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From struggle street to finding success and realising the solutions were within reach all along.
I too made this critical mistake, which so many others who are new entrepreneurs make ...
... I thought the solution to turning around my startup from failing was working harder!
And so that's what I did.
I rolled up my sleeves to seize the opportunity for business success.
I was not going to be a statistic.
I doubled down on those entrepreneurial motivational quotes. After all like Zig said, motivation is like taking a bath. My personal favourite,
"Opportunity is missed by most people because it is dressed in overalls and looks like work.” – Thomas A. Edison.
Can you see me now?
I was WORKING HARDER AND HARDER with even less to show for my efforts.
🎯My Approach Was SO Wrong!
Granted, there's a significant need for diligence and hard work in entrepreneurship, but not all work is equal.
Hear me out!
I can see the eyes rolling; I'm not going to say work smarter, not harder (for this context).
That may be the case in different scenarios, but it wasn't in mine.
There's a crucial step before working smarter.
📌 It has to be the RIGHT work!
The question to ask oneself repeatedly: Is this hard work moving me towards my goal? And the data is backing this up?
There are many shiny objects in the world of small business.
Some are real opportunities; some are ego boosters that keep us busy and feeling accomplished.
Like most newbies, I thoroughly enjoyed the latter, and took the eye off the ball. Until the oxygen had been totally sucked out of the room and the party was over.
"Sales is the lifeblood and the oxygen of any business" ~ Anthony Clervi
Entrepreneur types love new ventures, it's our source of adrenaline.
So, when in doubt, note them as possible future opportunities in your journal and stick to the work at hand.
"Those who work their land will have abundant food, but those who chase fantasies will have their fill of poverty." ~ Proverbs 28 : 19
Startup Frustrations
Back to the startup mistake that almost took me out.
I was trying so hard to get the "sale" (which my approach was wrong, but that's for another blog post), and I thought if I created more attraction opportunities, you know, the marketing flywheel effect, which I detail how even that was incomplete in my previous blog post, Building A Strong Foundation For Social Media Success
I just thought if I keep doing more, creating more content, and sharing it in more places that the leads would start rolling in. Needless to say, that didn't happen.
As you can tell by now, I've done a LOT of learning.
In my defense, the great thing about being new at business is that there's excitement, enthusiasm, and optimism that won't be deterred by minimal progress or just flat-out failure.
That's why I truly believe it's a calling to be an entrepreneur.
No-one in their right mind would subject themselves to this kind of public failure exposure just because they're excited about an opportunity.
In most cases, there is a high possibility our thinking is incomplete.
Needless to say, we don't give up, and we shouldn't, but we should take a cold, hard look at the data and make some serious decisions about the direction we're headed.
Don't walk yourself off the cliff!
When I finally understood these simple things, everything changed.
A Key Mindset Reframe: Question Everything, Including Yourself
But we got into business because we thought we had this brilliant idea?!
We may indeed see an opportunity, but we still need to investigate if it is a real opportunity: do people value it, would they be willing to pay for it, and are we the best-suited person to create value around this opportunity?
We need to peel back the layers of this onion, even as we are taking action on the first layer.
Elon Musk says it best, and he's arguably the g.o.a.t
As an entrepreneur, "you should take the approach that you're wrong."
When things aren't lining up as you imagined, map out what you're doing on a physical paper or board. If you're good at sticking to the task at hand on a device, give that a go.
Draw out the elements for success in your line of business.
What makes this type of endeavour successful?
"Begin with the end in mind." ~ Stephen Covey
For example, I'll use my podcast as a business - what makes for a great podcast?
Perhaps the following things:
Great guests (define this with the end in mind) + Great host (define the nature of your show) + Relevant topics to your avatar audience + Sound quality + Visuals that are attractive + Promotions + etc.....
Then go even further, in layman terms, what does all this look like?
Perhaps it's looking for guests who have done note-worthy things + as a host, developing a personality of high curiosity + doing market research on the interest of the audience + etc.....
Now, question the reality of every element. Be brutally honest with your situation.
At this stage it's not your baby; you need to act as if you're a third party with no association with the business. What if the guests are not great? What if the host is not personable? What if we're wrong about the interest of the audience?
The reframe goes from working harder to working on the right things.
Rather than just putting in more hours, we start focusing on the identified apsects in that equation to get to our end goal.
This exercise can be done with a team, or the use of AI as a thinking partner if you're a solopreneur.
It can also be done with any business; for example a restaurant would identify what makes for great restaurants.
Amazing food + An inviting set up + Cleanliness + Convenient location + great service + etc.
Then what does amazing food mean to your avatar? What do they percieve as inviting? How clean is the standard you set? On an on.... in the final step: Is your food what you would define as amazing food? Every chef thinks their food is 5 star, but at this stage you're not the chef, you're a stranger experiencing this business in exchange for your hard earned money.
You get the point.
It's a simple exercise to move towards more clarity because, at the end of this short strategic pow-wow, we now know what we need to work on.
It's time to craft a simple plan with milestones and begin to EXECUTE.
Then, one of a kind.
Then, World class.
It's a journey.
Another Key Mindset Reframe Is This Common Framework
ASK these three simple questions:
📌 One: Is this the right opportunity?
This is about finding a business idea or market that has potential. You want to solve a problem or offer something valuable that people actually need or want. Ask yourself: "Is there demand for this? Will people pay for it? How big is the market size? Can this be something remarkable?
📌 Two: Is this the right vehicle (Business Model)?
In simple terms, how will you not only make money but be massively profitable? This is about choosing the best way to deliver your product or service. Will it be a physical store, an online service, a pop up shop, or something else? How does this ideal client buy? Once off? Frequently? Could a subscription model be ideal?
The vehicle is your plan for how the business will operate and grow, but one thing at a time. Can this be an operational success?
📌 Three: Is this the right team?
Although in the beginning you may just a person with a dream, eventually you will have to look for people to partner with you in achieving your dream. You can’t do it all alone and be sane for very long.
Having the right people on your team, whether it's co-founders, contractors, employees, or advisors, is key to success. A good team brings different skills and strengths, helping you manage the business, solve problems, and reach your goals.
When you can have other people also thinking about how to improve the business, the potential for synergy (1+1 = 3 or more) is a huge advantage as a startup or small business aiming to get to the next level.
🎥 The Secret To A Great Startup Team ➡️ https://youtu.be/7oX5Wx6rpmU?si=xMyn4OtKyelfLntb
The Importance Of Developing Mental Models
Part of this adventure into unchartered waters is not knowing what will happen next.
Problems will constantly arise, and we can't always foresee them, but we should develop many ways of thinking about situations.
Ways to see the opportunities in problems.
Brainstorming isn't only a thing for students.
It's even more critical for students of entrepreneurship (which I hope we all see ourselves as such) that are engaging with the marketplace and receiving feedback on their actions in real time.
In the words of Thoman Edison, "There has to be a better way! "
Be encouraged!
Stay blessed,
P.S. If you're thinking about how to innovate in your small business, I recently had an eye opening conversation with West Stringfellow of HowDo.com that I believe everyone should have on their playlist if they are serious about challenging this business failure problem. Here it is, From Ideas To Execution: Staying Ahead Of The Innovation Curve For Business Success. Just click on the video below.
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