Another question I am being asked a lot is how we can best prepare the new generation for their entrepreneurial journey; in other words, what should a young entrepreneur of 2018 know? The truth of the matter is that the lessons to be learned are a lot and different from what someone may point out to you however here is my six years success guidelines:
What’s in it for you?
At any given moment on your entrepreneurial journey, you must ask yourself: what’s in it for me?
Re-align yourself at all times with your needs and your business will feel real and rewarding at all times. If you loose focus of what you want and your company will re-rail from success.
Business the beast
Doing business is a highly uncertain ground endeavor, but that is half of the fun! Keep alert and brush your managment skills as business is a beast and one has to be cautious of the unknown.
Business is a marathon, not a sprint
For those who are really getting themselves ready for a 4-5 year run and exit, I can only say that life is having a laugh at your plans! To my knowledge, I have met nobody who started a business from the ground up that has managed the dream of retirement in their 30s through business with a hefty retirement pack to spend for the rest of their life! So when I was setting up in 2013 and was promising myself that by 2018 I will have sold, I knew nothing about what business is. And you may be thinking that I may have taken the long way to success but let us take this myth down by saying that in the marathon you have chosen, there are no shortcuts! So if you are thinking that you are smarter than the rest of us, or that you know tricks that none of us have tried you are fooling yourself!
Forget the noise
Silence all those who whisper around you, especially at the very first steps of your journey. Paying attention to whisperers will certainly derail you from your main focus; keep the main focus, main!
There are no unicorns or stardust
Most of us are driven by the success in business and what this will bring into our lives. Goals are good to have, but on the way to success, bear in mind that there are no unicorns or stardust; the sooner one realises this the better one’s mental health balance will be.
Make friends with the fact that your personal time will be compromised especially during the first years of your business; new entrepreneurs that strive for success don’t have time to go out! Settle in your new way of, as I would like to call “life and business integration” as there is a new you to come out through business. Be pleased to meet your entrepreneurial self and make time to properly meet her/him and understand the life journey they are on.
Calculate your time x 3 and your money x 2
How do you budget for time and money in your plan? After years of practicing exercises, I can tell you this simple rule: think of your original plan or any intermediate decisions you may have to take. Write them down and place a time frame and financial budget next to them. Now triple your time and double your budget. I know it may sound harsh but this is a reality.
Follow your gut feeling no matter how hard the decision you have to take is
If you are an experienced entrepreneur I am sure you can identify these moments that a decision needs to be taken but none of the options available feel right. So in that case, don’t do it! A decision against your gut feeling will prove more detrimental than what you thought it would be. It is better to struggle in the absence of the right solution than suffer in the presence of the wrong solution!
Prepare for the ultimate crush down!
Starting up a business is a highly demanding exercise in time and money – I am sure you have all heard about it! But you must prepare for the ultimate crush down where it is the end of the week, your friends are enjoying life, while you have to work into the evening. Your life standards may have to compromise a lot at the beginning of your business with people falling out of the belief that you will make it…But don’t worry, there is only one-way from there and that is up!
Stick to your values
Do you know what will make your business unique? It is your personal values. You as an entrepreneur will eventually apply to your business. So it is all about you! When values have been identified, make an effort and abide by them. These will consist the heart of your business that will carry you through gracefully your entrepreneurial journey and will also de-clutter your decisions using them as filters.
Exercise your mental strength and patience
I am sure you are a hard working individual! Otherwise, why start a business of your own? But business is not about who is working hard. The capacity for mental strength you will need to acquire is beyond an employee’s human brain can conceive and the patience you will need to exercise is patience you thought you never had! You will really need to dig deep into these brain pockets and use wisely all the mental resources you have. Remember business is about you and personal mental imbalance will most likely mean business hurdles!
Don’t make rushed decisions
Experience has taught me that rushed decisions never end the right way. When you do not have the time to process things it looks like a moment that a wrong decision will be taken.
In business, most of the strategies and development tactics are complicated decisions to take so allow yourself the time to process information in the right way and make the most of every situation. Mistakes in business can be very expensive so try and minimise them as much as you can.
Keep yourself afloat
Business is about you! The first decade you will be the soul and driving force of your business. So keep yourself afloat no matter what this means; you may need 3 days off, or extra work to keep you engaged, more time with your family or a 6am yoga class. Happy owner means a happy business!
For more guidance on business, personal coaching or public speaking to your peers within your company by Michaela herself please contact our PR agency [email protected].
Love & Light