Starting a business is a daunting prospect. It can be expensive,
frustrating — and lonely. To counter that last part, at
least, Adelaide
Lancaster and Amy
Abrams foundedIn
Good Company,
a community workspace for women business owners in New York City.
Over the years, they’ve learned a lot about what makes
entrepreneurs flounder, and what makes them soar serenely over the
rough patches. In their new
book, The
Big Enough Company,
they outline four secrets that happy entrepreneurs
know:
1. Stamina matters. “Running a
business is a marathon, not a sprint, and it can take a while
before you see the financial fruits of your labor,” says Lancaster.
“Sure, you can work around the clock and sacrifice everything else
in your life for the sake of your business, but is that
sustainable? Bolstering your endurance requires you to adopt a
‘work smart’ mentality and commit to valuing yourself as much as
the business.” A few best practices: learning to set boundaries,
delegating work, keeping a clear focus on goals, and employing
small steps towards progress.
2. Success isn’t about size. “Our
culture tends to glorify size and fixate on numbers. This is even
true in the small business world where entrepreneurs often tout and
compare things such as top-line revenue, the number of employees
and locations, and market share. Entrepreneurs often pursue these
metrics at the expense of their own satisfaction.” Lancaster and
Abrams encourage entrepreneurs to generate their own definitions of
success, which may include numbers and metrics but acknowledge that
“bigger isn’t always better.” What
do you want
out of your business?
3. You must learn to say
no. “Savvy entrepreneurs recognize that
that not all opportunities are created equal,” Lancaster says.
“Many are merely distractions that drain the company of important
resources, such as focus, energy and time. Others may even imperil
the whole venture. Successful entrepreneurs cultivate their own
restraint, saying no quickly and frequently in order to stay on
track.”
4. Admit what you don’t know (comfortably
and openly). “Most successful
entrepreneurs spend a lot of time identifying what they don’t know
and, more importantly, how they can find out,” Lancaster says.
“Openly admitting knowledge gaps is as important as comfortably
asking for help. Most people are hesitant about displaying this
much vulnerability, but entrepreneurs know that their survival
depends on it.”
How do you stay sane while running a business?