Drive and determination is what makes many entrepreneurs successful, but as well as being your greatest strength, it can also be your greatest weakness.
Selfless devotion to a goal can perversely become a fatal act. Without your continuing ability to drive your project or dream forward you will have sold yourself cheap, deprived your loved ones of your promised success and be heading for depression or worse. Take a moment to consider how to reduce your business risk and look to invest in yourself. Here are my top 5 tips:
- Treasure your number one asset well
Guard your health from self-destructive actions. Take control of your health to maximise your earning and learning potential. The vehicle your brain uses to get around, being your body, deserves kindness and respect. It will only be as good as you treat it. If your body should stop, the game is over. Eat, sleep and stay fit enough to perform at your best. Remember the old saying, a healthy body is a healthy mind. You need both to be successful.
Most entrepreneurs know what they want. A high level of self-confidence can risk becoming self-absorbed. Find out what the market needs. The obvious way to get general marketing knowledge is by reading general and trade news. Learn to understand what people are thinking. Listen to and/or watch the TV or radio news. Talk back radio is where a lot of the population converse on topical issues. Become involved. Read more. Watch inspiring YouTube videos. Google your questions. There is a plethora of information out there in the world to help you become more educated every day – take advantage of it.
- Invest time in your loves ones
After you’ve managed keep yourself mentally and physically healthy, consider the other important people in your life. As you become busier, the ones closest to you can sometimes feel neglected, so ensure you put time and effort into maintaining these relationships. If you haven’t got time, take charge and manage your assets and make time. After all, you are investing in both them and your very own success.
- Choose your friends carefully
You will be judged by the company you keep. The old saying that successful people surround themselves with other successful people is true. Be brave and risk working with people smarter than you. It’s important that your team both challenges you and supports you wherever possible.
The advantage of having a business plan is that it highlights what you are to do. Talk is easy but writing it down clarifies the strengths and weaknesses. Does it make sense? Would anyone other than family, friends and fools invest their money and time in your business? When the plan is finished it’s back to reality and time to implement it. For a business to survive and thrive it must, at all times, survive. Be prepared to review the business plan as needed in order to adapt to market or industry changes.
You became an entrepreneur because you wanted to do more than average. You’re taking risks, working hard and have your goals in sight. Just remember to allow yourself a moment to celebrate having your health and your family, as this is ultimately what matters. Then blast back into it!
About the Author:
Alan Manly is an entrepreneur with extensive experience owning and managing SMEs. He is also the author of When There Are Too Many Lawyers … There Is No Justice ($24.95), visit www.whentherearetoomanylawyers.com.au