You always hear about the important things that entrepreneurs should ‘do’ in order to become successful.
However, its rare that people talk about the things that business owners should NOT do when it comes to running and growing their businesses, on or offline.
In this post I’d like to serve up a few of those tips for you. And, I encourage you to make a list of your own (perhaps even based on your mistakes in the past) and even share a few tips for the VBL Tribe at the bottom of the post, in the comment section.
On your marks. Get set… GO!
#1 – NEVER Start a Business Just to Make Money
Every business owner that I have come across that has an insanely successful business, attributes that success to one thing, and one thing only - they love what they do!
We spend 60-70% of our waking hours ‘working’. Call me an idiot, but isn’t it a good idea if we spend that time working on something that involves passion – a product or service that we love (that ultimately will make us money), instead of simply working on ‘something’, just to ‘make’ money…?
I love what I do for a ‘living’. Every day I get up and get to work with a smile on my face. Talking with clients, creating content, spending time developing my staff (both on-site and virtual), developing new projects, reading, writing, eating – you get the gist of it, right…?
Do something you LOVE. And you’ll be a raving success.
#2 – NEVER Be Scared to Pivot, or Change Plans
The entrepreneur pivot is something that I’ve discussed before here at VBL and on other blogs and podcasts, whilst being interviewed, too.
It’s a subject that I’m really passionate about because it allows me as a business owner to never stop thinking about how to make something better. How to improve, evolve or make a difference.
Don’t get me wrong – its great to have a plan. Its essential, in fact. But, if you’re so caught up in that plan and following it step by step, you might just miss out on an opportunity to change something, even just a little thing, that could make your business all the more successful.
Keep an open mind and never stop thinking about ways to pivot in your business.
#3 – NEVER Blame Someone Else for Your Mistakes
We become entrepreneurs because we want to be our own boss, right? The head honcho, the big swinging dick.
If you screw up, drop the ball, under price your service or product, get beaten by a competitor on a local holiday battle, have your best manager quit on you, lose your biggest client – don’t blame anyone else.
You don’t necessarily have to blame yourself. But, the bottom line is that you are in charge. You’re the boss. And everything, always comes down to you.
Accept it. Embrace it. And go for it!
ESSENTIAL LISTENING: Check out this interview with best-selling author Jonathan Fields that I did for the VBL Podcast a while ago. There are so many golden business nuggets for you to devour, you’ll thank me – really!
#4 – NEVER Try to ‘Do It All’
I always say that entrepreneurs are a strange breed. We are – think about it.
At a recent speaking gig, I discussed how we, as entrepreneurs have what I like to call ‘Superhero Syndrome’. We like to think that we can do everything. That the world is a better place with us in charge and that we should make sure that we are the one that people look to for guidance all the time – to save the day… all the time.
Reality couldn’t be further from the truth.
What we should be is smart, hard-working business owners. When I say ‘smart’, I mean we work out what we’re good at and focus on that aspect of our business. We then bring in the best people we can a) find and b) afford to do the rest of the stuff needed to help our business explode into a huge success.
Entrepreneurs are not superheroes. Don’t try and be one.
#5 – NEVER Shackle Yourself to One Location. Become ‘Virtual’.
One of the reasons why I wanted to become a Virtual CEO was so that I could have the freedom I felt was required to continue to grow my business.
I wanted to work ON my business, instead of IN it.
Since freeing up myself to be able to only have to go into my company facilities (where 300-odd people work for me) once or twice a week (and normally for only a few hours at a time), I’ve encountered more success, more profits, more opportunities and… a much more enjoyable business lifestyle.
I believe that its an absolute requirement for entrepreneurs nowadays, that want to start and grow something remarkable, to be as flexible as possible when it comes to the way they run their businesses.
Becoming ‘virtual’ is the way to go.
FREEDOM TIP – Start by making a list of all the things that you do in your office (whether it be a facility, or a home office) on a daily basis. Then start highlighting the stuff that you NEED to be IN the office to be able to perform. You’ll be amazed, in this day and age with the technology that we have at our disposal, how few highlights will be on that list when you’re done! Nuff said.
What are things you’ve done in the past, as a business owner, that you would NEVER do again? Anyone got any further tips for the VBL Tribe? If so, please leave a comment below with your pearls of wisdom!