Running your own business can be rough, I mean ROUGH ….. After I had built and sold my IT Services company I was so drained I had to take a 14 month vacation. After I had recovered from the emotional rollercoaster of selling my business and moving on with life I did what all recovering business owners do – I vetted about 25 different business opportunities. Nothing felt right for the geographical area I was in or fit what I was looking for challenge or investment wise.
As I started to accept the fact that I was pushing too hard for something new I started working with some up and coming business owners who needed guidance and mentoring. It was a blast to help them through hurdles, fast track progress, and alert them early on what to look out for. As I worked with these folks it became apparent that much like having a Work Manifesto for employees in a job or career is important, so too is having a Business Owner Manifesto. So following are my suggested ten items to live by when owning your own business. Let me know in the comments if you agree/disagree, or have more ideas to live by!
- Don’t make everything perfect, do the 80% to make it “good enough”. There is too much “stuff” to do when creating the business from scratch. Get things going, then incrementally improve them or revamp later after you know how things work or don’t work for what you need.
- When possible make decisions fast. Don’t sit on decisions, as that is choosing to make no decision, which can be worse than making the “wrong” decision.
- Always ask when doing things, does this thing I’m doing save me time or make the business money. If not, why? Is it worth doing at all? Maybe have someone else do it (outsource)? Maybe save it for a later time when we have more resources, time, etc?
- Use Agile tendencies so that the business can quickly develop new processes, products, etc so that you can get quicker feedback. Use MVP release to minimize development time and maximize feedback loops.
- Always be on the lookout for what can be automated. Can you spend a small amount of time up front to automate things that’ll save you or your business a lot of time per week, month, etc?
- Know thy clientele! Don’t bow down to pressure from potential clients that are not good fits, or won’t make you much money. Think abundance mindset, there are plenty of other fish in the sea to catch.
- Take care of yourself health wise, sleep wise, and mentally. If you don’t take care of yourself, then you can’t take care of your business. Find ways to deal with your negative head trash and self-limiting beliefs so they don’t constrain your potential growth.
- Be a leader in your home, business and community! This mean acting like an owner and remembering you have equal business stature with everyone. This also means growing future leaders in our home, business and community so that we can spread opportunity and achievements to more people.
- Build a system for success, because success doesn’t just happen to you, you make it happen. Have systems in place that force you to do things the right way, even when you don’t know the exact things to do. You’ll at have a system to set your behavior the right way to research and explore how to do new things.
- Always be on the lookout for ideas to steal. Don’t break NDA’s, but look at how competitors do things, how do others in different industries handle the same challenges you have. It’s amazing how many good ideas come from simply observing others, especially ones not in your own industry.