February Business Coaching Tip
Welcome to the February 2022 Business Coaching topic here at Miles Better Business Coaching.
My name is Collin Miles aka The Numbers Guys and this month’s question is
Riding the Rollercoaster of Entrepreneurship
This months commentary comes from an Article I read in Forbes from Kjartan Rist.
Entrepreneurs are fast becoming the superstars of our era. Jeff Bezos, Elon Musk and Bill Gates are household names and command the same attention as Hollywood celebrities, while Steve Jobs has become even more of a cultural icon in the years following his death.
These entrepreneurial titans are held in high regard both for the wealth they’ve generated and the step-changes in innovation enabled by their visionary approach to technology. The use of technology is become more and more of a pivotal part of success.
Moreover, their stories have helped forge millions of young people to pursue the entrepreneurial path rather than the conventional corporate career.
Now, with the emergence of You only live once economy, entrepreneurship is increasingly viewed as the best way to make money, make a difference and live life to the fullest.
Unfortunately, however, this view of the entrepreneurial journey is idealized and over-simplistic. Building great companies and developing game-changing products is hard. For all the much-publicized success stories, there are many more failures as the romance of entrepreneurship gives way to reality. – you only have to ask Richard Branson – Virgin weddings, virgin cola and many others – and if he gets it wrong then where does that leave us
So, what do prospective entrepreneurs really need to know before they take the plunge?
Get a numbers guy who is also a business coach LOL
Entrepreneurial success may eventually bring fame and fortune, but before then, most owners face many years of hard work, long hours and little recognition on the path to building a winning business. It is a very lonely place at the beginning.
“When someone sells their company for millions of pounds or IPOs, the way the story is told makes it sound like a walk in the park,”
“In reality, the spirit of an entrepreneur is defined by doing what you do and continuing to do it for a decade or more.
Anyone can become an entrepreneur – this is not a myth. Entrepreneurs come from all walks of life, from many different backgrounds and demographics. However, successful owners tend to exhibit specific characteristics.
Research shows that traits such as ‘resilience and energy’ rank just as highly as the ‘ability to convince/sell’, while ‘self-reflection’ is up there alongside ‘ambition and motivation’ in determining whether aspiring entrepreneurs end up going the distance.
Of course, self-reflection is often aligned with experience. Many who choose the path of entrepreneurship are young, first-time owners yet to cut their teeth in the business world or build up support networks capable of providing external guidance and perspective.
“Most successful owners are in their forties rather than their early twenties,” the article adds.
“While you might not have the same level of energy, you will be better able to navigate for the long run simply because of the experience you have from life. Successful entrepreneurship is about persistence, and knowing that tech grows exponentially. 10 years seems like an eternity when you’re in your twenties.”
Being an entrepreneur requires a lot of determination, an ongoing willingness to learn, and the recognition that sacrifices will be needed along the way. Even then, success is far from guaranteed. Luck almost always plays a part in how the journey unfolds. But this can be minimised by having a business coach in your corner.
Struggles are inevitable in every direction
Entrepreneurs constantly encounter new situations and circumstances, many of which they won’t have faced before. being a owner operator involves constant ‘fire-fighting’ simply to stay in the game.
“As the owner, you are accountable for everything that happens in your business –If you don’t like the thought of this, you should probably reconsider your dream because, more often than not, this is the reality of the role.”
Many entrepreneurs choose to partner up with friends or colleagues to share the load. But while the right partnership at the top can certainly improve a company’s chances of success, in fact, two-thirds of startups end up failing due to conflicts between co-owners.
On the flip side, sole owners are more likely to experience loneliness, self-doubt, and a range of other wellbeing concerns.
Check out some of the other videos on self reliance from last year.
The pressure can be relentless, and there’s also the widespread problem of burnout, as entrepreneurs sacrifice their work/life balance to solve urgent customer issues.
“Setting up a business is incredibly difficult, and the odds are stacked against you in terms of making it successful,”
“Not only that, but as a sole owner, no one has the same attachment to the business as you do. When things go wrong, no one else feels it in the same way. You need to rely on strong network support, a great personal tribe so it is not an entirely solo experience. We touched on that in the last months session”
Many entrepreneurs fail for other reasons, like running out of capital. So having a strong numbers Guy in your corner from Day 1 is vital… Here at Miles Better Accounting we can offer that support at the time you most need it.
