Evan Goodman shares his tips on how to fast-track business success for entrepreneurs.
What you believe as an entrepreneur has a big effect on how your business tracks and succeeds. The problem is figuring out how to adjust your way of thinking. The simplest answer is often the best – build on what’s been done before. Look at what other successful entrepreneurs have done, namely, they tend to share certain beliefs and viewpoints. If you want to do at least as well as they do, you may want to consider the following.
- Accept Mistakes
Most people don’t like being wrong. That’s natural, and when experienced publicly, can be embarrassing. However, those same people (majority) probably won’t make it as entrepreneurs. Making mistakes is part of running a business. Think about any plans you may have for your product or service – many of these ideas and plans will likely change as you ‘expose’ it to the public and adjust according to their feedback.
You can’t afford to let pride determine whether or not you’re willing to make a mistake. Embrace making mistakes and learn from them. You’ll find yourself more open to taking risks and thus becoming a better entrepreneur.
- You Deserve to Be Rewarded
There’s a problem that many successful people face, and it’s the idea that they didn’t deserve their success because it may have come too easy. They feel like ‘they got away with something’ and now they’re just waiting for ‘the other shoe to drop’. Part of moving on with growing (or fast tracking), is believing you deserve to be rewarded, no matter how easy it all seemed.
Focus on what you’re providing instead of how hard you’re working. The essence of improving your business involves creating the best product or service that can assist others. Even your pricing should reflect the value you offer instead of your effort. Think about it this way – would you pay for something with little to no value if it was difficult to make?
- Less is More
There is a clear difference between staying busy and being productive, and that’s a difference you need to understand as an entrepreneur. Simply working without producing anything of value is a waste of time. If you’re feeling overwhelmed, take a step back and do whatever it takes to get your mind back on track. That also means feeling free to refuse requests or projects. The value of an opportunity is relative to how well you and your employees can handle it. Don’t just take on things for the sake of being busy – choose your actions carefully.
This ‘less is more’ approach also applies to how you manage your workforce. Reward production and success rather than hours put at the office. Rewarding hours put into a project incentivises slow and inefficient work, while rewarding success emphasises efficiency.
- Your Energy is More Important Than Your Time
Time is the one resource no one can get more of, but it’s not the only important one. The most important resource, potentially, to you as an entrepreneur is your energy. If you’re energetic, tireless and industrious, you’ll likely to produce quality output. Simply spending a lot of time at the office isn’t enough – what time you spend working must be quality time.
That means managing your energy levels; Eating well, staying healthy, and removing as many obstacles to productivity as possible. Streamline your workspace and spend your downtime preparing any and all relevant minutiae, e.g. reservations and documents.
- Stay Satisfied and Enjoy
Whatever the reason for your journey into entrepreneurship, the endpoint is the same – satisfaction and enjoyment (some may call this happiness, but they are different). It might sound glib, but it’s not money itself you want, but what money brings. Financial independence and security gives you the freedom to do what you want, when you want, and without worry.
Being wistful for the promise of a future gain should be unacceptable, as you’re essentially betting today’s joy for the promise of future enjoyment. Instead, do what is right now.
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Over the past 30 years, Evan has founded numerous ‘start-ups’, built them into successful businesses and gone on to sell them. He has experienced and overcome most of the common challenges faced by business owners and leaders, and understands the pressure and stresses that running a business can cause.
He also recognises the value and importance of getting sound advice and support when faced by these common challenges, and of being prepared to openly discuss issues with a coach or mentor.
Since building up his last business into a national company, and selling it in 2009, Evan focusses on coaching SME business owners on how to become business leaders. He has a Masters of Business Coaching (UOW); creating a unique blend of experience, expertise and coaching best practice for his clients.