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Seven Key Insights for All Entrepreneurs: Start, Grow, Bend and Succeed
JANICE HURLBURT
Starting a business or making a shift in your existing business, you will have that overwhelming feeling, the weight of wondering what business to create and how to market your products or services effectively. Maybe you already have an idea for a full-time business or a side hustle. Maybe you’ve been in business for a while but know something needs to change.
You have this deep belief and confidence in the potential to transform lives or a product that will make a difference in one’s life. We often get caught up in the complexities of the ‘how’ – how to turn our vision into a successful reality.
Owning a business can be an exhilarating yet daunting endeavor.
As an online visibility strategist and digital marketing mentor, I’ve seen many new entrepreneurs grapple with the question of ‘when’ and ‘how’ to launch their ventures. Drawing from my experiences and professional insights, I’d like to share seven key insights to consider when starting a business and more importantly, how to keep your doors open.
1. Your Passion: The Essential Fuel for Your Business Journey
The cornerstone of any successful business is passion. Recently, I shared the importance of identifying what you are passionate about and naturally good at. I’m seeing this firsthand now that my husband, after being injured and unable to continue after 17 years with the same company, had to start thinking about a significant career change. His love for music may become the beacon for his exploration into entrepreneurship.
Imagine your business as a car. Your passion? That’s your fuel. Without it, you’re not going anywhere. Those long days and unexpected challenges become much easier to handle when you love what you do.
When you’re passionate about your business, it shines through. It makes your product or service stand out because, let’s face it, nobody gets excited about something that even the owner isn’t enthusiastic about, right?
2. Your ‘Why’: The Compass for Your Business
Your ‘why’ is your mission statement, your core source of motivation. It took me years to transition from a ‘Why’ imposed by external expectations to one that truly resonates with me – a desire to run a business that allows me to support clients virtually anywhere in the world.
Your ‘Why’ is a compass guiding every decision you make.
A Why could be
• I needed a job to start paying off my student loan
• I didn’t know what else to do, so I took this job because I needed medical insurance.
• My parents advised me to get a job in the medical field that would guarantee job stability.
You want your “Why” to reflect your innermost aspirations. It is a feeling that compels and motivates you every day to do. You feel driven because it gives you meaning. It is your dream with a purpose.
It’s okay if your Why is to make money while living in an RV doing what you are naturally good at and most passionate about. It is a process to understand your Why, and it can take years until you realize your “Big WHY.”
3. Embrace Failure: The Stepping Stones to Success
Failure is not the end; it’s an integral part of the entrepreneurial journey. Every setback is a lesson in disguise, offering invaluable insights and opportunities for growth. Embrace and learn from the setbacks, as they will make you stronger and more resilient.
4. Market Research: Your Business GPS
Market research might seem tedious, but it’s crucial. It helps you understand your target market, competition, and existing demand.
Market Research is like being a detective in your business world. You start by figuring out who your customers are, what they like and need, and how they spend their money. It’s like getting a sneak peek into their minds. Why is this cool? Because it helps you tailor your products or services just for them, increasing your chances of them wanting to use your services or buy your products.
Analyze Your Competition:
Let’s talk about your competition. It’s not about copying your competitors but more about learning from them. What services are they offering? What are they doing right? Where could they improve? This allows you to do something different in the right ways, or you may see how you can do it better.
And then, there’s understanding the demand. Is there a real need for your service or product? It’s about looking at trends, what people are into, and how many are likely to be interested in what you have. This part helps you figure out stuff like how much to charge, how much to make, and how to tell people about it.
>> It’s not about having a great idea but having an idea that meets a market need.
5. Surround Yourself with a Supportive Network
No one builds a business alone. Surround yourself with people who believe in your vision. Seek mentors, join networking groups, and collaborate with others who share your entrepreneurial spirit. This support network is invaluable for guidance, feedback, and encouragement.
6. Take Care of Yourself: The Entrepreneur’s Best Investment
Take care of yourself. As an entrepreneur, getting caught up in the hustle and forgetting about self-care is easy. Remember to prioritize your physical and mental well-being. Make time for exercise, relaxation, and quality time with loved ones.
A healthy entrepreneur is more productive and focused, which benefits the business.
7. Final Thoughts: Reflecting on the Journey
Looking back over a decade, the most crucial thing I wish I had known earlier was the importance of self-care and the value of time. It’s a journey of self-discovery that shapes not only your business but also your personal growth.
No matter if you’re starting out or evaluating where you are in your business, take moments to reflect on your journey. What have you learned? How have your goals and motivations shifted? Remember the challenges that strengthened you and those who influenced your path – mentors, partners, and critics. These reflections are crucial to aligning your personal growth with your business vision.
Your business, like you, is constantly evolving. Regularly reflecting helps you appreciate your progress and guides your future direction. Embrace the uniqueness of your journey; it’s what distinguishes you in the entrepreneurial world.
Recap: The Seven Pillars of Entrepreneurial Success
1. Passion and Purpose: The heart and soul of your business.
2. Understanding You’re ‘Why’: It is your core source of motivation.
3. Embrace Failure: View setbacks as growth opportunities.
4. Market Research: Understand your market and adapt accordingly.
5. Supportive Network: You’re not in this alone; seek and offer support.
6. Self-Care: A well-balanced entrepreneur is a successful one.
7. Reflecting on the journey: A journey of self-discovery.
Embarking on an entrepreneurial journey is a bold move that requires courage, resilience, and a deep understanding of your own motivations. By following these insights, you’re not just growing your own business but building a dream rooted in passion, guided by purpose, and supported by wisdom and community. Here’s to your success! 🚀
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ABOUT JANICE HURLBURT
I help coaches and entrepreneurs shine their expertise online, by making the process of building their online presence fun, simple, and ready-for-success.
My digital agency will take care of the technology for you, help you shine like a star and get your expertise and efforts noticed. When you make me your partner in online management, I become the navigator of your journey, helping you map your success, attract the right clients, grow online and make more money.
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