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Top 5 Myths That Drive
Small Business Entrepreneurs...Into The Ground
by Robert Gerrish
1. To succeed, you have to work long hours
There's no doubt that starting and growing a business takes commitment
and involves time and effort. Working long hours, however, is often not
the answer.
If you're working without taking a break, you'll not be working effectively
and you'll soon become exhausted.
To be productive; to think clearly about where your business is headed
and to serve your clients well, you need to keep your own well-being at
the top of your list of priorities.
Schedule time away from your place of work, give yourself permission to
take a breather and you'll be more likely to see new ways forward - ways
that may not involve such a large drain on your energy and your life.
2. To do a job properly you have to do it yourself
If you are doing everything yourself, you're not really running a business,
you've got yourself a job, and a fairly tough one at that.
Being able to delegate or to outsource is a skill many small business entrepreneurs
fail to learn. By doing everything themselves they're effectively admitting
that they have no particular speciality, no one strength. That's not necessarily
a problem for everyone - some people like doing everything - but can you
see how it limits growth and opportunity?
Take a look at what you do best, where your skills are best applied and
then see what else you're involved in. How would your business develop if
you spent more time in one area and less in another?
Keeping a detailed timesheet for two or three weeks is a great way to track
where your time is going and can teach you things about your work output
that you'd never imagine.
3. It's best to work hard now and enjoy later
Sorry I don't buy this. My father fell for this one and later never came.
Enjoyment simply must be a part of now. Live for the present- enjoy it to
the full. Period.
4. In business, you don't say 'no' to work
A common assignment I set to my coaching clients is to practice saying
'no' to work. Not for the hell of it - for the heaven of it!
Saying yes to everything, grabbing anything that's going is usually a sign
that not enough thought has been given to what constitutes an ideal client
or ideal work.
Get clear on what is ideal work for you. Don't just look at the nature
of the work, but consider the characteristics of the people that bring you
that work. As your focus becomes clearer you'll recognise ideal clients
earlier and over time you'll draw more of these people to you.
Remember when you got a new car and you noticed lots of the same model
around the place? It's the same with your business, get really clear on
where your opportunity lies and you'll see more openings.
5. Balance is what happens on weekends
Sadly, the structure of our society seems to support this view: work like
a dog all week, recover at the weekend. I reckon the Europeans have got
it right - close down in the middle of the day for a few hours, spend time
with your family and take a snooze.
Alas this is simply not practical for most, but it pays to look closely
at what is possible and challenge your current behaviours.
Why did we start our own businesses? Wasn't part of it a reaction against
'normal' working practices? What's really stopping you?
As an exercise, try designing your ideal week on a sheet of paper. Schedule
in the things you'd love: time for a walk perhaps, an early finish one day
a week, some daytime visits to the gym. Factor in whatever you would really
like. As a target, aim for, say, ten 'luxuries'.
Now set yourself a goal of introducing two or three a week, every week
for the next month. Not convinced? Refer back to point 3.
*******************************
This article was written by Robert Gerrish who supports business
owners on a path to loving their work. His website is brimming with resources
for those going it alone in business. A great example is his FREE report
featuring 101 practical tips direct from business owners. Get this and
more at:
http://www.solotalk.com
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Top 5 Questions to Ask Yourself when Starting Out on Your Own
Robert Gerrish
Have
I done the right amount of research?
The
excitement of starting a new business
can cause small business entrepreneurs
to be too hasty. Often driven by the mistaken
belief that some imaginary boat will be
missed if the business isn't started NOW,
this haste can result in the cutting of
corners, particularly in the area of research.
Research
- whether into potential markets, the
activities of competitors, the mechanics
of the business, financial projections
or methods of marketing - is essential
when completing a realistic and comprehensive
business plan.
On
a contrary note, too much research can
signal and fuel procrastination. Many
prospective business owners remain just
that - prospective - rendered motionless
under the weight and anxieties caused
by research excess.
How
do you find the happy medium? Draft a
research plan by listing the headings
that you feel need attention. Then discuss
this with 2 or 3 business friends or associates
and gather their opinions (and no, not
the ones who you know will agree with
everything you say!).
Have
I been realistic about the pitfalls?
Read
any book about entrepreneurs and you'll
find the word 'risk' somewhere near the
beginning. Every new business has an element
of risk, often it's risk that precedes
revolution and it's revolution that can
bring huge success.
However,
there's a distinction between risk and
irresponsibility. In a nutshell, risk
is not usually terminal. Sure the business
itself might fail, but the possibility
of loss will have been foreseen and personal
disaster will generally have been avoided.
Irresponsibility on the other hand generally
indicates that pitfalls have been blatantly
ignored.
When
risks takers don't pull it off, it's onto
the next. When the irresponsible fail,
it's lose everything and head back to
employment.
A
classic scenario is the entrepreneur fired-up
with the most unique, groundbreaking business
idea ever. "It's what the World has
been waiting for?' we hear, "no-one
has ever done it like this!" Er,
why?
Unique,
groundbreaking ideas are fabulous, alas
they seldom translate into successful
businesses. Far better to do what others
have done, learn from their lessons and
do it better.
Am
I cut out to working on my own?
Working
for yourself sounds like bliss and to
many it is. To others, however, it's lonely,
isolating and downright destructive.
Before
starting out on your own, take a good
look at your strengths and weaknesses.
Ask yourself these questions as a starter:
·
In what way may my behaviours sabotage
my business?
· Am I a good problem solver?
· Will I interact with enough
people during the week?
· How will I delineate between
work and play?
Can
I handle administrative tasks AND develop
my business?
'How
did I get here?' is a far too common complaint
of the small business entrepreneur. Just
a few months into the business and the
optimism of the pre-launch period has
been replaced with mountains of paperwork
and endless action lists. At this point,
days go by where little is achieved other
than a run to the Post Office or a drop
off to the bank.
This
can be due to insufficient thought being
given to the mechanics of the business,
insufficient notice taken of early signals
or (most commonly) a lack of formulating
procedures.
Michael
Gerber's book, The E-Myth, is a great
introduction to this topic and followed
closely, can be a good support through
the jungle.
This
is the part of starting out on your own
that few people envisage. Don't let it
defeat you. Conquer this effectively and
you'll be back in control with a business
that's better equipped. If you need external
help, consider retaining a coach for a
short period.
Do
I have sufficient financial reserves?
Commonly,
start-ups are under funded. There's simply
insufficient reserve to survive the development
period. Here we see the new owner opting
for the "she'll be right" seat
of the pants approach to business - not
a sensible strategy.
Of
course occasionally we hear of an under-capitalised
business that launches and succeeds effortlessly.
But ever wondered why it's so newsworthy?
Imagine
trying to promote, market and network
your business when you're anxious about
whether you'll meet the next rent payment.
Not only is it very personally draining,
it becomes very apparent to others that
you're in difficulty.
It's
a harsh reality, but few want to give
custom to a business that appears to be
failing. Make sure you have the funds
to ride out the storm.
In
conclusion, much is spoken of the high
percentage of small businesses that fail.
Don't let yours become a statistic. Do
your preparation and get ready for the
best journey of your life!
*******************************
Robert Gerrish
Small Business Coach & Author
Robert Gerrish has owned businesses in London and Sydney. He is currently working as a business coach helping fellow entrepreneurs to succeed in their business. Robert has a background in Marketing and Business development. He has columns regularly published in several newspapers and business magazines.
http://www.solotalk.com
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