Tips for Entrepreneurs
I’m no stranger to the entrepreneurial grind. In fact, for most of my adult life, it is all I have known. Entrepreneurship is always the only way forward for me. Even at a young age, when I was asked what I wanted to be, I recall saying “an entrepreneur.” (And occasionally a Marine Biologist). But as I enter my 16th year of business ownership, I feel qualified to impart some wisdom regarding what I have experienced and seen—and also what maybe isn't being talked about enough.
“Being a business owner is like having an existential crisis 24/7.”
This is a quote from a CEO talk Kelsey attended and it feels very on the nose. When you run your own business, often you are siloed in your own mind—even with a team supporting you. I am lucky to have Kelsey to be a sounding board (an intentional choice I made after being a solo-preneur for six years). It’s a lot like feeling your way out of a pitch black room. Sometimes you have data to help you make choices (highly recommended), but usually all you have is intuition and know-how to get you through some hard times. Questioning your choices, your purpose and your belief in what you are doing can require constant outside validation. You have to become good at trusting and validating yourself—the rest will come with success.
2. You don’t need a huge investment or budget.
What you need is gumption and a great idea. The rest is market fit and timing. We started WOTW with each of us depositing $2,500 into a bank account. With $5,000 powering our service-based business, we had to hit the ground running if we wanted to make a paycheck. As scary as that may seem, being able to hustle is a core tenant of what it means to be an entrepreneur. So if that is off-putting, it may not be the job for you.
3. Give yourself time outs.
Sometimes the best thing you can do for your business when things are spinning out is to just step away. Stepping back when you’re in the eye of a storm not only saves you from making knee-jerk, fear-based decisions, but also provides clarity. It’s rarely ever as bad as you imagine, and letting the dust settle to be able to see the problem for what it is and break it out into little pieces has saved me quite a bit of heartache.
4. Find your community.
Strength in numbers. You need a community of fellow entrepreneurs occupying a similar market space. Not only will you be able to refer work to each other, but you’ll be able to keep a finger on the pulse of what is happening in your industry in real time—something that is invaluable if the market makes a sudden shift and you need to adapt. Beyond this, your community will bolster you when times are tough as well as sing your praises when you have big wins. It’s the refueling you need when you are warding off consistent burn out.
5. “Don’t let the highs get you too high or the lows too low.”
This is a piece of advice I have given out before, and was given to me. The point is not that you’re supposed to become stoic;rather, don’t let the shifting tide drag you down or get your hopes up too high. You have to be consistent. This is just as true as when things are going well. When you have a big win, celebrate it, but move on to the next because that’s how you keep the lights turned on.