The path to success is cluttered with messy moments. The entrepreneurial lifestyle is frequently portrayed as sexy, exciting, and filled with wealth, freedom, and even fame. But that’s not the path of the common entrepreneur! The reality is that many business owners struggle before they find success. Sound familiar?
Today we share our own detours and discuss the things that we wish we knew before becoming an entrepreneur.
TIME-STAMPED SHOW NOTES:
[00:01] Introduction
[02:23] How entrepreneurs feel about small business ownership
[04:02] Why people become entrepreneurs
[05:55] Having a plan before becoming an entrepreneur
[08:05] Learning how to sell before becoming an entrepreneur
[09:35] Selling tip
[10:25] The value of relationship building
[12:26] The benefits of relationships
[13:55] Having the right mindset before becoming an entrepreneur
[16:36] Mindset tip
[17:20] Final thoughts
[19:04] Bloopers
LINKS MENTIONED IN THIS EPISODE:
The Entrepreneurial Life
[Theresa] When you hear the word “entrepreneur,” well-known business leaders come to mind and you probably think about success, wealth, freedom, and maybe even fame.
But that’s not the path of the common entrepreneur! While the media portrays a sexy, exciting life for millionaire and billionaire entrepreneurs, that’s not the majority of business owners. The reality is that many business owners struggle before they find success. Sound familiar?
While there can be enormous satisfaction and pride with entrepreneurship, the path is often rocky and most aren’t prepared for what’s ahead. We sure weren’t! There were twists and turns, and sometimes we felt downright isolated and lonely by our experiences.
The truth is that the path to success is cluttered with messy moments! That’s why today we’re sharing our own detours as we discuss the things we wish we knew PRIOR to becoming an entrepreneur.
How Entrepreneurs Feel About Small Business Ownership
[Meghan] Well, Theresa, when we look at the statistics about entrepreneurship and small business ownership in the US, the news is pretty positive.
According to a study on small business trends by Guidant Financial, entrepreneurs are more than content with their careers. In fact, they’re thoroughly enjoying small business ownership. And, 78% of the respondents said their business was currently profitable.
So the majority of entrepreneurs are happy, and their business is making money – which is fantastic news!
The majority of entrepreneurs are happy, and their business is making money.
Do you agree Theresa? Are you happy with being your own boss and running your own business?
[Theresa] Oh yes, I’m so happy. I LOVE it. I could never see myself working for anyone other than me.
[Meghan] The funny thing is that I know lots of entrepreneurs—as do you. And while nearly all of them would say they’re happy, they’d also say this stuff is HARD.
Just because you’re happy doesn’t mean you’re not working your tail off and struggling. Most of them are happy but struggling. And that second part is what’s NOT accounted for in the answers. It’s what a lot of people leave out of the story when you ask them about being their own boss.
I really had no idea about some of the things I would have to face as a business owner. So, I wish they’d been more transparent, but I totally understand why they weren’t.
[Theresa] It’s true, Meghan. Most business owners don’t share the ugly stuff. It could be because they are too embarrassed to share they are struggling. Or they think they have to play a part and look a certain way. Maybe it’s imposter syndrome.
Why Do People Become Entrepreneurs?
[Theresa] It makes you wonder why people become entrepreneurs in the first place.
In that study you mentioned, I noticed that 55% of the respondents said their motivations for opening a business were to be their own boss. And, 39% wanted to pursue their passion. 25% were dissatisfied with Corporate America.
So, I think that most entrepreneurs are content – struggles included – because most of them have achieved at least one of their motivating reasons for starting a business, ya know?
[Meghan] That’s a good point. Business owners are willing to take the bad with the good because they are fulfilling their motivations. That’s interesting, isn’t it?
I think that most people become entrepreneurs because they’re searching for a different lifestyle. In my mind, it’s about individual desires to attain goals they haven’t been successful at achieving in their current work/life situation. So their entrepreneurial journey begins when they start to seek alternatives to their existing lifestyle.
To me, those motivations in the survey results are about people wanting to change their existing lifestyle—and their future too.
Often the entrepreneurial journey begins when a person starts to seek alternatives to their existing lifestyle.
You know, I considered many things for years before I left my corporate job. And, I talked to a lot of business owners. None of them described to me what I’ve experienced. None of what they said prepared me for becoming an entrepreneur!
I never thought it would be easy. I knew it would require dedication and perseverance. However, I never dreamed it would be as challenging as it has been for my mental and emotional fortitude. Wow, I’m sounding super dramatic right now!
What I’m getting at is that the path to success at being my own boss was just…unexpected. What I’ve faced isn’t represented in a survey or even talked about much by business owners themselves.
