Five Crucial Lessons I Wish I Knew Before Starting My Business

Becoming a business owner is one of the most exhilarating yet daunting experiences one can undertake. Whether you identify as an entrepreneur or a small business owner, the journey to success is paved with lessons learned through trial and error. Here are five things I wish someone had told me when I first embarked on this incredible journey. I'll tell it like it is—no holds barred. People often share only the good stuff, not the bad. I'm here to keep it real.

Expect a lot of trial and error; it can be an emotional and financial rollercoaster. But don't let this discourage you. Every setback is a setup for a greater comeback. The path to success is rarely a straight line; it's filled with peaks and valleys that will test your resilience and determination. Each challenge you face is an opportunity to learn, grow, and become a stronger version of yourself. Remember, the most successful entrepreneurs didn't avoid failure—they learned to navigate through it. With unwavering commitment and dedication, you can turn obstacles into stepping stones on your way to achieving your dreams. Stay the course, believe in yourself, and never forget why you started.

1. The Difference Between an Entrepreneur and a Small Business Owner

Before stepping into the business world, it's essential to understand the distinction between an entrepreneur and a small business owner. While both roles share similarities, they also have unique characteristics.

Entrepreneurs are visionaries who seek to create something entirely new. They thrive on innovation and are constantly looking for ways to disrupt the status quo, challenging conventional wisdom and finding novel solutions to problems. Their primary goal is to scale their business rapidly and achieve exponential growth, often by leveraging cutting-edge technology and strategic partnerships. These pioneers are not afraid to take risks and embrace failure as part of the learning process, all in pursuit of their ambitious dreams.

Small business owners, on the other hand, often focus on building a sustainable, community-oriented business. Their goals may include providing excellent customer service, maintaining steady revenue, and creating a lasting legacy within their community.

A common mistake many women make is confusing entrepreneurship with small business ownership. Often, they end up simply trading one job for another, missing the chance to innovate and scale their ventures beyond local communities. As a result, they might have less freedom and income than they did while working for someone else. It's crucial to understand what you want from your business. Are you aiming to revolutionize an industry or build a stable, community-focused enterprise? There is no wrong or right answer, its about knowing exactly what you want so you can maintain alignment.

Recognizing your ambitions and aligning them with your business goals is a powerful step in your entrepreneurial journey. This clarity will shape your strategies and determine the impact you make. This leads us to Step #2.

2. Understand Your Personal and Professional Goals

One of the most crucial steps in starting a business is aligning it with your personal and professional goals. This alignment ensures that your business becomes an extension of who you are, rather than a source of conflict. By taking the time to reflect on what truly matters to you, both personally and professionally, you can create a business that not only meets your financial objectives but also brings you satisfaction and fulfillment. This thoughtful alignment can lead to greater motivation, better decision-making, and a stronger commitment to your entrepreneurial journey.

Ask Yourself:

• What are my long-term personal goals?

• How do I envision my professional life in the next 5, 10, or 20 years?

• Which values are non-negotiable for me: time, freedom, or money?

• What does my ideal day look like?

• Is my business a stepping stone to something bigger as I achieve greater financial security and freedom?

Journaling about these questions will empower you to deeply understand yourself and make informed decisions that resonate with your true aspirations. Take time each day to reflect and write down your thoughts, dreams, and feelings. This practice allows you to see patterns, recognize your true desires, and identify any conflicts between your personal and professional goals. By becoming aware of these elements, you can create a business that not only aligns with your vision but also fuels your passion and purpose.

Use your journal to explore each question thoroughly:

• Contemplate your long-term personal goals: Write down what you envision for your life beyond your business. Explore your dreams, whether it’s traveling the world, spending more quality time with family, or pursuing hobbies and passions.

• Visualize your professional future: Detail where you want to be in your career in the next 5, 10, or 20 years. Think about the legacy you want to leave and the milestones you hope to achieve.

• Identify your core values: List out which values are non-negotiable for you, such as time, freedom, and money. Reflect on why these are important and how they will influence your business decisions.

• Imagine your ideal day: Describe what a perfect work day would look like for you. Consider your routine, the kind of work you’re doing, and the environment you’re in.

• Consider the bigger picture: Reflect on whether your business is a stepping stone towards a larger goal. Write about how achieving financial security and freedom through your business could open more opportunities for growth and fulfillment.

By consistently journaling your thoughts and reflections, you cultivate a deeper understanding of yourself, paving the way to create a business that is genuinely aligned with who you are and what you value most.

3. Self-Care is a Must

Running a business can be all-consuming, but it's vital to prioritize self-care. Neglecting your well-being can lead to burnout, which ultimately hampers your ability to lead effectively. Most women often neglect self-care for their business and their family, believing that their constant dedication is the best way to support those they care about. However, this is really faulty logic. When you neglect self-care, you not only risk your physical and mental health but also diminish your capacity to be present and effective in your business and personal life.

