It may be the end of a decade, but it is just the beginning for you as an entrepreneur and small business owner.
Are you up to some motivation that will boost your survival rate? Then keep reading!
When you started your business, you had hopes, dreams, and desires. You decided to take imperfect action and just launch your project.
As weeks went by, and months, you realized that being the chief executive officer (CEO) really meant Chief Everything Officer! Your monthly expenses keep coming up. You have cut all your personal expenses to the bare minimum, but the income isn’t coming just yet. And maybe now, you’re finding yourself struggling to get through the day, or maybe paying the bills has become a huge feat for you.
It doesn’t help that the stats on new business owners can often feel discouraging.
According to the Bureau of Labor Statistics, the small business failure rate will likely remain around 20 percent in 2019. This is businesses that fail that are a year old. The failure rate will be about 30 percent in their second year, 50 percent in their fifth year and 70 percent in their tenth year.
On a positive note, 50% of businesses survive five years or more. Contrary to popular belief, the Small Business Association states that only 30% of newly founded businesses are likely to fail within the first two years. The success rate of any small business is dependant on the right planning, flexibility, and funding.
You Are Extraordinary
Yes. You are!
I want you to go into the next decade of your life and business with the right mindset.
It’s well known that having a successful business depends on many factors, including the above mentioned. But if you really want to end the year strong, and start the new year with a fresh new perspective and outlook on your business, then it’s time to really focus on the number one thing that drives your business: your mindset.
Now before you roll eyes, hear me out. I’m not a life coach as you know. I believe that taking practical and consistent steps in the right direction will take anyone to their next level. The caveat? Your next level is unique. You can’t compare your year 1 with someone else’s year 15.
How do you turn on the volume of your message, grow your business, if you still feel unqualified? That’s the power of a strong mindset. Creating that entrepreneurial powerful mindset will allow you to stay the course.
Start With Your Why
Reflect on what you’re doing and why you’re doing it. Without self-reflection and awareness about how you operate, how can you even know where you want your business to lead you towards, or the risks you’re willing to take?
They say entrepreneurship isn’t for everyone. I agree. But I also agree that entrepreneurship is for everyone who has a big desire to make things happen. Great entrepreneurs show those traits even since they were in elementary school. Ironically, they are the kind of kids that get in trouble for not being shy when it comes to express their opinion. I know it because that was me!
When you truly know why you’re doing what you’re doing, you’ll be more than ready to tackle any challenges your new business throws your way.
Here are three things to set you up for success in the upcoming year:
1. Get Real With Yourself.
This one may seem obvious, but many entrepreneurs hold a belief that they’re the next Steve Jobs, or the next Amazon, which is the embodiment of a stable, profitable and efficient business. But the truth is, their own lives are completely opposite.
If your bank account is in the red, or if you haven’t taken the time to sit down and face your finances and set up a budget, you might want to consider coming to terms with your reality, first by cleaning up your personal life before you start taking drastic strides in your business.
Do you need to get better at having money conversations? Learn how to save money? Stop using your credit cards? Learn people skills? Get real with yourself.
On the other hand, celebrate progress. Every step you took this year put you closer to your big goals. You better celebrate every victory!
2. Know Yourself Inside Out.
Your business depends on you. Understanding your strengths and weaknesses will allow you to leverage and align them with the core mission of your business.
The most successful entrepreneurs harness their strengths and develop an authentic brand rooted in who they are at the core, not who they think they should be to be successful. As a result of having more self-awareness, even making hard decisions will be improved because you have a better understanding of yourself and how you operate in the most complex situations.
Ultimately, your business represents your character and your values. If you want to succeed, never forget that the journey ahead of you starts and ends with you.
3. Change Your Beliefs About Obstacles.
You and your business are going to be confronted with many obstacles. This is an undeniable fact. But the obstacle isn’t the problem.
Your reaction to it is.
The most valuable lessons you will learn about yourself and the health of your business comes from the obstacles you will face throughout your journey.
Every single one of the challenges you will face will make you stronger. Even in the darkest of moments, if you slow down and look for the silver lining in each and every obstacle, you and your business will come out better and stronger than ever.
If a prospect told you “no”, you better believe that’s for a great reason. Avoid taking things personal; especially rejections.
As you enter a new decade, understand that getting yourself into a “stronger than ever” mindset is much more than self-development. Reflection will allow you to enter 2020 clearer than ever.
You have to be willing to see you and your business for how it is, where you’re headed, and where you want to go. On a deeper level, reflection will help you become honest with your ambition and hard work, and any failure you might have experienced.
Understanding your insecurities makes you stronger both mentally and emotionally. The goal is to move forward and be prepared for almost anything lies ahead of you. With the upcoming new year around the corner, spend time with yourself. Reboot and re-energize your mind, body, and spirit, and always remember that you chose to be your own boss. Maybe it’s time to start being it.
Is It Time To Find A Trusted Circle of Entrepreneurs?
I believe so! Lifting a business from the ground up isn’t easy. But when you’re supported along the way, magical things happen! Click here to learn about my mentorship program!