The Importance of Having a Clear Plan Before Becoming an Entrepreneur
[Theresa] Yeah, I get what you’re saying. There’s so much you don’t know about being a business owner until you go through it. Looking back, I’ve learned so much, but there are many things I wish I knew. It’d have made the journey less bumpy along the way.
One thing I wish I knew was that having a clear plan would save me so much time and contribute so much to my success.
Honestly, I didn’t learn the benefits of proper planning until I started my coaching business. Can you believe that?
Having a clear plan saves you so much time and contributes significantly to your success.
I was a professional craft designer in the craft and hobby industry for over 20 years. In that time, I travel taught and created countless projects for magazines, books and manufacturers. But I also was a social media strategist, a web designer, a content creator, a publisher and a consultant. I wore a LOT of hats.
Because I was doing all of those things under the craft and hobby umbrella, I believed I was on a purposeful journey. And I was wrong. What I was actually doing was pivoting a lot without any understanding of why I was doing what I was doing or where I was really headed.
This sent me off on a lot of detours, had me chasing shiny objects and resulted in working way harder than I had to. If I’d understood what I wanted and was clear on my goals, I’d have saved a ton of time, effort and headaches.
Now, I work with a plan. The actions I take in my business are much more deliberate. And decisions are easier to make. Planning is also easier…and lots of fun. Yeah, strategically planning out my next steps no longer makes me feel like I’d rather play in traffic.
Learning How to Sell Before Becoming an Entrepreneur
[Meghan] Oh business planning is something you’re not taught and you often don’t go looking for it at first. But then you soon realize that you’re not going to achieve your goals without planning. I’m with you on that. I’ve struggled with planning since day one.
Ok, so my first thing I wish I knew before becoming an entrepreneur was how to sell. Honestly, it doesn’t matter what products or services you offer if you can’t sell them. Without the ability to sell and get paying customers on a consistent basis, you will not have a successful business.
There are many ways to sell, but you don’t need all of them. You just need one of them.
Is that simple? Yes it is. And yet, I didn’t think of that in advance. Plus, NO ONE ever said to me “Meghan, selling is hard.” At first, I thought it was just an issue for me. I was raised not to toot my own horn (as my parents liked to call it). No one likes a braggart. So at my very core, promoting and selling felt uncomfortable.
Here’s a fact though… Once I started networking with more business owners, many of them told me that they had trouble with selling too!
I wish I knew how much importance there’d be on selling. I just never thought about it all that much. Because if I did, I am not sure if I would have chosen what I currently do. Or, at the very least, I would have LEARNED how to sell. I would have trained in this area better.
Selling is still something I’m learning to get more comfortable with. One very important lesson I’ve learned about selling is this:
Selling Tip
There are many ways to sell – but you don’t need all of them – you just need one of them. Pick just one method of selling – one that works with your personality and one that gets you customers of course! Start with one.
This is a common theme you’ll hear from me since I’m a firm believer in minimalism in marketing.
The Value of Relationship Building as an Entrepreneur
[Theresa] I love that advice. No one really talks about selling…well, unless you’re a sales coach. Seriously though, it’s a critical skill that every entrepreneur needs. Starting with one method is solid advice. Keep it simple!
Speaking of selling…when I was working in craft and hobby the world wide web was in its infancy. I was there for the dawn of blogging and social media. I was an early adopter when it was easy to build authority and influence online.
As an introvert, this worked really well for me as it allowed me to hide behind my computer. I was building this huge following online, which was highly beneficial at that time. However, I was missing out on something super important: relationship building.
In the early days of my budding entrepreneurship, my mentors never spoke about that. They talked about how to nurture online relationships a lot but never about real-life ones. I’m talking about deep, connected relationships.
Which brings me to another thing I wish I knew before becoming an entrepreneur because it’s made a huge difference in my business. I wish I knew that building offline relationships were just as important as building online relationships.
I wish I knew that building offline relationships were just as important as building online relationships.
Once I left the craft and hobby industry to solely focus on my coaching business I struggled. All of the strategies and tactics I’d learned as an online marketer simply didn’t work for this new type of business.
It became immediately clear, that I was not going to sell high end coaching with the online strategies I knew. So, I joined a year-long mentorship program where it was suggested that I take my efforts offline. I resisted.
But I dragged my own butt–kicking and screaming–to different networking events in my community using Meetup. It was through Meetup that I met my friend Tina Campbell, the New York Regional Partner of Master Networks. It was through her that I learned about the power of networking. I learned why IRL relationships were important and how to cultivate meaningful relationships. It’s made all the difference in my business.
