7 Components of Entrepreneurial Success
Free business advice from Full Spectrum Business Consultants, LLC.
the Business Accounting, Business Planning and Financial Consulting experts serving Denver, Louisville and Boulder, Colorado.
The most successful entrepreneurs and small business owners are the ones whose work is a reflection of their personal passion. When your work is an express of your vision and mission, there is virtually no stopping you. Productivity becomes imbued with your inspired motivation. Others notice the difference between others who are going through the motions and your genuine enthusiasm for what you love and want to achieve. Take whatever time necessary to complete this critical first step to your excitement!
2) Bring home the bacon.
Do the hard work to make your passion economically viable or else it will simply become just another one of your “good ideas".
Just do it:
- Actively plan all aspects of your business.
- Create and keep updated your marketing plan.
- Maintain a low debt to income ratio.
- Create a spending plan and practice sustainable spending.
- Put away 3-6 months of emergency funds.
- Strategize how your business can have multiple income streams.
- Stay current with bookkeeping and accounting reports. Hire a bookkeeper if you let this area slide.
3) Build a support system.
Perhaps one of the least obvious reasons entrepreneurs fail is because they attempt to do EVERYTHING alone and often end up feeling inadequate to the task, isolated and discouraged. Don't let this happen by default! In reality, you are not alone. There are many people out there, friends, former colleagues, associates, professionals, etc. would be honored to participate in a “two heads are better than one" proposition. From the beginning of your business, request and build a body of advisors that you trust and admire and who you know will be honest with you. Take them out for dinner. Everyone likes being asked for advice!
4. Balance your work and personal.
How do you do that? If you intend it to have a balanced work and personal life, you will find a way to run your business so you have the time for home and family life. You will need to become ruthless with how you schedule yourself, how you bill, how you delegate, if you have employees, and how you manage your time. If you are not ruthless about these things, your work will eventually take over your entire life. When that happens, like a nova star, you'll burn yourself out quickly. Find the discipline for long-term benefits!
5. Complete cycle on what is no longer serving you.
Knowing when to end cycle on what is no longer serving you is as important as focusing on “building" your business. In both your personal life and your work, someone or something might be dragging you down. Look and be honest with yourself about any ball and chain that you might be lugging around. Don't just get rid of these things, complete them with clarity and integrity. By doing so, you will create an enormous amount of “space" to move your plans forward.
6. Actively cultivate the attitude of gratitude.
Is your cup half empty or half full? The “if only" trap will mask all that you have to be grateful for, RIGHT NOW! Yes, this does mean to count your blessings, especially for the basics - a roof over your head, people that love you, good food to eat, etc. It's the most basic things in our life that we inevitably take for granted, while bummed out about not getting the new car or vacation we were hoping for. Isn't it amazing how fortunate you really are?
7. Let yourself experience some satisfaction each and every day!
While we're on the subject of gratitude, you could say that satisfaction is gratitude in daily increments. What went right today? What progress did you make? Ahhh, that was satisfying! Was it in your personal or business life or both? If you can experience satisfaction each and every day about SOMETHING, you won't have to wait for that day in the future when you will finally be “successful" . Find the kernel of success and satisfaction, today and it will only get better!
