If you would ask me today where you should focus to make your solo business successful, I would probably answer that you should focus on many things to acheive financial sustainability. Business is complex and involves many skill domains. Today, I will give you eight things that I know will matter to you as you grow your solo business.
Purpose
What is your purpose in creating this business? It never ceases to amaze me how few people have a clear sense of purpose starting a solo business. Don’t make this mistake! Know why you’re in business and what motivates you.
Purpose represents your finishing line or end goal. Your business is the vehicle that will take you there. What is your purpose for being in business? Where is it taking you? What future state of affairs will the business create for you? How will you know when you’ve arrived? Write down the answers to these questions. Knowing your purpose on a daily basis keeps you on course.
Passion
What is your passion? Passion is what keeps you committed and motivated to reaching your end goal. Your passion can give you the motivation to solve difficult problems or make challenging decisions. You will find your motivation goes up and down on a daily basis. Remembering what you are passionate about can give you energy when you need it. Be clear about what your passion is and what you need to do to connect with it.
Mindset
How is your mindset? It is said that thoughts are our realities. I think entrepreneurship provides a special lens into our thinking. Our thoughts guide our actions, and our actions lead to results. If we are not getting the results were seeking, one of the first places to look is to our thoughts. Our mind is a wonderful tool for modeling the world, but it is easily prone to error. Keep your thoughts positive, realistic, and always in the state that allows you to take action and make decisions.
Strategy
What is your strategy? Every business starts with a plan. Your strategy is your plan of action as to how you are going to achieve your goals. As you test your strategy against reality, you are forced to adapt. Don’t get lost in this and don’t get discouraged when it happens (and it will happen). Just remember that any strategy will work if it is based on reality. It is the reality part that trips most solopreneurs up. If your strategy is not living up to your expectations, modify or change it altogether. Never stick with a losing plan!
Business Skills
What business skills do you need to succeed? In my study of entrepreneurship, I have learned that there are nearly 30 skill domains in starting and growing a solo business. I do not believe it is possible for one person to master each skill domain, but I do believe you can learn critical elements from each skill domain. Learn what you need to to be able to make decisions and take action. If there is something routine or loan priority, delegated to an employee (if you have one) or outsource it if all possible. Your primary job is to manage the big picture, and you are the only one that can do it. Learn every business skill you can that enables you to do that.
Technical Skills
What technical skills do you need to succeed? Technical skills are the skills you use to create your product or service. Technical skills are always evolving, and it is important for you to keep abreast of changes in the industry to stay competitive. These days, a few months without upgrading your technical skills can be enough to start losing customers. What are the current trends in your industry? What are the latest trends in technology? What trainings or certifications do you need to obtain to be competitive? Pay attention to your technical skill set and upgrade them often. The better your technical skill set, the better your product or service quality.
Mentors and Advisors
Who are your mentors and advisors? As I’ve said before, you learned business through your experiences or the experiences of others. That can be a blessing and a curse. You will need others who have traveled down the road farther than you to help guide you. The challenge is to find mentors and advisors that can teach you. Not every business mentor and advisor will be able to relate to your situation nor teach you in your primary learning style. Find somebody who helps you to think in new ways and helps you to get new results.
Learning
What did you learn today? Good entrepreneurs are always looking for new knowledge that they can use on a daily basis. One of the fascinating things about entrepreneurship is that there are so many ways you can learn. You can learn from your experiences, you can learn from expenses of others, You can learn through books and even from the Internet. Always have a question ready in your mind and that will set your mind looking for answers.
Entrepreneurship is a journey like no other in my view. Even a solo business can be challenging. It is easy to get lost in the trees, however. If you focus on the right things, you’ll start to see yourself moving forward.
