Posts Tagged ‘holding you back’

4 Things Every Successful Entrepreneur Should Have

successful entrepreneurs

Barbara Corcoran: She is one of my mentors even though she doesn’t know it!

Recently my husband and I celebrated our 14th year in business, and I have been doing a lot of reflecting on what has made us successful entrepreneurs. During that time, I have poured myself in everything I could get my hands on from blogs, online classes, in person classes, certifications, webinars, books, networking events and just plain evolving with the times. We have definitely had our teaching moments that included some bumps and bruises along the way! So with that in mind, I would like to share some of my favorite teaching moments and tips with you in hopes that I can help a fellow entrepreneur.

Accountability Partners
This is number one for a reason. It is easy to get caught up in the day to day operations and to let some of your tasks slide. Running a business requires having a lot of balls in the air and sometimes, certain important aspects will inevitably get put on the back burner – on then to never get moved to the front burner. It is imperative that you have someone holding your feet to the fire to get all the important tasks done. Not only that, you need someone to hold you accountable for your “Next Big Thing.” In order to be successful, you have to grow. In order to grow, you need an Accountability Partner. Typically this is a business coach of some sort that is trained to help you put processes in place to grow your business, or perhaps and investor. A great book on this topic you can check out is called No More Excuses: The Five Accountabilities for Personal and Organizational Growth. Nine years ago I new I need help to grow so I called a business coach. Every successful entrepreneur has someone that is holding them accountable. If you don’t, it is time to get one. I would love to help.

Mentors
A mentor is not necessarily the same thing as an accountability partner. A mentor, however, is definitely someone you look up to, admire, and want to emulate. I find that when I get stuck in a rut or am maybe feeling a little lost that a visit to my mentor will help get me energized and re-motivated. Your mentor could be anyone. A peer in business, someone that was in your field that is not retired, a family member, a teacher or professor of some sort, or anyone that energizes and inspires you to do your best work. Could even be someone you admire from afar but watch how they run their business (a/k/a Barbara.)  Take a moment to think about who that is, and pay them a visit.

A Dream Team
In my book that I wrote for couples that work together, I refer to this as my “Board of Directors.” Entrepreneurs that are getting it done will surround themselves with people who know more than they do – and can help them in the areas where they are lacking. Some suggestions are your technology guy (because there is no successful business without successful and seamless technology), your banker, your accountant and your lawyer. It should also include someone who has knowledge that can help your business specifically depending on your trade. Then at least once a year minimum, get these people together for a board meeting and let them know how you are doing and what you need help to do next. Have them brainstorm with you. Don’t assume if your business is small that you can’t act like a larger business. These people are here to help you grow. So let them.

A State Of The Union
This one is a topic that no one ever likes to talk about. But the reality is, you will not be here forever and someone needs to know how to get to the important documents, passwords and processes that run your business. Put all of this information into a document or system that someone can have access to. That’s right: every password, every login, every program you use should be documented somewhere so the person you trust does not have to jump through hoops to help deal with the day to day of your business. This is here for your protection, as well as your family. If you are in an accident and are going to be out of the loop for a while, you will want someone to be able to be YOU. If this person is not your spouse, then it should be someone who is there that you can trust. Sit them down once a year and go over your “state of the union.” Make sure they have access to everything. Trust me, you do not want to wait on companies like Google or Facebook to release information when time is of the essence. Plan ahead.

I never dreamed I would be an entrepreneur, and quite honestly went kicking and screaming along the way. But through my many stubborn years of learning the hard way, I managed to pick up these plus many more golden nuggets that have contributed to my husband’s and my success. And now I cannot imagine my life any other way. But I want to hear from YOU. What are some habits that you feel have made you successful as an entrepreneur? Share them in the comments below!