Examples of How Relationships Benefit You
I benefit from the relationships I’ve built in so many ways. I’ll name only a few so that we’re not here all day.
- It’s helped me grow my contacts, reach, authority, influence, and revenue.
- If I am looking for a specific service, someone in my network can usually connect with me with someone trustworthy.
- If I’m stuck, there’s always someone to brainstorm with.
- Powerful collaborations have emerged.
- I have opportunities to teach and help fellow colleagues by sharing my skills and strengths…that always make me feel good.
I don’t care what your product or service is. The benefits of building offline relationships are massive. I encourage everyone to find those events in your own area. And ask around at those events for recommended events. Networkers KNOW the good spots.
Having the Right Mindset Before Becoming an Entrepreneur
[Meghan] Networking and relationships are critical. Remember when I said you need ONE method of selling – at least to start? My first and best method has been word of mouth referrals – which obviously rely on excellent relationships. This is a good point to bring up, so thank you! Because if you perceive that you’re alone in business, you’ll take longer to get ahead. Relationships help you get ahead – and help you maintain your sanity. So, avoid the perception that you don’t need anyone just because you’re your own boss.
Which actually leads me to my next point. The other thing no one ever warned me about before becoming an entrepreneur was the absolute necessity to change certain attitudes, beliefs and perceptions. People refer to this as having “the right mindset.”
Don’t underestimate the power of your mind and beliefs in your success! These things make or break businesses all of the time.
Six years ago, Mindset was something I thought was total bunk and an utter waste of time. I didn’t see myself as having low self esteem. My self confidence appeared to be solid. I thought, “What is all of this mindset mumbo jumbo about? My mind is in the right place.”
However, I was dead wrong about mindset in general—and my mindset for sure. I was unprepared for the mental and emotional work ahead of me. And this was by far the most difficult, painstaking, and challenging part of running a business.
Here’s another thing few people talk about. Sure, it’s awesome to be your own boss. But you know what that means? When failure happens, who is to blame? Who is responsible for the success and outcomes of the business?
It’s ALL on you. So, what happens? We all have different ways of dealing with life. For me, I reverted to old feelings of inadequacy. My fears sprouted again. I started to doubt my abilities, my worthiness. Was I good enough?
I know you’ve asked yourself that same question, yes?
[Theresa] Many times! You know, we could do an entire episode, if not several, just dedicated to the topic of mindset.
What I am hearing you say is that it’s the solitary that contributes to getting stuck in your own negative headspace. There were many times throughout my journey that I wondered if I had what it takes to be an entrepreneur.
[Meghan] I came to realize that I didn’t believe I was good enough. And that belief affected every aspect of my business. It negatively affected my earning potential and my ability to acquire more clients. And so many other areas too.
So, I had to change. First I had to uncover what I truly felt about myself and my beliefs about failure, success, and my role in them. Then I had to work super hard to change my perception of myself and of life.
You may have heard of the self fulfilling prophecy, imposter syndrome, and Manifestation. These became very real concepts for me. While many refer to the “Universe” as that bigger force running the show, for me that force is God. So, I had to work on my faith too.
Mindset Tip
My one piece of advice in this area is to accept failure as part of your destiny–a part that is inevitable and necessary for you to reach your goal and dreams. You will not avoid failure!
It’s how you respond to and deal with the bad stuff that determines your future. Don’t blame others. Accept responsibility! When things go wrong, analyze what happened to figure out what to change or improve to avoid a repeat performance. Look inward! Most of the time, you have a lesson to learn or mindset work to do.
Don’t underestimate the power of your mind and beliefs in your success! These things make or break businesses all of the time.
Final Thoughts on Things Worthwhile Knowing Before Becoming an Entrepreneur
[Theresa] That’s right. Henry Ford famously said, ”Whether you think you can or think you can’t, you’re right.” And guess what? You absolutely CAN. I think it all starts with awareness. Once you recognize that you’re going to that negative place, you can decide to do something different about it. And no one can change their behavior overnight. Start small. Pick one thing. Work on it.
”Whether you think you can or think you can’t, you’re right.” – Henry Ford
Do you have anything else you want to add Meghan?
[Meghan] I do! I want to tell listeners not to give up. Keep going. The strong “whys” that drive you to run a business and the deep desire to change your lifestyle aren’t enough on some days. We all run into this. That is to say, you’re not alone! The journey is never perfect. It’s messy! But eventually that will lead you to greater things, my friend – if you tough it out!
[Theresa] That’s it from us today. We’d love to know…what is something YOU wish you knew before becoming an entrepreneur? Let us know, we’d love to hear from you! See you next time.
