5 Things Successful Entrepreneurs Doby Michelle McKenzie
Entrepreneurship can sometimes be lonely, difficult and exhausting. If you are an entrepreneur, you know this to be true in part or in whole. But, it does not have to be. Below are five things that successful entrepreneurs do to make the journey to their dreams less lonely, difficult and exhausting and you should do them too!:
- They find or create community.
They don’t do entrepreneurship alone. They create or seek community to share experience with, learn from, and grow with. Communities provide entrepreneurs with a supportive and collaborative ecosystem, access to resources (knowledge, operational and financial resources), opportunities for learning and growth, and the motivation to persevere. Being part of a community allows entrepreneurs to leverage the collective power of a group, increasing their chances of success in their entrepreneurial endeavors. Community also provides networking opportunities, knowledge sharing, validation and feedback, brand exposure and marketing and emotional support. Go forth and find your tribe!
Listen to this episode to learn about the Black Beauty Collective, a community for Black women in the beauty space to get they support they need to grow and scale their brands.
Listen to this episode about the community or nothing mindset that epitomizes Black Girl Ventures and sets it apart from similar type programs.
2.They learn their business inside and out.
You can’t successfully pitch your business to others if you do not know it well enough yourself to convince others that your business is a worthy and potentially profitable bet. In the early stages you are your business and your business is you. You are it's ambassador and as such it is your duty to represent your business and sell it to customers and investors. That means you need to know it inside out, backwards and forwards. Especially when you are pitching your business to investors, it is crucial that you understand your costs well and can compellingly present to partners and investors how your business makes money and pathways to scaling. Don't fail yourself or your business by being it's weak link.
Listen to the episode linked above with Omi Bell about the importance of knowing your costs when pitching.
3. They hire help!
You cannot solopreneur your way to the top! You need to hire help (as soon as it is financially feasible for you to do so) to help you deliver on your dream. You need to leverage the time and skills/expertise of others to help you maximize your time, skills and expertise doing only the things that you are most uniquely qualified to do. You also need to ensure that you are strategically choosing your first hires, your zero to one people in the the early days. "Zero to one" refers to the process of starting a company from scratch, going from having no employees to hiring the first team members. This early stage of building a company is crucial, as it sets the foundation for future growth and success.
Hiring the right team members is critical to the success of your company, especially during the "zero to one" phase. Take the time to assess the skills, culture fit, and long-term potential of potential employees to build a strong foundation for growth and future success. Identify the specific skills and expertise needed to execute your business plan. Determine the key areas where you require expertise, such as technology, marketing, finance, or operations, and hire individuals who excel in those domains. Look for candidates with relevant experience and a track record of success in their respective fields that are team players with a builder mentality.
Listen to this episode to learn more about time currency and why people like Beyonce, Oprah and Michelle Obama can be as successful as they are:
Listen to this episode to understand how to grow from zero to one and who your zero to one employees should be:
4. They collaborate.
Don't compete, collaborate! Collaboration over competition all day every day. Communities create an environment conducive to collaboration. Entrepreneurs can find potential collaborators, co-founders, or team members within the community. By working together, entrepreneurs can leverage each other's strengths, share resources, and explore new opportunities. Collaborate with like-minded people to expand ideas and partnerships. Look for opportunities for joint venture opportunities where it makes sense and with whom it makes sense. Community is a breeding ground for collaboration.
Listen to these two marketing and PR episodes ideas around collaboration, partnership and joint ventures:
- Strategies to Standout on Social Media, Market and Increase Revenues with Danielle Jeter S6 Ep.9
- 5 Ways to Improve Your PR and Business Communication with Phoenix Jackson S6 Ep. 5
5. They rest!
Yes, I said it…they rest. I am a big proponent of rest as a productivity hack. Paradoxically, taking regular breaks and resting can actually improve productivity and efficiency. Rest allows entrepreneurs to recharge their energy levels, reduce stress, and return to work with a fresh perspective. This can lead to increased focus, better decision-making, and higher-quality output in a shorter amount of time. Take time to rest, regenerate, renew, recharge, and then resume. Don’t sleep when you are dead, sleep now so that you can be come your most productive self. It's important for entrepreneurs to recognize the value of rest and make it a priority in their lives. By taking time for rest and relaxation, entrepreneurs can improve their overall well-being, enhance their creativity and problem-solving abilities, make better decisions, achieve work-life balance, increase productivity, and ensure the sustainability of their entrepreneurial journey.
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