By taking time to care for yourself, you can recharge and maintain the energy and clarity needed to successfully manage all aspects of your life. This includes engaging in regular physical activity, maintaining a balanced diet, ensuring you get enough sleep, and taking breaks to relax and unwind. It might also involve seeking support from friends, family, or professional networks to share the burdens and responsibilities that come with running a business.

Investing in self-care can lead to improved decision-making, increased productivity, and a more positive outlook on both personal and professional challenges. When you are at your best, you are better equipped to handle the demands of your business, nurture your relationships, and enjoy life to its fullest. If this isn't done, your business, health, and emotional well-being will suffer. Remember, self-care is not a luxury, but a necessity for sustained success and happiness.

Tips for Self-Care:

• Set Boundaries: Establish working hours and stick to them.

• Take Breaks: Regular breaks can increase productivity and reduce stress.

• Stay Active: Incorporate physical activity into your daily routine.

• Mindfulness Practices: Techniques like meditation and deep-breathing exercises can help manage stress.

You are the greatest asset to your business. Prioritizing your physical and mental well-being ensures optimal performance, effective problem-solving, and the stamina necessary for sustained growth. Investing in your health is essential for long-term success and overall happiness. Remember, business ownership is not a sprint; it's a marathon.

4. Stay Within Your Zone of Genius and Outsource the Rest

It's tempting to try and do everything yourself, especially when you're just starting out. You might think handling all tasks on your own will save money and give you complete control. However, this approach can spread you too thin and significantly affect the quality of your work. When you take on too much, the risk of burnout increases, and your mental and physical health can suffer. This is a terrible idea because it depletes your energy and diminishes your productivity. Instead of focusing on money as your most valuable asset, remember that your health, productivity, and overall well-being are far more important. Prioritizing these aspects will enable you to perform better and sustain success in the long run.

Identifying Your Zone of Genius:

Your "zone of genius" is the area where your skills and passions intersect, allowing you to perform at your best. This concept was popularized by author and business coach Gay Hendricks in his book "The Big Leap." According to Hendricks, everyone has unique talents and abilities that, when combined with their interests, create a powerful state of productivity and fulfillment. To find your zone of genius, start by identifying activities that energize and excite you, and where you excel naturally. Focus on tasks that align with this zone and consider outsourcing the rest. This will not only enhance your performance but also increase your overall satisfaction and success.

Outsourcing offers numerous benefits. It enables businesses to concentrate on their core competencies by offloading non-essential tasks to third-party providers. This not only lowers operational costs but also allows companies to tap into specialized expertise that they may not possess in-house. Moreover, it provides flexibility and scalability, allowing companies to swiftly adapt to market fluctuations and demands without the need for significant internal restructuring. Additionally, outsourcing can lead to improved efficiency and productivity as external partners often bring in fresh perspectives and advanced technologies. Not to overlook, there is also an emotional aspect to outsourcing, as it can relieve internal staff from mundane or overwhelming tasks, thereby boosting overall morale and job satisfaction.

• Expertise: Professionals can handle specialized tasks more efficiently.

• Time-Saving: Free up your schedule to focus on strategic growth.

• Cost-Effective: While it may seem like an added expense, outsourcing can save money in the long run by improving efficiency and output quality.

5. Invest in Yourself First

Society has trained women to put themselves last, often instilling the belief that their needs and desires are less important than those of others. This cultural conditioning encourages them to spend their time, energy, and money on everyone but themselves, from family and friends to colleagues and even strangers. As a result, many women neglect self-care and personal growth, further perpetuating the cycle of self-sacrifice and undervaluing their own worth.

Investing in personal and professional growth should be a top priority. The more you learn and develop, the better equipped you'll be to steer your business towards success. Take the time to attend workshops, read books, and seek mentorship to enhance your skills. Additionally, make sure you make good financial decisions by carefully analyzing your expenditures and savings. Ensure that you don't delegate important financial tasks without proper oversight, as this could have significant impacts on your business. Balancing growth and financial prudence is key to long-term success.

Ways to Invest in Yourself:

• Continuous Learning: Participate in workshops, webinars, and industry conferences to stay updated.

• Networking: Engage with fellow entrepreneurs and business owners to share ideas and gain valuable insights.

• Mentorship: Find mentors who can provide guidance and support from their own experiences, helping you save time, money, and avoid pitfalls.

• Self-Care: Prioritize your physical, mental, and emotional well-being to maintain a healthy work-life balance.

• Skill Development: Enroll in courses to improve your skills in leadership, marketing, and finance.

• Financial Security: Ensure you have savings to safeguard your financial stability.

Conclusion

Starting a business is a courageous endeavor, and while the road may be challenging, it's also incredibly rewarding. To all the amazing women out there, you have the power to do this! Align your business with your personal and professional goals, and create a vision that inspires you every day. Prioritize self-care to maintain a healthy balance between your work and personal life, as your well-being is crucial to your success. Focus on your strengths, leveraging your unique skills and perspectives to stand out in the marketplace. Continuously invest in yourself through education, networking, and personal development to stay ahead and grow. Take the first step in taking control of the creation of your life—your journey starts now! Believe in your potential and embrace the adventure that lies ahead.