On a phone call last week with a fellow life coach, the subject of challenges we face as entrepreneurs came up. The number one issue was how to grow our business.
As I gain new experiences in life, I notice a huge shift in my perception of certain things. One example is my view on financial gain and growing a business.
Often times, people set out with a business proposal and a mindset that this new business will be their money maker. They go all in, quitting their job and investing their time, dedication and resources to achieving this. A few frustrated months and a depleted savings account later, they hang in the towel defeated. My view is the point where money becomes the primary driving factor is the point where it goes wrong.
As an individualistic society, we are sometimes quick to ask what we can get and don’t put much thought into what we give. The irony is, putting thought and effort into the product or service rendered naturally generates money. If the thought and emphasis is the opposite i.e. the least effort to make the most money, then issues will arise.
Before money generation can even be a consideration, ask yourself: how is this business contributing to society?
Here are some tips that you may find helpful to help cultivate this mindset:
- Take the time to learn and gain deeper knowledge about your service or product of interest
- Understand from the onset that you may initially have to offer out this service for free
- Be prepared to make mistakes and learn from them to further develop the service/product
- Be prepared to spend money (and sometimes loose money) all for strengthening the value of your product/service
- Utilise your resources – This can include the support of family and friends
- Join a community of like-minded people in the same product/ service industry- This may sound counter intuitive but you’d be surprised at how your ideas flow more easily when surrounded with people on the same path.
- Recognise the value of your service or product and do not feel the need to be too “sale-sy” The quality of the product or service should speak for itself.
Let’s not be disillusioned, money plays an important role in society. Therefore it is unrealistic to say don’t worry about the money just focus on your passion. However my observation is that having money as your primary motivator for starting a business can be detrimental. As cheesy as it may sound, there is strong relevance in the importance you place on service. Yes your business idea may be great and generate a lot of income but chances are money is the bi-product. The main output the business should generate is great customer satisfaction.
If you own a business or are thinking of owning one, perhaps spend time understanding how the venture counts as your contribution to society.
Got any questions? Connect with me over email, telephone or Instagram.