Empower Your Business: 3 Key Strategies for Success
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Understanding the Business Mindset
As the tax season approaches each year, I take the time to organize my finances. With my background in accounting, sorting through numbers doesn’t faze me. However, since my business isn’t particularly profitable or transaction-heavy, I often leave my financial results a mystery until this period.
Initially, I didn't expect much. Given the modest balance in my account, I anticipated a tax refund instead of owing more. However, this year brought an unexpected revelation: I didn’t receive any refund. My earnings were too low to qualify for the tax benefits available to low-income individuals and families, which I found rather ironic.
In moments like these, I find myself questioning whether to continue my business. Tax season is a critical period for evaluating revenue and overall business health. Yet, despite the disappointing financial results and absence of a refund, I remain committed to my writing endeavors. I’ve found joy in my work and recognize that I still have opportunities for growth.
Deep down, I believe I can enhance my business operations. This sentiment resonates with many who contemplate starting their own ventures or reach pivotal points in their current businesses. Entrepreneurship involves significant risk, along with various challenges and experiences that come with it.
While numerous articles highlight the potential pitfalls of starting a business, these warnings are crucial to consider. At the same time, those already in the entrepreneurial space can shift their habits and create a more successful business. It all boils down to altering one’s mindset and consistently working towards improvement. Based on my experiences and insights from various readings, I identify the following essential strategies to cultivate a better business.
Embrace the Risks
I have a wealth of experience in taking risks. Over the years, I’ve explored various avenues as a writer. After refining my skills for two years, I transitioned into freelance work, striving to make a living. I accepted numerous writing gigs and began to establish a reputation on Upwork, which eventually led me to collaborate with companies beyond that platform.
In addition, I have:
- Revitalized my dormant YouTube channel and dedicated myself to its growth.
- Launched a dropshipping business.
- Created a self-help brand linked to my dropshipping venture.
- Engaged in collaborations and joined affiliate programs (like a fantastic productivity app).
These endeavors come with their share of challenges, and I plan to revisit them when the timing is right—once I have resolved my financial issues. Nonetheless, my willingness to step outside my comfort zone is a critical aspect of being an entrepreneur.
It's important to recognize that starting a business often diverges from initial plans. I’ve grappled with whether to leverage my accounting degree or focus solely on writing. Each choice embodies different risks, some more costly than others. Acknowledging and accepting these risks is part of the entrepreneurial journey.
This doesn’t mean one must adopt a relentless or gritty attitude; rather, it’s about nurturing emotional intelligence. Cultivating empathy, being considerate, and forming meaningful connections can significantly enhance risk management and problem-solving abilities. This emotional growth can profoundly impact an entrepreneur's journey.
Confronting Uncertainty After Failures
As previously mentioned, I’ve ventured into various projects. Given my limited resources, I consider these attempts commendable. They’ve offered opportunities to broaden my perspective and explore new ideas. However, some of these efforts remain unfinished until I can invest the necessary time and energy to bring them to fruition.
Even as I attempt these projects again, I must confront the possibility of continued failure. This uncertainty is a common fear that can paralyze individuals. Many entrepreneurial discussions highlight this fear, but to build a thriving business, one must confront uncertainties and repeated setbacks.
While the notion of “hustling” through challenges often circulates, I believe that isn’t the best path to success. I’ve always been intrigued by the mind, and I find collaborative work to be more beneficial than solitary efforts.
Even though my marketer is no longer with me, we continue to support each other, fostering a sense of camaraderie that can be invaluable for entrepreneurs. Certainly, there are tasks that require individual effort, but involving others in the process can greatly enhance the business-building experience, making it easier to navigate failures and uncertainties.
Investing Time Wisely
The final aspect to consider is the concept of working “insane” hours. I place “insane” in quotes because the definition of this term can vary widely. I don’t believe that individuals need to labor for 80+ hours weekly, especially as more people embrace four-day workweeks. This shift invites a reevaluation of one’s workflow and productivity.
Personally, I find it challenging to reach even 20 hours of work per week. However, a recent job opportunity may help me increase my hours to that level, including my current responsibilities.
To me, working “insane” hours means pushing slightly beyond your usual effort. It shouldn’t feel unreasonable, despite the terminology. For instance, rather than writing just one article, I aim to produce two or three each day. This incremental increase is what “insane” hours should represent.
If you struggle with productivity, I can recommend an excellent app to help boost your output.
Building a better business isn’t solely about scaling up. I believe a business is an extension of its creator; personal choices and character significantly influence its success. Challenges and obstacles will always be present, leading one to question the validity of their business endeavor. There’s ongoing pressure, and others may expect you to pivot to a different path.
Sometimes, stepping back from a business is indeed the right choice. However, it’s essential to recognize that it’s not the only option, especially when there are opportunities for personal and professional growth.