Ten Lessons from Ten Years in Business

Ten years ago, I decided to start my business, and as I celebrate this milestone, there are many reflections and lessons.

Those lessons are equally relevant whether you work for yourself or someone else.

The Beginning

I made the decision to take a leap into the unknown while on a meditation retreat. Having time to reflect and pause gave me the space to make a life-changing decision.

I remember the day so clearly. I was sitting on a small bed in a room smaller than my bathroom at home. Four weeks prior, I had left my corporate job after it was made redundant, and while there were conversations about other roles, nothing of substance materialised.

I wasn't bitter, and thankfully, I was no longer sad. In the lead-up to my exit decision, I had spent one week agonising over the right decision. Less than twelve months prior, I had asked my husband to pack up our home in Melbourne and relocate with me to Sydney for a fantastic opportunity! And now, we were in a position where that opportunity didn't unfold as planned.

So, if I wasn't bitter or sad, what was I? I was curious—curious to know what would come next and what I would be open to. As I sat on the bed, working through questions designed to provoke thinking about my work goals and life priorities, clarity hit me.

I had always loved learning and being challenged, and that would never change. What had changed was that I no longer craved security. Instead, I wanted autonomy. I wanted to do 'great work, with great people'. That phrase became my mantra.

Securing that clarity was liberating, if not a little terrifying. I mean… I'd never run a business before.?Needless to say, there was much to learn. ? Here are my top ten lessons from the last ten years.

Lesson 1 – Know Who is in Your Corner

We're often told to build an extensive network, and there's no doubt your network is crucial for having a successful business (and career). If you want more information, this HBR article by Herminia Ibarra and Mark Hunter is helpful.

Success is never a solo venture. You will be surprised who steps forward to offer help and who steps back. What I've learned, however, is that when it comes to having people in your corner, you only need a few.

These are the people you know you can count on during tough times. They believe in you, offer constructive feedback, and stand by you through thick and thin. They challenge you and hold you to account when needed.

Cherish these relationships because it is very lonely without them. Never forget though, the person you most need in your corner is yourself. You have to back yourself.

Lesson 2 - Get Advice, but Trust Yourself

Seeking advice is crucial, but it's equally important to trust your own judgment. Over the years, I've learned that while mentors and peers provide valuable insights, the final decision must align with my goals, values and purpose.

There will also be many people around you willing to give their opinions on everything you do. Listen while being selective as to what you adopt. As I wrote about some time ago when considering feedback, do so from?two perspectives:

• What's the intent of the person providing the advice/feedback? Is it helpful or unhelpful? Good or not so good?
• What's the skill or experience of the person offering the advice/feedback? Is it high or low in the area in which they are providing their opinion?

The intersection of the answers to those two questions can help you determine how you approach the advice.

Also, be prepared to pay for good support and advice. There's often a reason why 'free advice' is free.?It either comes with a catch or isn't helpful.

Lesson 3 – Doubt and Fear are Normal Emotions

Over the last ten years, I've experienced doubt and fear. ? The inner voice (which most of us have)?can voice our fear of failure, of being judged or held up to ridicule. It can get quite loud at times.

I've learned that the best approach is to acknowledge its presence rather than seeking to silence the inner voice. The?voice usually indicates that I'm doing something new or pushing beyond what's comfortable or expected.

At the end of the day, I'll follow what former First Lady Michelle Obama said: "I have learned that as long as I hold fast to my beliefs and values, and follow my own moral compass, then the only expectations I need to live up to are my own."

Lesson 4 – Stay the Course

Perseverance pays off, but sometimes,?that payoff can take a while. In the initial phases, I worked harder than ever and earned less money than before, but I loved what I was doing. ?

There's a great saying, 'Do the work,' and in this case, that's what I did. Sometimes, progress was slow and unexpected obstacles arose, but I got up and did the work. Sometimes, the days were hard, but I got up and did the work.

Dedication beats luck every day.

As psychologist Angela Duckworth and colleagues' research on grit reminds us, perseverance plays a massive part in reaching?long-term goals.

Lesson 5 - Keep the End in Mind

When I started the business, I didn't have a roadmap, but I had a vision of how I wanted to integrate running a business with my life. I had a sense of where I wanted to go and was very clear on my 'why'. I knew my purpose and why I wanted to make the shift.

Having that North Star is helpful because, like most changes, we need some sense of direction. Otherwise, you can wander aimlessly and get easily distracted.

Your North Star helps you navigate the complexities of life, make the trade-offs you need to make to stay on track and make strategic decisions that align with your ultimate objectives. ?

There are always going to be shiny new toys, whether it's a new tool, app, course, etc. Be very selective about what you adopt and what you ignore. Following the shiny object or latest fad can very quickly throw you off course. You can also waste a lot of time and money.

Lesson 6 – Be Ready to Adapt

Over the last ten years, there have been economic headwinds, a COVID pandemic?and a myriad of other issues. All of which were unexpected.

The one constant element in life is uncertainty; what follows uncertainty is change.

While you want to keep the end in mind, I've learned that you have to be adaptive. That means you have to be focused on where you're going while being flexible enough to adapt as conditions and circumstances evolve.

Lesson 7 - You'll Have Ups and Lots of Downs

Life is full of highs and lows, and so is running a business.

It's easy to say that you will learn from failure, but when mistakes happen, they can be gut-wrenching. When mistakes arise, you can become myopic and obsessed with the error.

I've learned that when mistakes occur, I am the person who most likely notices them. That doesn't mean I don't rectify, redress, and make amends when needed. It means that ruminating?won't solve the issue or remove the emotions; what helps is perspective.

Having perspective on an issue is a critical element of being resilient. Resilience enables you to navigate through the low periods. Research highlights how being resilient is a critical factor for business growth.

Lesson 8 - Savour the Moments

Amidst the hustle and commitments of daily life, it's vital to pause and savour the moments of progress, achievement and joy.

These moments, whether big or small, are the milestones that define your growth and experience. It's easy to step over the small ones and not pay them much attention.

Taking time to appreciate the moments?gives you a sense of satisfaction and, when things are tough, the motivation to keep going.

Lesson 9 - Never Stop Learning

If you've been a regular reader of my Weekly Insights, you'll already know how much I value learning. In fact, one of the earliest writings was about the need to fall in love with learning. ?

Learning has been foundational to my business' success. Each year, I set aside a budget devoted to education, whether it be accreditation for a diagnostic tool,?attending a conference or something else. I also set aside time each week for reading.

It's impossible to remember everything, so having a structured process for capturing and storing knowledge and information is crucial. That way, details and materials are easily accessible as and when they are needed.

Much of my learning comes from the people I have had the privilege of meeting and working with over the past ten years. Every person has a story and something valuable to share.

Lesson 10 - Reward Yourself

One of the most salient pieces of wisdom I received in the formative days of the business is that 'No one will be as interested or invested in your business as you. So, find ways to celebrate the wins and reward yourself'.

A vital part of this was setting milestones where I could measure progress and then celebrate success.

It's the same with your career. Set your milestones, track your progress, and how you celebrate success is up to you.

When I look back over the past ten years, I realise that time has passed so quickly, and I am grateful for so many opportunities and experiences. To you, the reader of this weekly missive, thank you. And here's to the next ten years!

Getting you ready for?tomorrow, today?

Michelle Gibbings is a workplace expert, the award-winning author of three books, and a global keynote speaker. She's on a mission to help leaders, teams and organisations create successful workplaces - where people thrive and progress is accelerated.