7 KEY ENTREPRENEURSHIP LESSONS FROM A BUSINESS FOUNDER
Here are 7 key takeaways from the 1st episode of the Reinventing Perspectives Podcast Founders Series with real estate entrepreneur, Joseph Rockey Jr:
FIND YOUR GENIUS ZONE AND WORK ON PROMOTING YOURSELF TO ONLY DOING THAT ONE THING
In the beginning, only doing what you do best is next to impossible unless you have a lot of capital saved up and even then it might not be the best use of your startup capital to hire services that you can do for yourself before you have even proven that your new business can be profitable on a consistent basis.
Embrace the Chief Everything Officer days, but don't stay in this role for too long.
Doing everything yourself allows you to get well acquainted with every aspect of your business. You have to know the work and create systems for each job before hiring someone to take them over. Check out our Leaders Are Readers Series on The E-myth Revisited by Michael E. Gerber to take a deeper dive into building systems for your business.
HOWEVER, as soon as you can afford to, hire someone else to do the things you are not so great at, even if it's a temp job or contract job. Our recent podcast guest, Real Estate Entrepreneur, Joe Rockey Jr said the more he did things he wasn't good at and hated doing at the beginning of his business, the more his morale got low. Can you relate?
Listen to the podcast episode here ⬇️
2. OBSERVE YOUR OWN ENERGY
There are things that energise us and things that frankly leave us feeling drained. We have to manage our energy. For example, doing the energy-draining things at the beginning of the day when you're still wide awake. If it's sales calls, get them done. If it's doing the books, get it done. Then later on in the day, do the stuff that revitalises and leaves you smiling because it's your element.
3. FOCUS ON WHAT THE BUSINESS WILL DO FOR OTHERS
"Focus on what the entity will do for others rather than what it will do for you."
~ Joe Rockey Jr
For most people, we find it easier to do things for others than to do things for ourselves. It's easy to let ourselves down, but when we have people to account for, the thought that we could let another person down is enough to keep us going. We are wired to be part of something greater than ourselves.
As the saying goes, a tree doesn't create shade or produce fruit for itself. A business is no different, our offers exist to serve our customers. Meeting the need of one person/self is not enough to make a business.
4. THE ROLE OF AN ENTREPRENEUR IS TO SOLVE PROBLEMS
Get ready to be putting out fires, and dealing with the pressures of being responsible for the survival of an entity and the lives attached to it. This is part of the journey. It won't get any easier but you will become more experienced. Prepare a stress management routine before you get overwhelmed and stick to it. Protecting your well-being and mental health is a critical determinant of success.
5. THE ONLY WAY TO THE OTHER SIDE IS THROUGH
There are many days when you will wonder, "Why am I doing this again?!" That feeling of not being able to catch a break, one's wounded esteem from rejection after under-estimation will try to turn you around and lead you back to what you decided was not good for your life. Remember your vision, stick to your path, and keep moving.
Progress over perfection always.
There will be resistance (things that seem insurmountable), and there will be distractions (things to take you off your course) but if you push through and think up solutions to every problem, it will just be one big game. Some things it will be enough to sidestep, others the impact will knock you to the ground, but just get up and look for that path of least resistance to get you to the finish line.
"The game is always yours to WIN."
6. KEEP THE LONG-TERM AS A PRIORITY
While every day may seem all-consuming, don't lose sight of the long term. The non-urgent but important things must always be at the top of the to-do list. The tasks that don't immediately pay are equally important if the business is to have a good future.
7. FAIL FORWARD
Accept failure as part of learning.
8. BONUS: THE #1 BUSINESS SKILL TO DEVELOP IS BUILDING RELATIONSHIPS!
Learn how to build solid relationships. You will need partners to come alongside you in building your vision. You will need customers to buy your offers. You will need mentors to guide your thinking. You will always need other people.
I hope these 8 things help you realise what the life of a business founder is all about.
Please share, like, and comment. I'd love to hear what your experience has been.