On Sunday, my company, Clearly Conveyed Communications, celebrated its 4th anniversary. Along with some gray hairs and a sense of accomplishment, I’ve learned numerous lessons along the way.
4 Lessons I’ve Learned in 4 Years as an Entrepreneur:
Starting and growing a business is a thrilling roller coaster ride. If you love roller coasters (like I do), you’re probably thinking that sounds great. Keep in mind though that you’re riding 24/7, and there are no stops — for bad days, client disasters or even life (which doesn’t stop while you’re trying to start a business). If you like consistency and scheduled days, then don’t start a business. The most even-keeled entrepreneur has experienced many “What the f%#k am I doing?” moments.
I’ve developed a new definition — and appreciation — of living lean. Most entrepreneurs and startups are not raking in venture capital money and operating on million dollar budgets. They’re trying to build something for the future and scrape by in the present. You have to scrimp, save, shop smartly and still make hard choices. There’s nothing romantic about trying to figure out how you’ll pay your mortgage (or rent) next month, but you have to find a way until you can grow.
You’re not doing business until you get paid. Looking for new business, maintaining your professional network and taking care of clients is all part of owning a business, but it’s important to not focus too much on activity. You’re not doing business until you can bill and collect payment. Otherwise, you’re doing charity work, which is commendable, but it won’t pay your mortgage.
Your time is valuable; learn to spend it well. Every entrepreneur and startup owner needs more hours in a day, so you’ll learn to value your time quickly. You have to balance how much time something will take versus the (realistic) potential reward. Every opportunity or client won’t be a good fit. As painful as it can be to walk away, wasting time on a situation that you know won’t work is even worse. Use your time wisely so that you’ll be able to spend quality time with friends and family, sleep and exercise — all necessities in the long run.
No matter what happens, remember this:
Starting and growing a business is an amazing accomplishment. You took a huge risk to create your own future and build something for yourself. It may be hard for people around you to understand what you’re doing, let alone why, but you have to keep your goal in mind. Always remember why you started your business and what you want out of it. That will help you keep going during those “What the f%#k am I doing?” moments, although close friends, hobbies and happy hour will help too.
There are so many lessons I could have mentioned, because starting a business will teach you something new every day. Some days you won’t be in the mood to learn, but try to pick up as much as you can. The experience will come in handy in the future, wherever your crazy, amazing roller coaster ride stops.
What lessons have you learned as an entrepreneur or small business owner?
Did starting a business create an unexpected opportunity for you?
Feeling the rush,