This is the first of 12 blogs on how to Build Your Own Business. To busy to read? I have a solution, listen to my matching podcast on the same topic click here - #BYOB podcast.
After working with hundreds of Corporate Escapees who want to leave their day jobs and build their own business, two thing separates those that succeed and those that give up: focus & persistence.
But how do you choose what to focus on when you have soooo many great ideas!? I get it. I'm a super creative entrepreneur too. I have new ideas every time I shower or go for a run (or a few beers...). But without a focus on a single idea, none of them will develop into a sustainable business because you will not persist.
For those new to my work, the definition of a 'business' is that you are selling something and delivering it for cash. If you are not making money, sorry buddy, it's a hobby.
The way we help clients focus on one idea in their business is to align this idea (product, target market, campaign) with their highest core values. Then you will naturally focus as it's what you really want to do.
When we talk about values we are not discussing right and wrong, like the 10 commandments style. It's how we prioritise our limited resources of time, money and energy. Thanks for Dr John Demartini for the inspiration for my values work.
The seven areas we review (in no particular order) are:
- Business, 2. Money, 3. Family, 4. Friends, 5. Health, 6. Education, 7. Spirituality
Of course, all of these values are important, but only the top 3 will drive our behaviour and choices. If your business isn't a top value it will be tough to develop a work rate sufficient to build a strong business as your other values will get in the way.
For example; let's say Family, Friends and Health are your top values and business number 4. It's time to do those proactive sales calls or write your blog for the week. But you have to pick up the kids from school, then you are invited to a friend for a drink and you wanted to squeeze in a run too.
What do you do? Do you put your kids in after-school care, say no to your friend and do your run or do you get your work done? When it's your own business you can choose how you spend your time as you are your own boss, but that is a double edge sword as you lack accountability.
If your highest value was Business you would choose to do the work, perhaps not all the time, but enough to make your business thrive. If you prioritise other areas of your life most of the time, you will not have sufficient time to fun a sustainable business.
Once you know your highest values, ask yourself how this particular idea supports all of your values. Try to come up with 20 ways this particular business model, product, target market or campaign support your health, family, friends etc. Once you start matching your core values to your work, it's far easier to say yes to work and no to distractions.
It takes 10-12 hours a day 5 days a week to run a strong business generating an income to match a corporate job.
That level of effort requires persistence. Persistence comes from matching your Why to your business. When you truly believe that your business will meet your long-term goals and values, you will have the inspiration to continue in the face of setbacks and challenges.
If you know that your business serves others, believe that it can make money to support you and confidence that you can do it. You will persist.
Unfortunately, many people, lack the strategy of how to build their own business, the process to build a successful marketing and sales campaign to get clients and motivation to do the work required scale a business that is sustainable. Thus, they give up and chase another business model, create a new product or choose a different target market. But the underlying issue is they really haven't spent the time to figure out their Why and understand their values to choose what to focus on and the reason to be persistent.
Most of the time the problem isn't in the business. All businesses have problems. The goal is to find the problems you enjoy solving. That takes internal work to discover your Why and values.
My advice on how to resolve this issue, after going through it myself many times and coaching many clients through the same process, is to do a Values workshop. We do them at Social Star or find a good Demartini Facilitator to help you through the process.
By getting clear on these two areas will significantly increase your chances of success in your business, because the only real way to fail in your business is to give up.
Check out this video here for more details - Demartini talks Values
Talk to Andrew regarding a Values workshop - Chat to Andrew