’s fine if you can do it without worry but if not, its time to hire a good accountant. Keep all of your finances pertaining to the business as simple as possible.
5. Don’t Over-think it.
Screw it, let’s do it. Billionaire Richard Branson lives by those words. There are going to be many times during your entrepreneurial journey when big decisions need to be evaluated and examined before they can be made. But sometimes thinking just slows down the progress that can be made. Over-thinking is never a good thing.
If you thought about your business right now, you know that there are things that you could be doing daily, weekly, or monthly that would make a difference in your own effectiveness as well as the effectiveness our your business.
Instead of taking time to think of why you are not doing it or why it can’t be done, just start doing it and deal with the obstacles as they come. If a process has not yet become a personal or institutional habit, do those actions until the become habits for you or your organization.
No one was born a successful entrepreneur, and we all start from the same point, i.e. from the beginning. If hard work, passion, energy, planning, execution, management are all put together in the right proportion, then success is not far behind.