Entrepreneurship is the ultimate risk and reward dynamic.
Taking your business to the next level can be one of the most exciting things. When business is good, you have more control over your life. But reaching a plateauing or moving backward can prompt the most seasoned entrepreneur to pull out his hair.
If you are going to get your business to the next level, you must aim to shatter some mental and physical roadblocks that thwart your company's progress.
1. Carrying a self-limiting belief.
Your mindset can be the biggest obstacle to overcome in your business. Many people carry around a false belief about themselves that needs to be removed or improved. In business, you are the gateway to your company.
If you believe you can't do something, you can't and probably won't even try. Many times a great idea or product is stymied by an entrepreneur who can't change her mindset.
The only way to conquer a self-limiting belief is by recognizing a negative mindset and taking action to overcome it. That way you can move when your mind is initially telling you not to. Time and persistence can overcome such shortcomings.
2. Not hiring the right people.
Good employees can make your business sail smoothly, while bad ones might make you scratch your head and ask why you ever wanted to own a business. Without good people, you will need to micromanage things and you’ll burn out.
Finding good employees requires you to shift your thinking. Hire slow, train them in detail and don't allow mediocrity to set in.
3. Mismanaging money.
When money is not properly allocated, your focus shifts from what you do best to worrying about bills. Enthusiasm and energy may be sucked out of you as you begin to wonder which bills to pay and which ones to put aside. There's no time to think about growing your business as your mind fills with worry.
Pay attention to your cash flow in your business as well as your personal life. Expand your lifestyle slowly and leave a margin. It is always easier to push out than to contract. Control your dollars to leave your mind clear and remain focused on your business.
4. Looking for a home run.
It is so tempting to swing for the fences with every action and pursue the one thing that will turn around your company.
But taking one big massive action and can end up with just having to sit back and wait to see if it worked or not. This turns the entrepreneur into more of a river gambler than a businessperson.
Small actions one after an another can culminate in a company's taking off. Successful businesses result from expending focused energy over time. Don’t be afraid of the monotonous base hits, but rather embrace them.
5. Being out of balance.
When you run your own business, it's easy to be utterly consumed by it. Sleep, eat and work can be the entire life of a company owner. This imbalance is difficult to sustain.
Take time to live again! Set aside time to write down why you entered the business in the first place. You might end up recalling things like "I want to be able to work when I want to work" or "I wish to start a business so I can design my life.”
Remember that you do control how you fill your time and can be purposeful about maintaining a work-life balance.
There will always be hurdles to overcome in business. These challenges are part of the fun when you are not consumed by them. You can overcome the difficulties along the way and take your business to the next level. Just keep climbing that mountain.