My Advice to All Entrepreneurs: Don’t Go it Alone.
Sep 11, by Tanya Alvarez
Is your business facing stiff competition? Are you struggling to find your market space? Do you think your business model could use work? Have you managed your money poorly?
The above struggles indeed cause businesses to flame out fast. Yet, they’re often a result of more profound issues. For instance, many floundering entrepreneurs are too entrenched in their own business and don’t have an outside perspective. They also stick to what they’re good at, avoiding necessary tasks they aren’t comfortable with. Other mistakes include setting the wrong goals and pursuing strategies without a course correction. Then, there’s the biggest blunder of all–failing to grasp the entire picture of your business.
Why is it So Challenging to Run Your Business on Your Own?
Starting a business is exciting. All the same, it’s one of the most challenging, lonely experiences you’ll go through. For one, transitioning from a salaried employee to the boss involves leaving your comfort zone–a tall task for anyone.
Novice entrepreneurs also get overwhelmed because they don’t manage their time correctly. Plus, they tend to over-analyze details that don’t matter. And inexperienced owners treat their entrepreneurship like they’re working a job, not running an enterprise. Or, they end up working in their business instead of on it. These are all the possible realities of going it alone as an entrepreneur. But you don’t have to go it alone. By aligning with a group of fellow entrepreneurs with a similar experience level, you’ll have access to a team of people eager to help your business grow and succeed. Below, I’ll further examine the benefits of joining an entrepreneurship group:
Fostering Valuable Connections
Before digging into the benefits your business might experience from an entrepreneur group, I’ll point out personal fulfillment. Being a business owner can be an isolating experience. In the beginning, you’re typically working solo. Then, as your business grows, you’ll remain #1, and it gets lonely at the top.
An entrepreneur group introduces you to unique, fascinating people who’ve had similar experiences to you. The resulting unity and connections make you feel less isolated and more connected to the people around you. That’s incredibly grounding, which can help you as a person and a business owner.
While it’s great to be your own boss, it’s tough to remain accountable without someone checking on you. This is where an entrepreneur group pays significant dividends. You share your goals and commitments, and these remain top-of-mind in the group consciousness. Since you’ll be doing the same to other members, there will be a sense of shared accountability. Everyone will feel motivated to do what they need to for business growth.
Obtaining a Big-Picture Perspective
Owning a business means you can’t sweat the little things too much. The tiny day-to-day details can eat you alive, distracting you from what’s most crucial. Working with an entrepreneur group allows you to hear other business owners’ stories and make big-picture connections with your own journey. You can pick up on patterns and trends amongst your peers, helping you remain oriented toward long-term objectives.
Eliminating Blind Spots and Shortcutting Learning Curves
As the old saying goes, you know what you know. Every entrepreneur has their own realms of expertise but lacks knowledge in other areas, creating blind spots. Within a group of entrepreneurs are various types of expertise and perspectives that eliminate those blind spots. Furthermore, that shared knowledge will shorten your learning curve when you need to leave your comfort zone. Instead of scouring Google for hours and landing on potentially wrong answers, you’ll get the correct answers immediately. Additionally, entrepreneurs tend to get stuck in their ways. Your entrepreneurial peers can help jolt you free from the type of one-dimensional thinking that creates blind spots.
Networking and Forging Valuable Partnerships
You wouldn’t meet the people you encounter in an entrepreneur group without joining said group. And in making a good impression with the entrepreneurs in your group, they’re likely to introduce you to people in their circle, including potential clients and business partners. Moreover, you can access someone else’s expertise without directly paying for their services, leading to mutually beneficial partnerships.
For instance, you might be a marketing expert who finds yourself in a group alongside a financial expert. Both of you can exchange services, improving those facets of your business free of charge.
Getting Inspired By Your Peers
Here, I’ll reference an example I witnessed in one of my groups:
A client of mine was hesitant about delegation.
But after seeing a fellow group member delegate with ease, they felt inspired to follow suit. Since then, my client, who was afraid of delegation, has been delegating non-stop with excellent results. Inspiration is only natural when seeing fellow group members succeed after bursting out of their comfort zone and actioning feedback.
Giving Back to Your Group of Entrepreneurs
Everybody in our groups wants the other members to grow and become the best versions of themselves. Knowing you’ve done your part is highly satisfying and gratifying, giving you a sense of accomplishment and happiness even when someone else thrives.
Personalized and Intimate Environment
There are plenty of online forums for entrepreneurs–but these are very generalized and typically won’t align with your business. Conversely, a specific entrepreneur group, with only five other members (and a business coach/facilitator), offers you a safe space to share your inner-most struggles. From there, it’s possible to cater solutions specific to your business’s needs instead of paint-by-numbers forum answers that don’t apply to you. Even if your business has grown enough to have employees, you can’t be entirely transparent about your vulnerabilities. It’s your job to be a rock for your team and make the big decisions. Fortunately, an entrepreneur group gives you a healthy outlet to be vulnerable and open about your concerns and fears.
Ready to Stop Feeling Alone? Then Join OwnersUP
I’ll be honest. I’ve been very successful with my business ventures. Yet, as I grew my business, I wished I didn’t have to go it alone. My entrepreneurial journey would have been way more enjoyable and efficient if I had a sounding board and people to course-correct me.
With hard work, I’ve overcome those challenges and come to really know my business. And I want to share that knowledge with you so that you can grow and flourish while avoiding the struggles I went through. Sign up for one of our groups today.