From Dreamer To Doer: Entrepreneurial Do’s and Don’ts You Can’t Ignore

In my last blog I introduced you to my “Super Seven” to help you make your next move into entrepreneurship. In this article I continue my entrepreneurship series with a look at entrepreneurial do’s and don’ts that can move you from “Dreamer to Doer”. But first, what ignites you as an entrepreneur? Is it the glitter of wealth, the allure of the spotlight, or the sweet scent of unbridled freedom? In my case, I dreamt of crafting a legacy on my terms, at my pace, and on my time. However, this all changed, unexpectedly when I lost my teaching contract at the final stages of renewal. This change happened after a stellar evaluation from my bosses and 25+ years as an educator, department head and mentor. Suddenly, amidst a mortgage, car note, and other financial commitments, my motivation and drive literally morphed into that of survival. Along the way I experienced valuable insights I term my “Unforgettable Five”, entrepreneurial do’s and don’ts you need to know to avoid the mistakes I and countless others have made at the beginning of our remarkable journey.

1. Do Seek a Mentor

How do you learn the skills needed for entrepreneurial success? A good place to start is with a mentor. Ideally, he/she is someone who’s further along on this journey than you, willing to advise, offer feedback, and help to keep you on track. My need for guidance propelled me to research possible programs lead by experts aligned with my vision and goals. After much research, I chose to train under the number one leadership guru Dr. John C. Maxwell.

Good Mentors Offer Insights From Experience

Known as “The John Maxwell Team” at that time, his organization of mentors and trainers had tremendous insight and experience in their respective fields. Not only did they model what mentorship was all about, they designed step by step systems of connecting and relating to a mentor based on one’s specialty. In your quest for the ideal mentor model remember to:

1. Choose someone you can connect with based on your values. Not only does this help you to grow in your industry, it gives you a wealth of experience you can draw from to suit your potential customer’s needs.
2. Immerse yourself in constructive feedback. Seek someone who would tell you like it is to get you out of your comfort zone.
3. Devise a strategy based on your mentor’s input to keep on track. Map out as it were your desired outcomes catering for obstacles and detours along the way based on experiences he/she shares.

2. Don’t Rest on Your Laurels

Entrepreneurs are innovators. Once we achieve our goal, we’re off pursuing the next one. As I write this article my team and I are working on the next project in time for the holiday season. We never stop listening to our markets or seeking out the issues that brought us to this business as expert “doers”. Your ability to keep seeking new ideas is what makes you successful.

Know Your Audience

In a content driven world it is crucial to be clear about WHO you are innovating for. The more you know and understand the needs of your ideal customer, the better you are able to offer actionable solutions. Celebrate your wins, but don’t become obsessed with them. Move on to the next challenge. And as you execute new projects remember to:

1. Practice customer centric innovation. Focus on your customers’ needs, pain points, and preferences. Use tools and methodologies such as WebScore, to solve problems that resonate authentically with them.
2. Engage in projects that promote sustainable development. As consumers grow increasingly conscious of the environmental and societal impacts of their purchasing decisions, we must prioritize sustainable and ethical practices in our business operations to minimize harmful environmental footprints.

3. Do Meet People and Build Your Network

Nobody can do it all on their own. Every entrepreneur needs a robust network of other business owners, service providers, future partners, and potential investors. It’s never too early to start building this network, so start now. Build and nurture these relationships. Within the last three years “Joint Ventures” have increasingly become more commonplace among key players across many industries. This not only lends itself to greater audience reach but builds business solidarity that strengthens sustained growth across industries.

Know What You Want

It is important to know what you want, and who you are willing to join forces with to amplify your message and impact. From experience, some of my most valuable business friendships started out as customer/client relationships where I was either the client or service provider. Based on this it is good to:

1. Implement CRM (Customer Relationship Management) systems. Our ability to adapt and innovate with the customer in mind to cultivate and nurture meaningful relationships is a non-negotiable component for sustained entrepreneurial success.
2. Be sociable. Burn that box! If you are as task driven as I am, we could neglect the fact that we serve people. Meet, greet, and mix where you know entrepreneurs hang out online and in person. Digitally and in person, your options are endless, just explore them.
3. Volunteer and serve without expecting anything in return. It’s absolutely amazing how many connections you can make when your sole purpose is to build a better community around you. We all would like to be remembered for something positive as we build our dream.

4. Don’t Go After What You Don’t Want

It’s easy to see the path of a particular entrepreneur as a template you should follow. But the truth is, we’re all unique though in the beginning, the infamous “Imposter Syndrome” can cause you to question your uniqueness. You may even suffer from what I call the “Shiny Business Making Syndrome”. This is the temptation to take on too many new ideas all at once especially if the headlines promise that “it’s easy as 1,2,3… with no experience required. In my own journey, I recall family members suggesting that I start an Amazon or Shopify store to “sell something”. This was because they felt that I would make the millions faster that way based on what they’ve heard or seen.

Be True To You

Though some entrepreneurs succeed via these channels I believe and endorse the old adage “…to thine own self be true…” If selling in a store front whether online or in person is not your gift, skill or interest, don’t go after what you don’t want. Remember to:

1. Strike out on your own. Get in touch with what you really want. Don’t give in to social pressures no matter how well meaning they may be.
2. Do your due diligence. Based on your skillsets research the issues to identify the pain points and go for it. Develop solutions that fit those issues. However never attempt more than your capacity to execute.
3. Niche down and thrive. If you scooped up a handful of water from the ocean of needs in your niche, there is enough in the ocean for the next person.

5. Do Monitor Your Progress

There ís a great deal of planning when you’re starting out on this journey. Because of this it’s easy to forget that you need to track your progress. To measure your return on time and resources invested (ROI), you need to know your numbers. This is where having a team becomes key. If measurement and analysis is not your forte’ hire someone to assist in that area. I first learnt about Key Performance Indicators (KPI’s) from one of my mentors but had no clue how to measure their impact.

Seek Additional Help

Luckily for me I have three siblings with MBAs who were able to initially help me unpack what that meant for my business. However I still sought additional help through courses and professional alliances. The key here is to know when you need additional help to monitor your progress and get it. Identify milestones now, so that you can work your way towards them, and recognize when you’ve reached them. Four essentials you should monitor include:

1. Monitor your finances. Take the time to understand your finances, calculate your costs, and work out a viable budget.
2. Take risks when needed. There’s no way to launch and grow a business without facing these challenges. If a new project doesn’t go as expected, view failure as an opportunity to learn and grow.
3. Measure your impact. Continuously engage with and gather feedback from your customers through surveys, focus groups, and direct interactions to inform your innovative projects.
4. Strike a balance as you build. Strike a careful balance between what’s going on at the detailed and big-picture level. This means moving away from the day to day operations to understand how your business fits into the market, as well as its future beyond the weeks and months ahead.

No one is born an entrepreneur. It takes work to get there. Are you willing to put in the work? It’s the best way is to learn the essential skills you’ll need to succeed. A great place to begin is with my “Unforgettable Five“., entrepreneurial do’s and don’ts you need to know. Anyone can be a business leader if they’re willing to put in the work and grow.

Want to learn more about how you can become a successful entrepreneur? Click here to connect. My team and I would love to learn more about your journey.