5 Tips for Business Success Through Mentorship, Kindness, and Sacrifice
Starting and running a business can be exhilarating, nerve-wracking and everything in between. Your business is “your baby” and will come with its share of emotional highs and lows. There are sleepless nights, moments of fear and self-doubt, along with tears of joy and frustration.
Sure, being your own boss has its perks. You can set your own hours and work from wherever you want, whenever you want. Whether you want to make things happen at your favorite coffee haunt or rock your pajamas at home, the freedom is yours. However, it’s not all fun and games, and being your own boss comes with its own unique challenges. After all, you won’t have the comfort and safety net of a steady paycheck. You’ll have bills to pay, relationships to nurture, and employees to manage. You are ultimately accountable for the success of your business.
If you’re a business owner or want to embark on an entrepreneurial journey, here are some suggestions to tip business success in your favor.
Save, Save, and Save Some More
Before biting the bullet and transitioning from full-time work to full-time business owner, it helps to have some savings set aside for business start-up costs and initial living expenses. Unless you have business partners and investors, the start-up phase of your business will be very lean. Having some money in the bank will take pressure off you, so you can focus on growing the business without worrying about keeping the lights on.
The amount you should save will depend on the type of business you are starting, how much capital investment is needed, and whether you have clients and contracts already lined up. The more cash you have to fund your startup, the less financially stressed you will be in the early stages of getting the business off the ground.
Starting your business as a side-hustle while working full-time is a great way to test the waters and “dip your toe in.” This way you can get your business started while earning extra cash to fund your business before quitting your day job and transitioning across to a bona fide business owner. Saving money aside to pursue your business venture takes discipline and sacrifice. However, with vision, passion, support, and motivation, you will be able to achieve your savings goals.
Find a Business Mentor
There is incredible value in learning from someone who has already traveled the path that you are about to set foot on. Learning from someone who has achieved success and who is willing to share insights and lessons learned can help you start in the right direction. Rather than reinventing the wheel, why not avoid potential mistakes by getting advice from someone who has been there and done that?
A mentor doesn’t have to be with you for the entire life of your business journey, and the mentor relationship doesn’t always have to be formal either. There are a number of ways to find a business mentor. Government-sponsored mentor organizations (such as SCORE), trade associations, and other business networking groups are ways to find a mentor. The U.S. Small Business Administration and your local chamber of commerce are also great resources.
If you don’t have a mentor, be willing to ask others for help and support when you need it. We all need a little help sometimes, and often those around you are more than happy to provide some advice or a helping hand. Surround yourself with cheerleaders—supportive family, friends, colleagues, mentors, partners, and even investors.
Embrace Your Emotions
When you are going through something deeply personal on the home front, it affects your mood and feelings. Be aware of and embrace your emotions, but don’t let them overrun you and rule your business. As a business owner you have to learn to manage your emotions so that if one aspect of your life is not going as planned, you don’t completely withdraw and shut down all other areas of your life.
Learn to be emotionally resilient and acknowledge how your emotions are affecting your thoughts, decisions, and actions in business. Listen in to your thoughts and recognize your feelings and why you feel the way you feel. Identify whether your inner voice is being supportive or critical. Some days you’ll feel on top of the world, while others may be a struggle. Being in business will be a roller coaster of emotions. But no matter what curve balls get thrown your way, don’t be too hard on yourself.
Be Kind To Yourself
While it’s exciting to start up a business, there is a flip side to being driven and passionate. Chances are you have high expectations of yourself to perform, always be productive and get results. Unless you’re a robot, you’re not always going to perform and achieve results 100% of the time, all the time. Even computers and machines malfunction and need to shut down for maintenance and downtime.
Business owners face a multitude of pressures that do not come with a regular nine-to-five gig. The pressure that we place on ourselves can be enormous, sometimes even greater than the pressure to perform and get results from investors and partners.
It helps to remember to be kind to yourself and reassess your expectations. Go ahead and set goals and milestones, but don’t be too critical of yourself if things don’t always go according to plan. Things don’t always happen the way you envisioned. After all, you have only so much time in the day, and when you start out as a solo entrepreneur, it’s just you.
Being kind to yourself means taking care of yourself—not just your health but your emotional and mental well-being, too. This means getting enough sleep and remembering to eat right and not be tempted to skip meals when you are slammed with work or are on the road.
Although it’s not always easy, try to be open to criticism, whether it is constructive or otherwise, but don’t let it break you. One of the best things you can do is listen, pick yourself up, carry on, and learn from your mistakes.
Sacrifices and Compromises
When building your business, you may need to make sacrifices and compromises along the way. Sacrifices can include missing out on fun nights out with friends, birthday parties, and other special occasions due to work commitments. You cannot be everywhere at once, and the reality is that you may have to skip some things you’d like to attend. Avoid let downs by not making promises you cannot keep when it comes to social engagements. Being in business means you have to become more organized with your time and get clear on your priorities.
Starting and growing a business is incredibly exciting. While it comes with challenges, sacrifices, and rewards, not always in equal measure, one thing is for sure: You will continually learn and grow with your business. As long as you are open to learning, can embrace change, and have the love and support of people around you, you are well on the way to success.