Rising to the challenge
Whatever the nature of the latest problem, entrepreneurs need to remain calm and solutions-oriented. The ability to prioritize effectively when problems are emerging left, right and centre is an invaluable leadership skill.
“It’s a good idea to have other things in your life that can distract you from the stress of running the business day to day,”
“It might be sports, meditation, yoga, being involved with a charity or some other hobby. If it distracts you for a few hours a week, it is well worthwhile, and will help you to be a better leader.”
Above all else, entrepreneurs need to know when to seek help. The entrepreneur might be the hero of the story, but every hero narrative features a cast of supporting characters i.e a business coach or a trusted network – who can help them prepare for and overcome the inevitable hurdles, bottlenecks and personal challenges they’ll encounter on their journey.
When the Preverbal this the fan
Although not widely known, there are many examples of entrepreneurs who have suffered severe stress and mental issues over their careers. In some cases, such as Kate Spade, the journey has ended in tragedy.
Entrepreneurs, like sports stars, are attempting to push the limits of human potential. The stakes are incredibly high, and these are normal people – not superheroes although at times this is not a bad mindset to have – who are equally susceptible to the same wellbeing challenges as the rest of us.
We explored a lot of those points last year – so do check out some of the other videos we have on the website.
Romanticizing entrepreneurship and putting entrepreneurs on a pedestal only adds to the pressure to succeed, when in reality, all owners will experience failure at some stage.
It is good to fail – it shows you where the unrealistic elements of your plan where – but with the support of a coach these failures can easily be turned into success with some minor tweaks
It’s important to remember that failures can generate valuable learnings that can be utilized in another setting – allowing entrepreneurs to gain experience, upskill and develop an even thicker skin.
The pandemic has stress-tested most industries and exposed huge issues across all value chains that can be addressed with technology-driven solutions. There’s a pressing need for entrepreneurs with a clear vision for enacting this change.
But while anyone can be an entrepreneur, not everyone is well-suited to it. What’s more, all entrepreneurs need support and guidance on their journey to avoid ending up in a situation where they cannot continue. Even with this guidance, entrepreneurship won’t always enjoy a fairy-tale ending. It is a difficult path to follow, filled with pitfalls and uncertainties. So I can not stress enough the need for a business coach in your corner – let us know if we can help
And yet, there has never been a better time to start a company. And this is where my Let The Numbers Decide course can help.
Startup costs continue to go down due to the availability of the cloud, and working from home..
Only by painting a more honest picture of entrepreneurialism can you ensure that you truly understand the task ahead of you, and ensure commitment to your cause for the right reasons. After all,
“Many entrepreneurs start with a clear mission and then get caught up in the day to day issues – so easy as you are at the coal face everyday with your head down
If you’re thinking of launching a business, it’s because you want to create something and leave your mark
So whatever happens on the journey, never forget why you’re doing this.”
This article further re-enforces why you need to have a business coach and or a Numbers Guy in your corner.
Once again – Thank you to the team at Forbes Inc and Kjartan Rist for a great article
I did want to close out with a little about us and how we can help
As a business mentor – I help clients work in Real time, using plain speak so they can make powerful decisions – working together to always look for success and understand how best to help clients Grow, scale and profit faster which is why -
I have just launched a brand-new online course that uses all these strategies and I am calling it “Let the numbers decide” a 5 pillar programme to help all entrepreneurs launch/grow their new business idea and to overcome the fear of failing.
I would love you to visit www.letthenumbersdecide.com to learn more about the course
Plus, to help support the launch and my mission to help as many people become fluent in Accounting the Language of Business I am offer a free eBook and Discovery call
I hope you will join me this year, in finally taking the plunge and overcoming the Someday and launch your own successful business and allow us in a small way be part of the journey
Thank you for your interest in this month’s business coaching tip , and I look forward to working with you on launching/growing your business in 2022.