Entrepreneur’s Frustration – helpful or painful?
Ever felt frustrated? I think that is a great place to pass through. Frustration means that you need to know or access something new, something you have no knowledge of and that is exciting. The trick to success is not staying in that place for too long.
Throughout my career first as a university lecturer, then property investor and now business owner I have experienced frustration.
It has driven me to read books, attend courses, even Google! I have joined programmes and even appointed mentors in my search for the unknown.
What I have learned is how easy it is to waste money on the wrong thing. Through frustration (which is painful by nature) I have grabbed at what seemed like a solution only to find that the information or resources were arriving at the wrong time.
I firmly believe, through my own experience and that I have witness through my work with 1,000’s of small businesses, that there is an order to success in business. A right and repeatable way of doing ‘things’ that ensure your success is effectively and efficiently achieved.
Before you start turning your passionate ideas into profit you need proof. You may think you have a good idea but … is someone already doing “it”, if not why not? Is there really a demand at a level sufficient to create a long-term cash-generating business?
Now you can start to think about the numbers. Will this business actually be worth your time, can you pay yourself a decent wage, will you be able to Thrive or merely Survive? When you work out what you need to earn to live, you also need to know that your customers will be prepared to pay!
Why would people buy from you? Are you a credible solution to their problem? How will they see or hear about your ideas to save them time or money - or ideas to help them spend time or spend money?
Do one thing and do it well. Entrepreneurs can struggle with the ‘shiny penny’ syndrome. When the cashflow starts to squeeze, swift changes in direction in hope of a quick buck surely follow. Focus on one thing and do it so well you make a profit. Processes make profit easily.
Once you know how and can do it, where can you leverage? Where can you improve your performance? How can you make more of your time, knowledge, money, contacts and expertise?
Now you know there is a market for your idea at a volume and price that makes it worth your while, and you are totally focused on improving your performance. Now you can plan for your long-term success, and business growth giving you constant cashflow and great holidays!
Whether you are thinking of an idea, getting ready to start a new business or looking to move up to the next level we can help. Our Business Health Check will ask you a set of simple questions and point out exactly what you need to focus on.
Make Entrepreneurs Frustration a thing of the past – ensure you success and come and have a chat with us about our Business Show offer £9.99 to access the Business Health Check if bought at the show.
See us on Stand 9164