I read this article from Stephanie St. Claire, a self-described “unfunded entrepreneur” – “11 Things I Wish I Knew When I Started My Business”. I think I read this middle of 2013, and just kept it in my list of sites to remember, and articles I want to blog about because I enjoyed it. Obviously, right?
St. Claire writes about many aspects of starting her business and the journey to wherever it is she is today – still fighting the good fight. She traverses the messiness of divorce, selling her home, a meager $14 left on her bank account, and so much more. She says she’s a good writer, and her creativity truly comes out in her writing making her article more fun to read.
So, while reading her article, I wanted to touch on a few of her 11 points, whether or not I agree or disagreed. Armed with my own experience with Body Boss and others from the past, my thoughts:
- Her first point: One. Running the business is your first priority. I quickly learned from Body Boss that it’s not about Working Out, meeting Coaches and Trainers, watching Players crush it in the gym that will occupy a great deal of my time. Instead, it’s about the little things like taking care of business. I don’t think it’s as much as 15% of my time. However, it includes all the little things like paying the bills and ensuring the insurance for the company is in line, the LLC exists year to year, answering emails quickly on the weekend, or staying on the phone to trouble-shoot issues after my afternoon game of soccer pick-up.
Like the Sharks on Shark Tank tell so many
inventors, inventions are great, but inventions alone aren't businesses.
- Two – Ready to meet your soul mate? It’s you. While really working more and more on Body Boss during my MBA program at Emory May 2012 through May 2013, I became so much more in tune with myself. My time during the MBA program actually was one of my greatest – not necessarily for the program itself, but the time I was able to “work on myself”. That’s actually what I tell everyone about the greatest takeaway from MY time at Emory.
- Be comfortable in your own skin, and be
comfortable being yourself. Not everyone
will buy your idea and buy into what you’re trying to accomplish. You’ve gotta stay true to yourself. Like business like personality, St. Claire’s
point from Ten – Email will be your new
best frenemy – “Not everyone is your customer”.
- Four – Running out of money is a common part of the journey. St. Claire writes about how dreams of flying high hit rough air with the gas gauge near zero forcing her to land into the “wild, abandoned air strip called Bank Balance: Fourteen Dollars”.
- I kinda like the idea of having less options when you’re starting something out. Understanding everyone has his/ her own life, but with a more “complex” situation comes more excuses. By having options or working part-time, you may not feel the pressure to really make your startup work. When you’re staring at no income but still bills to pay, you start to really push yourself to make it work… else, you crash land and watch as your startup go up in smoke. Back anyone up into a corner, and you give her no choice but to fight.
- Now that I’ve pointed my thoughts around going full-bore on your startup, here’s St. Claire at point Five – Build a hybrid stream of income. Okay, so obviously hitting some meager amount in your bank where you can’t even pay bills is a bit of a problem. Something’s gotta give. St. Claire talks about how picking up some other part-time gig to supplement income could be beneficial – adding financial stress to an already immensely stressful situation can be even more taxing. She says that if you believe part-time income would serve to put your mind at ease, then do it.
- I think this is sage advice if only you take on legitimately part-time work. If you’ve just gone ahead and taken full-time work or pulled in part-time work that demands more time than your business, I think that’s a mistake. Your business should be priority #1 as it requires dedication and care to succeed. Splitting time, again like said above, may not give you the right motivation to truly push yourself.
- What else I’ve found is that most people (your customers or even co-workers included) only have so much daylight to work with you. If you don’t have a majority of your time to work on your business, you may miss prime time where customers need you, or simply, you may be missing prime time for selling. You’re likely not selling to entrepreneurs like you who are working non-stop.
- Six – Read Steven Pressfield’s Do the Work. Simply put from St. Claire (and Pressfield’s book) is something I’ve found to be true: “[The biggest] challenge you will deal with in running a business is your own resistance”. You will no doubt harbor doubts and excuses, and those around you may tell you you won’t succeed or you should go back to a cushy, safe job, but ultimately, it’s your choice.
- Eleven – Number eleven is a hodge-podge. From St. Claire: “Work out perplexing issues in your business and it will resolve problems in other areas of your life. Breathe, play, laugh.” I think the key message here is that if you fix some major areas of your business (you know the problems, probably), you could benefit in alleviating other areas of your life.
- And yet, like the point above about taking on a part-time job if you need to to mitigate financial stress, you should maintain your life still. That is, still make time to enjoy the little things of life. That may include exercise, friends, and especially family.
What are your thoughts about St. Claire's 11 lessons? Any of them resonate more so with you than others?