Inspiration

Beliefs: barriers or breakthroughs

Beliefs: Barriers or Breakthroughs

The recent holiday season reminded me of an experience which taught me that our beliefs can be barriers or breakthroughs.

Let me explain.

I didn’t know about vision boards back when I started my first business. I was starting from scratch with a fresh concept in a corner of my unfinished basement, with second hand stuff and DIY decor.

After all, this was 2001. Google wasn’t yet a verb. There were no social media sites to inspire with posts and pins.

For motivation, I turned to entrepreneur origin stories in any book I could get from my local library.And I found the compelling story of Debbie Fields.

Somewhere in that reading adventure, I came across this quote from Henry Ford:

Whether you think you can, or you think you can’t – you’re right

A reality check

I printed these words and pinned up next to my desk, an old-school pre-digital vision board to inspire me to pursue my dream of running a business. There are many books and talks and content about the power of belief. Which brings me back to a realisation I had over the holidays. It happened when I was wrapping up a few gifts. I unrolled and carefully cut off an appropriate square of paper. And as I was taping up I remembered how much pride I once had about my wrapping skills. For years I considered myself to be an outstanding wrapper of gifts. I took great care in selecting wrap, coordinating bows, and perfect ribbon curls. It was like a secret superpower which enhanced the joy of my gift giving experience.

What are your internalised beliefs?

It was only at some long ago event, when my meticulously wrapped present was on a gift table next to many others, that the ugly truth hit me. I was terrible at wrapping. Awful. Among the crisp corners of so many sophisticated looking presents, my offering sat there like a donation from a Victorian orphanage. My present looked like it had been wrapped by a 6 year old. And then it all made sense.

As a child, some well meaning adult told me I was good at wrapping. This compliment was spoken with love and good intentions, meant to encourage me. And perhaps my wrapping was good, for a 5 year old. Everything is relative, right? The thing is, I internalised that message. I believed it. I took that one comment to be true, and I believed it about myself. Because that belief prevented me from seeing that I still wrapped gifts like the young child I was when I heard the message.

Beliefs as barriers

For years, I’d been giving gifts with confidence and gusto. My belief that I was good at wrapping blinded me from seeing what others saw. I had pride in my skills, so I enjoyed the wrapping experience and not recognise that the result looked like it had been wrapped in the dark by someone in a fever dream. My belief was a barrier. It blocked me from seeing reality.

Belief as breakthroughs

The lesson here is that an internalised belief is very powerful. A belief is a thought you keep thinking. But back to Henry Ford, whether you think you can, or you can’t – you are right. If your business isn’t growing or operating the way you want it to, examine what thoughts you can practise to develop the belief that will allow for a breakthrough. Beliefs like “I am a good listener” or “I am organised” can drive behaviours which will benefit your business.

Bottom line – what does this mean for you?

A belief is a thought you keep thinking. Beliefs can be a barrier to seeing what others see. However, beliefs also have the power to cause breakthroughs. What we believe forms our attitudes, which drives our actions and behaviours.

What we believe about ourselves may no longer be true. It may never have been true. Perhaps it came from a teacher in a bad mood, commenting about your homework. Or it could have been a cruel remark from someone jealous or insecure. Also, it may have been something you heard when you were 5 years old, or something you heard last year.

Finally, reflect on your beliefs and track their origin to see where they came from. Do a reality-check on how accurate they are. Determine which ones are fencing you in and holding you back from being and doing what you want and need.

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Finding balance as a newbie entrepreneur

Balance as a Newbie Entrepreneur

What is the line between working enough, and working too much?  Understanding this line and finding a way to balance it as a newbie entrepreneur is a challenge. However, it’s important to keep this balance no matter where you are at in the entrepreneur experience. Basically, whether you are seasoned, experienced, or starting over, it’s a critical concept to understand and be aware of. This concept is simply understanding the difference between “working on your business” and “working in your business”. Switching one little letter in that sentence makes a huge change which impacts on your business and your life. Read on to understand this foundational concept of being an entrepreneur, and how to find a balance.

Working IN your business

Working in your business is what most business owners do at the start. This is the stage of wearing all the hats, juggling all the tasks, and being hands-on with every step of the customer journey. Generally, it means managing social media, marketing, processing sales, delivering what your customers bought, responding to all enquiries and questions, and doing all bookkeeping and administration.

