It has been said that if you really want to know yourself, start a business. And it is true.
Starting a business requires that you bring your full self to the table – your values, strengths, skills, experience, and ideas. And then as the business grows, it causes you to grow as well. As you get to the edge of your comfort zone, it will expand. And, thus, it is a cycle of mutual growth between you and the business you have created.
It will showcase your strengths, and it will reveal your weaknesses. And it will certainly test your limits.
And so, for those who dare to be an entrepreneur, this series is for you. It applies to leaders in any capacity, but especially to those who march to the beat of the entrepreneurial drum.
In this series, we will cover 12 Habits of Effective Entrepreneurs.
Habit #1 – Enthusiasm
This is Habit # 1 because it is really where a business starts. It starts from a point of great passion. The entrepreneur sees a need or envisions an idea that is fired by passionate enthusiasm. It may not matter that others think it is impossible or improbable; entrepreneurial enthusiasm is the ignition switch for business.
If well-directed, this enthusiasm can build a successful business.
However, the Bureau of Labor Statistics (BLS) data shows that approximately 20% of new businesses fail during the first two years, 45% during the first five years, and 65% during the first 10 years. And only 25% of new businesses make it to 15 years or more.
If you are still in business after two years, or ten, or more, congratulations! You have come to a place where many never go.
There are several reasons for these statistics, and one of them is the loss of enthusiasm. The business owner loses their passion for the business.
How can you, as a leader, rekindle your enthusiasm for the business that once was a driving passion?
Get to the root of it.
Be brutally honest with yourself: How do you feel about your business?
Is it energizing or depleting?
Intriguing or boring?
A welcome challenge or ungoverned overwhelm?
A blessing or a burden?
Ask “Why?” repeatedly.
Why is (or was) the work energizing, intriguing, challenging, and a blessing?
Why is the work depleting, boring, or an overwhelming burden?
Are you doing tasks that have become mundane? Are you doing too many tasks? Are you taking on too much, or not enough? What needs to be different? And why?
Then ask, “How?”
- How can you restore your energy?
- How can you renew your interest in the business?
- How can you govern the overwhelm or create a new challenge?
- How can see the blessing and release some of the burden?
“How” can sometimes be transposed into a “who.”
- Who do you need in the business to free your time and attention?
- Who can help you carry the burden?
- Who can help you brainstorm new ideas that generate passion?
- Who can help you see the next round of your business?
- Who can provide encouragement?
In any business, the owner’s enthusiasm will ebb and flow. This is normal. But if you make it a conscious habit to fan the flame of enthusiasm with regularity, you will be able to defy the odds to which many, unwittingly, succumb.
Learn how you can have greater impact, influence, and income in your business here.
As the CEO of Strength Leader Development, Deb Ingino is a highly sought-after international executive mentor, coach, trainer, and speaker. Deb is well versed in global business operations and helps business leaders and their teams to discover and leverage their strengths, so they can create highly collaborative teams that deliver great results. With a refreshingly direct style, and using the Maxwell Method, Deb helps leaders and teams to deliver profitable results. Connect with Deb to learn more about her mentorship and coaching programs to equip you with advanced strategies to elevate your results