I am glad this topic is here. Without know WHY you are willing to take risk, and go into business for yourself, you are setting yourself up for failure before you make your first sale!
“The Why” is the single most important part of business ownership, and it MUST be a solid answer from day one!
Most people get into a business for one reason, to get rich. Honestly. They see expensive cars, large homes, lavish lifestyles, vacations & trips, huge building with their logo of Dingleberry Juice Inc, all while working 2 – 5 hours a week getting there.
Those that think that way, usually last about 3-6 months, end up broke, and moving in with their mommy.
There needs to be a deeper reason than to “just to get rich” if you need to succeed in business ownership. Some people say they are cut from the entrepreneur cloth, or it is “in the blood”. They have a strong desire to do this… something that compels them to keep going, no matter what.
There are some truths to business ownership that you must understand first, a certain mindset, a way of going about things that are different than everyone else.
First:
Look at any great philosopher, sports pro, politician, scientist, etc. How did they become great? Fortune? Fame? No… they did it because they loved what they did. They are willing to do it for free, with no accolades, all day long, simply because they love to do what they do.
Tiger Woods was asked once how he felt after winning a round of golf, and he replied, “I just like playing golf.” Tiger didn’t see the difference between a championship round, or a Sunday afternoon by himself on a community course. He loved golf, and that is his motivation.
If you start a business looking for money and fame, but hate actually doing the work, you are not going to last very long, nor be successful.
Second:
Successful business owners don’t believe everything that you hear from the normal “working class”.
Remember that you have two different types of mindsets, the mindset of working for someone else, and the mindset of working for yourself.
As you work with others, you hear certain phrases throughout the day that fits well with those around you, but really are not true.
For example, a popular phrase is “It’s not who you are, but who you know”, and “I’ll believe it when I see it”. Both of those are FALSE.
Business ownership is all about being somebody, and believing in a dream, believing in yourself, that you have the capability to accomplish your goals.
Be the person FIRST, and the “who you know” part will come along naturally. Believe it FIRST, and then you will see it.
Lets re-write those statements as:
“It is who you are, not who you know”, and “I will see it, because I believe it”
Will you be successful right away? No. Will you see fantastic results right away? No.
I will be totally honest with you. Once you SLAM yourself into the ground repeatedly, over and over, and pick yourself up each time… you are ready for business ownership.
The single most important lesson you can learn from owning a business is NOT WINNING, but HOW TO LOSE. You will make mistakes… a lot of them. You will have bad days, you will question yourself. But the most important thing you MUST do, is pick yourself back up, figure out what went wrong, make a new plan, and get back on track. DO NOT QUIT.
I once talked to the CEO of TeleNetwork, Anthony Herrera one day when he was driving me back from a lunch meeting. I asked him what it was like to start his business, and he told me this (paraphrasing):
“If you want to start a business, do this. Go to the bank and withdraw ALL your money. Then drive down the highway and throw it out the window. That is what it is like starting a business. Seriously.”
There are many other things and “phrases” that are used by the “working class”. If you want to be working a job, punching a clock, then take their advice. If you wish to own your own business, manage your own time, and be successful, then you must hang out with a different crowd, and learn their way of thinking.
Third:
You must develop a REAL reason why. A reason that will keep you going, even if you have lost all your money, and lost your last customer. A reason that you can explain to your wife or husband after they have stopped yelling at you, and told you to “get a real job”.
I have a secret to tell you. This is your “starter” reason. The “why” you start with. It will change, it will change to be the most wonderful reason why, and it will be exactly the same reason of every other successful small business once they are up and going and hired employees.
Your “why” will change over time, that’s why you need to revisit this topic at different points of your business. You need a “why” to start, a “why” after making you first sales, a “why” after you hire your first employees, and so on… each will be different.
Eventually, you will come to your final “why”, and it will be in line with most other business owners.
My “why” is here:
I run my business because I wish to be a positive effect on my community, state, & nation. I provide jobs for those who need them, which in turn places food on their tables, money for their needs & their children’s needs. I provide a product that pleases my customers. My business affects literally hundreds, maybe thousands of lives through the generation of wealth and distribution of products.
I run my business because it is an opportunity for continuing education, not only for me, but for those around me. I wish to positively influence those around me to have their own dreams, and to start their own businesses, to cut their own path and leave their own mark on this world.
I have come to understand that we only live a short life on this planet. It is just a passing moment, and the only thing that we can take with us is our relationships that we have built, and the knowledge that we have obtained. A business is a way for me to obtain both.
It is who I am, and what I love to do. If I was able, I would gladly do it without compensation and without recognition and prestige.
This is my why, and why I am so driven to succeed. This is what gets me up in the morning, every day, to work 12-16 hours on this business. This is the reason why I get up every time I fail, and helps to steady me when I stumble.
If you don’t have a “why”, I urge you to stop what you are doing, and do some soul searching. Without a “why” you will not have motivation for long to keep it up.
One thing I learned is that commitment and sacrifice goes hand in hand. You cannot commit to something new without sacrificing something old. You can’t just jam another commitment into your busy schedule and expect everything to work out.
If you wish to be committed to business ownership, then you must toss out the “working class” toys.
Remember the phrase that “when I became an adult, I put away childish things”? Well, this works the same way.
When I became a small business owner, I put away the “working class” things. What are they?
Television. Video Games. Goofing off with friends. Really, anything that keeps you idle, that keeps you from progression.
You are not from the “working class” anymore. You are an entrepreneur, and it is time to put those things of leisure away. That is your sacrifice.
Now, make your commitment. You can reasonably expect to work 12+ hours a day (if you don’t have a day job), or ALL of your spare time (if you do have a day job), 7 days a week for your commitment.
You will have to work like a maniac for a while. You can’t achieve success any other way.
Keep your dream alive. Get up when you fall down. Keep your “why” up to date. Tell people about your why.
Post it here.
Great post by Luke Patchett from Soy Treasures who specializes in Soy Candles
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