CEO Prosperwell Financial, Wealth Advisor RJFS.
It is hard being a business owner. You may feel like you make mistakes constantly. But it’s important to remember that it is okay to make mistakes—as long as we learn from those mistakes.
Recently, I was involved in a conference where, during a panel, someone asked what advice I would give to myself if I were starting out in business today. This question sparked many great ideas and advice from across the years; but in the end, I would boil the answer down to just ten I wish I’d known when starting out. In this article, I want to share these ten pieces of advice that can help any new business leader start and stay strong.
1. Listen.
Listen to your gut, but also listen to the trusted people around you. There will always be those who can see something in you that you may not see for yourself.
2. Make Mistakes.
I am a recovering perfectionist, but I learned quickly as a business owner I needed to get over the fear of making mistakes. Now the goal is to not just make mistakes but to make them faster. If we don’t push ourselves and take a risk, we can’t fail, but failure is actually where the most success lies and where we learn the most. So be okay with making mistakes. They help you learn.
3. Give yourself grace.
My mentor, John Goodman, would tell me this often, and it helped me let go of the guilt I felt. I would feel guilty when I was working and not with my kids. Then, I would feel guilty when I was with my kids and not working. Giving yourself grace means giving yourself permission to slow down and be happy in your life—to be comfortable with what your have achieved and satisfied with life today but also still stay focused on your goals for the future.
4. Ask for what you deserve.
Too many times, leaders (especially women) do not ask for what we deserve or what we want, whether it is in our careers, relationships or any other situation. But you should ask for the business. Ask for that raise. Your rates should reflect what your work is worth as much as they reflect what others are willing to pay.
5. You get what you put in.
If you give it your all, you will get more in return. If you do an event or a meeting just to do it, it may not be as much of a success as you hoped for. Set a goal and have a plan. If you are hosting a meeting, have an agenda. Set a folder with a timeline. Plan ahead so you don’t feel rushed or out of control, even when things don’t go exactly as expected.
6. Get a mentor.
Find someone you can relate to—someone you can look up to and aspire to be like. If you don’t already have someone in mind, I recommend looking in business newspapers or magazines, on Linked in, and at events to find someone that you want to be like. Ask that person for an informational interview. When anyone has asked me to mentor them, I have been extremely flattered. It is amazing the people you can meet and the connections you can make. I also recommend getting involved in a mastermind group, where you can share ideas with other professionals who will help you grow.
7. Have a niche.
You cannot be everything to everyone, so focus on what you enjoy and what you do well. Figure out if you want to work specifically with women, other business owners, corporations, etc. Granted, there are many days as a business owner that you will have to pick up the garbage, do payroll, manage, perform business development or do other tasks you might not enjoy. But when it comes to where you put your main focus, I recommend sticking with the certain kind of client or sector or area you like to work in.
8. Be authentic.
In my experience, the more I share my personal story, the more I change, and the more I am vulnerable, the more people learn. If you are true to yourself, you are more likely to enjoy yourself as well as help others. Covering yourself with a facade of the person you think others want you to be is exhausting and can lead you to make decisions that may be detrimental to your business and your life. If you love what you do and do what you love, on the other hand, your work may hardly feel like “work” at all.
9. Learn from others.
I am a sponge for knowledge. The more I read, the more I learn. One of my favorite books is “Traction” by Gene Wichmann—it was a lifechanger for me. My team also now has daily huddles, weekly team meetings and monthly development days so we can learn from each other. You can learn a lot by reading and by implementing others’ suggestions and ideas into your business.
10. Fail, then try again.
If at first you don’t succeed, try and try again. Never give up. Keep focusing on the positive and learn from your mistakes. You’ve got this!
These were just some of the things I wish I knew earlier in business. Hopefully, they will help you as you make your way through business ownership and learn what brings you true happiness in business and in life!
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