It’s been a year since I’ve embarked on my entrepreneurial journey.
I keep learning every single day, and I love it!
But what key takeaways can I draw from this experience so far? Here are the three top ones:
1 – A LIFESTYLE BUSINESS IS MUCH EASIER TO GET STARTED
Entrepreneurship can be quite intimidating: turning an idea into a startup, securing investors, building teams, seeking product-market fit, and go BIG…
You don’t need to do all this! Instead, try to create a business that matches your lifestyle. As long as you’re not overly extravagant, you can avoid significant overheads and complexity, and bring just enough money to feed that lifestyle.
With a lifestyle business, your initial investment can be close to zero. You don’t need employees; you drive partnerships. You don’t advertise; you build credibility in the right communities. You do what you like, not what’s needed to repay your business debt.
2 – MY HAPPINESS LEVEL DIDN’T CHANGE – MY VIEW ON WORK DID!
Entrepreneurship is not therapy! Were you constantly frustrated with your boss and colleagues in your corporate job? Then, chances are you’ll find plenty to be unhappy about with your newfound customers, providers, or partners.
What changed, though, has been my perception of productive work. When you lead a team of 10, or 50, you invest much effort in making sure everyone’s aligned and operating effectively. The more established your team is, the more time you spend on managing internal risk and conflicts.
In my new entrepreneurial life, my focus has been 100% on managing opportunities. I spend more time “producing” and became a “prolific” content creator, coach, mentor. My focus is more outbound; outcomes are more straightforward.
3 – I’M GLAD I HAD A SOLID VISION TO GUIDE MY EVERYDAY CHOICES!
There’s no magic recipe for success. I realize now that no matter how much work or relentless energy you put into your gig, failure is a reality for most startup efforts.
To maximize your chances of success, you need to have a vision – i.e., know what you want! That “True North” will keep guiding you when things don’t go as planned. It will help you think more creatively when you need to adjust and persevere in your effort so that it pays off over time.
Without a vision of where you want to go, there’s no successful enterprise. Of course, such a vision can evolve and be adjusted as things progress, but make sure you have a credible and attainable one for starters!
In closing, entrepreneurship is not better or worse than corporate life. Yes, there are practical differences, but the same fundamental business principles apply. Just make sure you reflect enough on your aspirations before committing to one or another.
And if you come to a point where you feel stuck, let The Sherpa be your guide!