In this episode we will talk about why you are your business’s greatest resource and how to capitalize on that, as well as how to understand your own intentions and sustain your high energy level in your freelance and entrepreneurship journey.
Your greatest resource as an entrepreneur: You!
We all have our own education, experiences, and personality traits. Here are a few questions you can ask yourself to make sure that you will put them to good use:
Which of these are the ones that will be useful to you in the role of an entrepreneur?
How can you make them work in your favor?
What are your weaknesses?
How do you want to compensate for them?
Be honest with yourself
Even those who have a lot of experience as managers experience self-employment, freelance and entrepreneurship as something completely new. Do you recognize yourself in this? Maybe you lack a network in your community or in the industry. Maybe it is the accounting and financial management that is completely new to you or maybe the big challenge for you will be to go out there and advertise yourself and your services. In regular organizations every function is fulfilled by a different department. When you are self-employed you might have to do everything on your own. This is the challenge of new entrepreneurs.
By identifying and accepting your weaknesses, you open up for solutions. What would you need to balance your shortcomings until you develop those skills? What do you already have in your networks and what do you need to add? Sometimes it can be worth investing in employing the services of others, but other times all you need are networks, mentors, and friends. Remember: you don’t have to know it all - and definitely not in the beginning.
Your driving forces
Fresh entrepreneurs and freelancers start their own business for a variety of reasons. For some, their own company is the only way to work with a service or product they are passionate about. For others, starting a business is the realization of a life dream. Whether or not the business is a means or an end, you have a lot to gain by formulating a clear vision and purpose for your efforts.
There will be days when the visions will feel very distant, everyday life will feel tough and the market will be difficult to interact with. Some days you will feel alone and doubt yourself. All jobs have such days and for the self-employed and entrepreneurs there is no one else who manages that for them. There will be no manager who has the task of creating the conditions you need to do your job. As an entrepreneur you need to create those conditions yourself.
You will therefore benefit from having your driving forces clearly formulated and close at hand so that you can arouse your own motivation.
Safeguard your future motivation
Get a network, join an industry associations and business associations where your issues are discussed and you can get nourishment and energy from there. Rent an office somewhere in town if you want colleagues around you and have no employees. Do what you need to do to replenish your drive.
Equally important is to celebrate your successes. Take the time to acknowledge your achievements and celebrate them - take yourself out, treat yourself, spend time with someone dear. Do whatever feels best to you to celebrate the good that comes your way. This way you will have something to look forward to when things don’t go your way. Celebrating your successes will instill in you the belief that there will be something good waiting for you on the other side. Remember: being an entrepreneur or freelancer isn’t all about non-stop work and hustle.
Lastly, take a close look at your personal values. Take the time to learn what those are if you do not have a clear picture of those yet. Write them down and have them somewhere readily accessible. Because you are leading your own company and operations it is important that you act in line with your values. This will save you a lot of inner conflict further down the line. Because no matter what happens you will know that you have been the person that you wanted to be.
Sticking to taking care of this core resource - you, the entrepreneur, can be tricky. a good way to stay on track is to have regular check-ins with your coach. Having a coach following your journey, holding you to your ambitions and supporting you in stretching into sprints, scale-ups or new challenges is a well established means of staying on top of your game.
In the next episode we will introduce a few concepts on marketing and finances.
