Entrepreneurship is one of the most exciting and challenging decisions anyone can make.
Here’s the bad news: According to data from the U.S. Bureau of Labor Statistics, about 20% of U.S. small businesses fail within the first year. By the end of their fifth year, roughly 50% have faltered. After 10 years, only around a third of businesses have survived.
But here’s the good news: You don’t have to be a failure statistic!
While there are a variety of reasons that businesses fail, one key issue is lack of focus. Too many entrepreneurs fall into the trap of “shiny object syndrome.” Once you make the decision to start your own business, you will most likely be bombarded with all sorts of opportunities that look great at first glance, but can take you off-course quickly if you’re not careful.
How do you prevent this from happening? Implement the following 5 action steps to help you maintain your focus:
1 – Determine what you really want to accomplish
As Steven Covey famously stated in his book The 7 Habits of Highly Effective People, “begin with the end in mind.” Don’t just jump into building a business. First, determine what you want to accomplish and why you want to accomplish it. Knowing your purpose or your “why” serves as a filter for the distractions that comes your way.
2 – Slow down when you’re tempted to speed up
It’s easy to want fast results when you’re starting out or trying to grow your business, but the strongest things that last the longest take the most time to grow and develop. Many entrepreneurs jump in head-first and try to make fast cash only to find themselves frustrated and in debt. The wise way to build a thriving business is to slow down and be methodical. This leads us to our next action step…
3 – Think strategically before jumping into anything new
If you’re like me (Chris), it’s easy to get busy and take action in order to get things done and feel accomplished. However, I often wish I would’ve been more thoughtful beforehand. It would save me much time and headache. I have to be diligent about slowing myself down and thinking strategically. David, on the other hand, is much more naturally strategic and, therefore, has been able to make wise decisions that have long-term impact for his business and his clients for many years. Action-taking is critical for success, but strategic thinking before taking action is extremely important. When you feel the pressure to jump into action, take the time to think through which actions will lead you to the best results. This will filter many “shiny objects” from hijacking your business vision and purpose.
4 – Just say “no”!
Saying no is very difficult for many entrepreneurs because we want to help as many people as possible. We think EVERYONE can benefit from what we offer. However, one of the best things you can do to help more people is to define your target audience and say no to those whom you’re not best equipped to serve. Also, many people may want to “pick your brain” or meet up for networking purposes. While this sounds fine on the surface, it can waste much time and energy that you could use to work on your business. Guard yourself against time-wasting people and activities. Learn to confidently and politely say no. This will be a skill that serves you well for years to come.
5 – Consistently review why you started your business
Over time, it’s easy to drift from the original purpose of why we start our businesses in the midst of getting things done. When new or exciting opportunities come our way, it’s easy to divert our attention because “slow and steady” isn’t as attractive. If you want to experience success long-term, keep your business mission and purpose top of mind. Write or type it and hang it near your workspace. Create a note in your phone to review it daily. Create a recurring calendar item with your purpose in the comments. Whatever it takes to draw your attention back to why you started your business in the first place, do it. Then, when new opportunities are presented to you, you’ll be able to quickly assess if they make sense or are simply a distraction.
Being an entrepreneur is fun and exciting, but as the old proverb goes, “If you chase two rabbits you will not catch either one.” Those who succeed most and fastest in business are those who can focus well and cut out the distractions. Give your business your undivided attention and watch how much farther and faster you can go!
If you would like help building a business around your message that generates consistent income month after month, then check out Design Launch Grow today!