Lessons in Being a Business Owner: Things I Wish I Knew as an Entrepreneur
Mar 21, 2022
In today’s post, I am going to be talking about entrepreneurship and being a business owner. I wanted to share my thoughts on this as someone who just moved away from feeling stuck. That has given me a clear perspective and this post is going to provide a lot of value.
The Drive to Start My Business
Let’s start with how I felt at the beginning of starting my business. I hated the role that I was in before doing so. On paper, it was perfect for me. But I was stuck sitting in a cubicle, not using my creativity the way I wanted, and feeling so stifled and unfulfilled. I thought - there must be more than this.
I was so driven from the feeling of wanting more that I created my business pretty quickly. I started it and three months later I quit my job. I was making pretty much the same salary as I was from my 9 to 5 and I knew I needed to build my business and focus on it.
I was super energized and spent tons of time creating back then! Many times, I felt like “I can’t imagine making as much money as so and so does” or “I can’t imagine being in that place.”
But, at the same time I knew that life was for me in some capacity. There were things I felt in my heart and soul that were meant to be mine. A lot of this centered around the lifestyle aspect of things and I let that drive me.
Listen to Your Gut, Not Other People
My income continued to multiply month after month as I continued to build my business up. Looking back, I wish I had a little more mindfulness around the way I spent money and whether I was doing it because I really wanted it or if I felt like it was what I was supposed to want.
That taught me that you really need to listen to your gut instead of other people. Especially as a business owner, you have a different business and mission than anyone else with their own business. So that means you really need to trust yourself.
You know best! There’s a lot of stuff on the internet and people say all kinds of things, but you need to listen to yourself.
Make Sure to Enjoy the Ride
I remember I was always trying to get to my next goal and achieve more. I had $10k months on my vision board and remember not even being able to imagine hitting that. But I did get there, and then I thought - what’s next?
What I’ve realized, though, is that while I was enjoying those things and appreciating them, I was simultaneously always looking for the next thing. There’s really no “final thing,” so it’s really important to enjoy the ride. Having an appreciation for where you are allows you to work towards your milestones and reach them quicker. I really believe that.
I’ve realized that I am always in a state of chaos, but I sometimes step back and think, “wow - this is cool. I’m doing this!” It’s so important for me to be able to laugh and to recognize that things aren’t always an emergency.
I learned as an intern that there’s always a solution to the problems that arise at work. We’re not brain surgeons, and no one is going to die if an issue comes up with a course. That makes me realize that it’s important to give yourself grace and know you’ll work through things as they happen.
Learn from True Experts
Another lesson in business is to learn from people that actually do what you do. Pricing things and building a business as a coach is way different than providing a service to people via an agency setting.
This has come up time and time again for me, and I’ve realized that advice that people give out is great for some, but not all businesses. Take advice from people that know what they’re doing and that can really help you in your line of business. This is SO important.
Do your due diligence if you’re looking for help in a certain area. Get very clear and don’t be afraid of asking questions to understand if they’d be able to help you the way you need. You want to go with people that have the expertise you’re looking for. What you’re looking for exists - find it and use it to your advantage.
What a Lack of Profit Taught Me
There were months in my business that I did not make a profit and I operated a loss. People don’t really talk about this and there’s way too much profit shaming out there.
But, the months where my income was way lower than I thought taught me a lot. In a way, I needed that to happen. It helped me to be more strategic and see things that I didn’t want to see prior to that. I was draining myself energetically, spiritually, and financially at some points. This was reflected in my business.
This is the stuff that people don’t talk about, but please know that this happens. When I was not making the money I expected or needed, it forced me to dive into things. Yes, it hurt my ego, but it woke me up.
I saw things from a different perspective and prompted me to make changes that were needed in my business. Once I made these changes, I had a huge sense of relief because I knew I was doing what was right for me and my business.
I started doing things for the sake of myself and my mission rather than for the sake of other people. I have to remember that the people who got me where I am may not be the people that will get me where I’m going to be tomorrow. When I heard that, it really resonated with me and it’s helped me operate completely differently.
A Focus on My Mission & Values
Something I had to get clear on when focusing on the future of my business is what my mission and values are. EVERYTHING I do needs to be tied to that. We promise people function and design and everything has to align with that.
Once I understood that and kept the values and mission in mind throughout everything, I was able to operate in a way that felt better and in a way that was way better for my business and team.
This also prompted me to make sure that I had the right people in the right positions on our team. It was hard to make these shifts in some cases, and it meant making tough decisions. But the payoff of working through these changes have been massive, and that makes it worth it.
My business grew quicker than my mindset did, and that meant that I had to start looking at things differently. I have so much responsibility as a business owner, and I don’t take that lightly.
Enjoy the Good Old Days: The Bottom Line
I want to tell you that we’re always in the good old days. That goes to say that one day you’ll look back at where you are now and pine for those days.
Entrepreneurship is not easy. Plain and simple. But you’re doing your best, even if that looks different from one day to the next. And everything is going to be fine.
Just remember why you’re doing what you’re doing. Think about your goals and what you love about what you. Get clear on your mission and it will carry you through on those days where you think, “what the f*ck am I doing?” You’re not alone - celebrate every little win, and know you’re on the road to your success.
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See you next week!
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