Also, what this looks like specifically depends on the sector and nature of your business. It could mean that you are printing labels deep into the night and packaging product to deliver the next morning. It may be opening and closing the store every day, and being there for every hour in between. Or it could be full days doing the plumbing, pruning, grooming or Zooming to keep the revenue flowing in.

The importance of working IN your business

This working IN your business is valuable at any stage; when you are newly starting out, it’s everything. If you are spending all your time being hands on in your business and doing all the work, that’s ok. What is important is that you recognize it, and understand the difference between working IN and working ON your business, so that you can have balance as a newbie entrepreneur. Which brings us to…..

What is working ON your business?

Working on your business means stepping back from the daily details of delivering a product or service to see the big picture. It’s the macro to the micro. It’s planning, not execution. Reviewing, not doing. Here are examples of working on your business: 

1

Reviewing Marketing Metrics

How effective is your marketing? Did that last campaign get your better results? You'll never know until you take the time to review ROI, conversion rates, cost per click, and other vital metrics.

2

Monitoring Profitability

What is your most profitable product or service? You may be surprised when you run the numbers. Knowing this helps you make smart decisions for your business.

3

Market Research

What are your competitors doing? Not just their pricing strategy, but also the entire customer experience they provide. SWOT analysis and understanding your competitors gives you the data you need to know how to compete.

4

Analyse Customer Feedback

What do your customers think of your business? This feedback is not just an opportunity to improve your offering. It's also a chance to spot a need that is NOT being met - which means more revenue and loyalty.

Balance as an Entrepreneur

You may think – wait, I do work on my business! My bookkeeping is up to date, I know my numbers, I plan promotions, build social media campaigns around it, and keep the sales funnel full. Great! But do you also work in your business? Are you in the store, on the ground, working directly with customers and employees? That’s ok also. Certainly, some businesses require more working IN than others. For example, health and wellness professionals (massage therapist, chiropractor, counsellor) tend to work in their business more than someone who, say, opened a retail store and hired staff to run it.

The question is balance. If working on AND working in means no time for family, life, leisure, and fun – this is not sustainable. Or sane! This leads to burnout, which happens frequently to business owners. For the sake of your health and the long term viability of your business, start making small changes to get balance back in your life.

Another key point is neglecting the working ON. As a result, this causes a loss of balance. It’s common to neglect the administrative, analytical, and strategic tasks of running a business. After all, it’s easy to get fully immersed with the daily demands of customers and operations. It’s very risky to lose this balance as a newbie entrepreneur, and there is a true story to explain why:


Balance as an entrepreneur

Losing balance as an entrepreneur: a true story

This really happened. Don’t let it happen to you!

Manny started up a floor refinishing business with a friend. They bought the equipment, did the training, set up a great website, got business cards printed, and joined a networking group.

Basically, all the right things.

And guess what?

It WORKED!

They landed a few big contracts and was busy doing the work.

But they were working IN their business.

And they stopped making time to work ON their business.

What do you think happened?

The email box was full of unread messages. Letter mail piled up, unopened. Basic admin and bookkeeping wasn’t getting done.

But then, they finished the contracts. The work was completed.

And they had ZERO new contracts lined up.

Not only that, they had ZERO leads.

It gets worse.

Their website was gone.

GONE.

Actually, no. Their URL was now being used by a new company. Because they had let their domain expire. So a competitor bought it and directed it to their own site.

So now Google searches for Manny’s business was bring potential customers to a competitor.

Essentially, Manny had to build his business all over again.

The lesson here is to keep working ON your business.

Tips for New Entrepreneurs

First, know the difference between working ON and working IN your business. And make time for it as part of your regular schedule. Check out the classic book by Michael Gerber who explains it best in  The E-Myth Revisited. 

 

Second, do your research and make data-driven decisions for your business. Don’t make assumptions. Every business is different. What worked for one may not work for you. And just because someone else failed to make an idea a success doesn’t mean there isn’t opportunity for you to make it work. 

Last, don’t sink into the day to day running of your business. Stay aware of your big-picture strategy and long term goals for being an entrepreneur. And you don’t have to do it alone. Look at getting a mentor or business coach to create space for reflection, analysis, and brainstorming.

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