Success Secrets Entrepreneurial Edition

How are successful entrepreneurs different to the rest of the population?

I believe it comes down to a few key characteristics: Persistence, resilience, determination and boldness.?

It's easy to think an entrepreneur may be superhuman, but true entrepreneurship comes with as many concerns, fears and worries as any other pursuit. It's no secret that most startups fail within the first five years, so it’s natural that entrepreneurs experience a higher level of fear of failure - they have a whole lot riding on their success.

The business owners I work with and speak to daily have shared these fears with me, and I'd like to shed some light on each one of them.

If you get nothing else from this, I want you to get this one thing - fear is normal - EVERYONE faces fear. The secret to success is being vulnerable enough to acknowledge it and get support and then having the boldness to take the necessary actions.

FEAR #1: Making a BIG MISTAKE that will destroy their business

Quite often I hear entrepreneurs paralysed by the fear that they’re going to say or do the ‘wrong thing’. Hanging over their heads is the ever-present risk of taking a misstep and being ‘cancelled’ in the court of public opinion. Saying something wrong on social media, partnering with a bad business or hiring the wrong person can have a heavy financial impact if mishandled, and not every company can withstand that kind of burden.

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The good news is that very few mistakes cannot be overcome. With some awareness, that mistake can be turned into a lesson that propels the business forward. My advice for this particular fear is "there is wisdom in council". We can make some decisions by ourselves because we have the capabilities to make sound decisions. Then some decisions require additional perspectives. Make sure you have the right people at your table. People who will tell you the truth. Get a coach/mentor. When I ask my clients about their experience working with me, they all say the same thing - they love the sounding board I provide. Sometimes I am the cheerleader who gives them extra energy to keep going. Other times, I am the trusted advisor highlighting factors they didn't want to hear but needed to, just the same. You don't know what you don't know, and an external perspective can save you both time and money.

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FEAR #2: Missed opportunities?

Have you ever walked around the house looking for your keys when they're in your hand? Have you gone to the pantry to find the salt? You can't see, you tell yourself it's not there, so you ask your spouse where they put it, and then you look but can't see it? So you start the back-and-forth:" it's not there!" “Yes, it is; I put it there!” “No, it's not!” Your partner comes stomping towards you and pulls it out from right in front of you? It's always been there. You've just not been aware of it…?

There are important things and urgent things in the chaos that is running a business. The important stuff could hold significant opportunities, but you don't see the opportunity because you are stuck in the pressing. You will always face this reality. We take our clients on a journey to increase their awareness. The more aware you become, the more opportunities become available to you. How are you raising your awareness?

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FEAR #3: Lack of Balance?

Ah, work-life balance. Or should I say tension? "Can I do it all and still be present for my family?" The short answer is no. There is tension because you have finite resources (time, money, energy). You need systems and processes and a team that support your business. And then, you need some solid boundaries. Not only that but to hold firm with them, too. (After all, what’s the point of creating boundaries if you aren’t able to maintain them?!)

There will be a season when you are doing everything, and then you’ll come to the time where you can literally do no more - you’re as stretched as it’s possible to be. Then comes the fun bit:? it will be time for you to invest in a team. Investing in a team is different from buying your time back. When you invest in a team, there is a return on investment. When you buy your time back - there is no return… so which sounds like the better prospect overall?! Building your team is a journey, not a destination, it requires planning.

When you do it right, you create an asset that supports your dreams. With the suitable systems, processes, and team, you can have a growing business asset, be present for your family, and live the life you have always dreamed of.

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FEAR #4: FOBLB?

Fear of being left behind - kinda like FOMO. We all operate within a specific market that has competitors. There is a real threat of being left behind by your counterparts. Times are changing rapidly. Expectations of customers, regulatory requirements, competitors, and many more. There is no doubt that you have to stay at the forefront of innovation if you want to survive and thrive. The question is, how do you do that with everything that is going on? The key here is to know your customer. You need to know whom you serve and how you serve them. This knowing goes beyond a superficial profile. You will only be able to do this if you have an intimate understanding of your customers. This will allow you to develop products and services they want and will gladly pay top dollar since you are the only one offering them. This is the first thing I teach every single one of my clients: how to connect with their customers and deeply understand them and their needs, goals and problems. Only once you have done that will you be able to innovate truly.

Now we all face some or all of these fears at some point, but that doesn't make you a lousy entrepreneur. The way you choose to respond to these fears will determine how successful you are.

In the next issue, we will dive into some more common fears and discuss how to overcome them.

Here at Amplify Business Coaching & Consulting, I support entrepreneurs like you to move through fear, take action and achieve their dreams. Some of my clients started with nothing, and others have decades of experience in their business. It doesn't matter where you are. I can support your journey. Suppose you read this, and it resonated with you, and you know it's time to move past the fear, take action and Amplify Your Business so you can Amplify Your life. In that case, I want to invite you to book Simple Strategy Momentum with me. There is no sale here. During this call, we'll talk about your business, your challenges and your dreams to determine if we are a match and if we can help you. If we agree that we are a match, we can talk about how we can help. If not, we part as friends or recommend someone who is better suited.??

If you don't give it a go, you will never know, so book the call. So let's chat and see how we can Amplify Your Business.