Use your excitement to own a business.
You can use your excitement to own a successful business if you know how to harness it.
Being excited about owning a business does not get you far, perhaps other than in your dreams.
If you use your excitement about owning a business to gain momentum, you will make progress. This will also help you answer the first question in your mind – Should I Own A Business?
We identified 5 key things that will prepare you for success.
I’m so excited about owning a business
The thought of owning a business can be inspiring.
You visualize your new reality and all the success that it brings. Success can bring many benefits to your life, including money.
Try to make the most of this energy and use your excitement to own a successful business by getting momentum.
If you fail to get momentum, you may get very excited and find out that nothing much else happens. Then when you get your next business idea, you get all excited again.
The entrepreneur inside keeps nagging to get out for yet another year.
“How to use your excitement” is the title of Episode 5 and it explores 5 practical things that you can prepare for and why they are so important.
Should I Own A Business?
But how do you get there, and would you be successful?
How do you know if your idea is good enough or that you have the skills to make it all happen?
What is it really like owning a business, and would you enjoy it as much as you imagine?
What should you be doing to prepare yourself?
These are some of the questions that we answer through our specially developed pathway to help you decide if owning a business is the right choice for you
Use your excitement to own a successful business
Our equation for this is EXCITEMENT + PREPARATION = MOMENTUM.
Unless you add PREPARATION to your EXCITEMENT, it will just remain as, well…. excitement.
Capitalize on your high energy
It’s essential to use your excitement positively at this stage, as it is giving you plenty of enthusiasm and energy. Your excitement is, however, likely to decline with time, so make the most of it while it’s there. Your passion for your idea may well decrease with it.
You should be excited and enthusiastic about your idea. There’s nothing wrong with that at all. If you are not buzzing at this point, then it’s probably not right for you. This time is perhaps unique, where you experience very high degrees of excitement about the future as a business owner — lots of anticipation.
A common trap awaits
If you have a business idea or opportunity in mind, you are probably gathering information on it and thinking about the business side of things.
However, it is easy to over concentrate on the business idea and carried along with it. Here is a common trap where you believe your success all depends upon your business idea.
Not so fast! A good business idea is essential, BUT it depends upon YOU to turn your idea into a successful business reality.
“So, focus on YOUR PREPARATION.”
Your preparation plan
Owning a business doesn’t suit everybody.
We have met plenty of owners who, given their time again, would not start their business.
Often too much emphasis is put on the business idea, with too little attention given as to whether they have enough knowledge, skills, and the disposition needed.
Use your excitement to owning a successful business by preparing wisely.
No matter how good your idea is, it depends upon you.
Focus on your personal preparation in these 5 key areas.
1 Build resilience- your resilience plan
The one characteristic that stands out about successful business owners is their resilience.
They can absorb stress, setbacks, defeats, and challenges and keep bouncing back.
We suggest that you start by planning how you will build and maximize your resilience.
2 Build your knowledge
New entrepreneurs often lack business knowledge, which they subsequently learn through trial and error. Trial and error are slow and very costly. Some fail before they work it out, so don’t be one of these.
When we say business knowledge, we don’t mean skills or being able to perform tasks in your business like bookkeeping.
We mean to acquire a more in-depth understanding of why some businesses become valuable while others never will.
3 Personal development
You need to accept and embrace a transformation that will take place in you. Becoming a successful business owner demands certain traits. Invest time in your learning and personal development. A stagnant person will have a stagnant business.
We explore the difference in mindset between an employee and a business owner in Episode 9 Owner v Employee Mindset. This episode is particularly crucial if you are an employee making the transition to owning a business.
4 Your total commitment
Getting into business is life-changing, hopefully for the better. Understand the risk you are taking and that if you are in, you’re in 100%.
It’s good to visualize your business being a success and all the improvements that your life can experience. At the same time, appreciating the commitment required will give you a realistic balance.
5 Your comfort zone has gone
Business life will challenge you, and new entrepreneurs are sometimes surprised how uncomfortable this can be.
Your comfort zones get challenged frequently. For example, you might be uncomfortable meeting people or being your sales ambassador, but you still have to do it and do it well.
You need to become comfortable with being uncomfortable.
Getting momentum should help you answer should I own a business?
During your preparation, pay attention to how you feel. While your business idea needs to stack up, you must also be happy about your transformation into owning a business. It’s vital to your success.
Listen to your intuition as you are achieving MOMENTUM.
Use your excitement to explore the reality of business ownership
Success is not just about skills and business plans but also knowledge, motivation, and mindset.
Understanding the reality of owning a business is an essential part of the success equation. Proper preparation will help you avoid one of the hidden causes of business failures.
Brendan Barrow Co-Host
The Should I Own A Business Podcast-Listen Before You Leap.