10 Years of Honest Business Knowledge In Six Minutes

I’ve received bad advice that almost killed my business.

But I’ve also received advice that’s changed my business and life.

So, here are the best pieces of business advice I’ve used to grow my business.

Never stop reinvesting in yourself and your business.

At every stage of my business growth, this advice never stops being relevant.

Whether I was a sole trader or multiple company owner, what I invested in changed depending on my context, but the general reinvestment principle still applies.

I learned this lesson the hard way.

For more than a decade, I grew my business organically. I refused to take any loans or leverage that could help supercharge my growth. I completely bootstrapped my event management business, saving and putting anything I earned into a bank.

I was so risk-averse to any business investment.

Since working with multiple coaches, I’ve become more comfortable taking on loans and using debt as leverage. This has given me the ability to ‘artificially’ grow my business through capital and operational investment.

Here’s an example.

Let’s say a new product marketing plan would cost $100k, and I didn’t have that cash in the bank. But I know that this new product launch could make me $1 million. That’s more than a 10-to-1 return, and the market is ready for this new product.

Money loves speed.

So, instead of waiting to save that money through fee-for-service work, which could take months, if not years, I’d get the loan from the bank and invest in the marketing plan. This would shortcut my time to market and position me for success.

The business world is more complicated than this, but you get my point.

Hear broadly, but listen selectively.

I’ve received bad advice that almost killed my business dreams.

I was 21 years old, and I was introduced to a seasoned entrepreneur who had run their own business for over three decades. I admired this person for what they had achieved and the business success they had.

To cut a long story short, this person shattered my dreams.

For over an hour, they told me I was being extremely naive to think I could build a business at this age. They said I had to do at least 5-10 years in the ‘real world’ to start a business.

They didn’t have bad intentions.

They spoke from their own experience and context. They had built a business before the Internet and a generational view of how business works. They had worked a 9-5 job for most of their lives before going into business at 40.

I broke down in tears after that meeting.

I felt foolish, and it took me a while to recover. But call me naive or arrogant, but I still decided to back myself. I was determined to make it work. More than a decade later, I was right.

Simply put, seek advice from people who’ve achieved what you want.

The best entrepreneurs I know are humble to listen to everyone but are courageous enough to ignore it and go their own way.

Remember: Context matters.

What worked for someone in a different context, might not work for someone else. Economies change. New business models are born and die.

Pay for the right people.

Every investment I’ve made into hiring good people has paid off 10x.

People are everything in my business. They can make or break your revenue targets, create an incredible work culture, or create a toxic environment.

I’ve made recruitment and resource mistakes before.

I hired people who weren’t the right fit for our culture and values. These missteps were costly, both financially and in terms of team morale. These experiences taught me invaluable lessons about the importance of selecting the right team members.

I’ve learned to back the jockey, not the horse.

A great jockey with a mediocre horse will get you further than a great horse with a mediocre jockey.

In other words, I’ve witnessed how the talent, drive, and cultural fit of your team members are far more critical to success than any individual skill set or qualification.

You want to find people who are 1 + 1 = 3 for your business.

A good cultural fit and proactive attitude means the person is coachable. It’s easy to learn skills; it's harder to change a mindset.

One of the most important hires I made was my assistant.

This one change helped free up days of my time per week. I could position myself in my zone of genius, make more sales calls, build systems, and grow the business.

People with the right mindset > people with the right skill set.

Question every piece of business advice you hear.

Even mine.

The greatest skill of an entrepreneur is developing the balance of being humble enough to listen and confident enough to trust your intuition.

As you grow, you’ll have people give you all sorts of advice.

90% won’t be helpful.

So,

• Develop your filter.
• Learn to listen to your gut instinct.
• Cultivate a group of trusted people and advisors.

P.S - I’ve been asked repeatedly if I do business coaching. I always said no. But next month, I’m opening two 1:1 coaching spots for my 12-week Female Founders coaching program. If you’re interested, you can express your interest HERE.