What to Expect when Running your Own Business

As an entrepreneur you are on an enormous learning curve as an individual when running your own business. Most articles focus on the externals of establishing a business. In this post however, I want to focus on aspects around your inner journey regarding your own business.

Observations from working with entrepreneurs

Strengthen your core self. Starting and growing a business will test you at every level of your being. There will be stumbling blocks and challenges that will surface any insecurity, doubts, beliefs, etc. you have about yourself. You will be tested in ways that you never expected.  So it is essential that you come to terms upfront with the fact that you will make mistakes. Furthermore, you will have challenges. Are you ready for this?

You will feel low, demotivated or question why you have your own business, at times. The reality is that this is what goes with the territory of running your own business.

Charl has been in business for close on twenty years. There were years that were very quiet. During these times he took on whatever work came his way, no matter how small the job was. He knew deep down that life works in cycles. There would be an upswing some time. During quiet times he cut his overheads to a bare minimum. He did not question whether he should do something else. Instead, he rode out the dips.

Manage your emotions. I asked Keith who is in the retail business how he deals with the uncertainty and impact on his cash flow. He said if he worried about that he would never survive! Instead he stocks up on goods and looks for ways to move them out in high volumes. And he succeeds. In fact Keith does exceptionally well with his business. He has learnt not to go to a negative space even when there are challenges in his own business.

Your Unique Selling Point. Cameron, an entrepreneur is technically exceptionally good at what he does. He has differentiated himself amongst his competitors as somewhat of a maverick. His products are good because he does so much more than follow the book. Cameron is very much a right brain thinker. He personally tests his products. In addition he is very happy to tweak them where his competitors would just leave theirs as is.

Consequently Cameron is developing a very unique brand for himself. His competitors cannot understand why he is so successful. He is a bit of an alchemist. In the three years I have coached Cameron he has been consistently passionate about what he does. He is on an adventure and loves what he does. A very hands-on approach is part of what makes his business such a success.

So Cameron is growing his own business around his unique personality. In fact it is who he is as person that is reflected directly in his products.

So what is the USP of your business?  What makes your business so different from those of others?

No nonsense approach. Successful owners take decisions and tackle issues head on in their own business. They are decisive and employees know exactly where they stand.

Duncan runs his own business with fifteen employees. He is a very amiable person and dislikes conflict at all costs. To him employees are like family. As a result he struggles to confront poor performance issues. His approach is to gather the whole team together and have a fun social gathering. Unfortunately his non-confrontational approach has a negative impact on his business.

What Duncan needs to realise is that he needs to be more business-like toward his staff. Productivity issues have a negative impact on the bottom line of his business. Although his role is to ensure that his team is happy, he needs to ensure they deliver what is required.

If you want to be successful in business it is critical that you be willing to identify and address your personal weaknesses. Consider business coaching if you want to be more effective in your own business.

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Posted in Business Owner, Self mastery.