The Entrepreneurial Griddle: How To Survive The Heat Of Small Business Ownership

I have been in business for a relatively short time

. I transitioned from a giant corporate culture to a small partnership after my finance position was right-sized in a corporate restructuring. Along the way I've done some soul searching, a lot of business planning and massive amounts of research. All of this was very useful but the best teacher has been real world experience as a small business owner. Here are my top takeaways from my experience as an entrepreneur that helped me survive the heat of small business ownership.

Be patient. It does take time to get your business off the ground. I found much different motivators when I began working for myself. There have been great days with new client business that fuel the desire to push on. There are other days where the phone doesn't ring and business contacts are slow to return networking phone calls. I had to keep looking toward the horizon to level out the day to day fluctuations and to stay motivated for long term goals. Patience is easier when you have a written plan with concrete goals, objectives, strategies and tactics. The plan is your landmark but you need to be flexible and adjust when appropriate.

Be confident. I know I must believe in myself to inspire customers to believe in me. I learned to understand why I am in business so I can convince clients why I am in business.

Work ON your business, not IN it! I am frequently tempted to spend precious work time on low-value added activities like web site maintenance, filing, bookkeeping and bill paying. These are all examples of working IN the business. I can create more value by working ON the business through client development, innovation, strategic planning and thinking time alone or with trusted advisers. I have to do the mundane tasks but most of my time should be invested in high-value added activities.

Match niche demand with passionate excellence. I know what I do well with enthusiasm. The greatest success comes from matching that capable passion with client needs. There's a business intersection where market demand is not being met by competitors and your resources are a perfect client fit. This intersection becomes your competitive differentiation and should be memorialized in your business plan so you can stay on point and continually promote your products or services from a position of strength.

It's your money! Small business owners are better stewards of financial resources than most employees. Why? Because it's their money! I've learned to manage cash flow because customers sometimes pay slowly. The barter community is a potential business trading partner. Spend money only when necessary. Keep meticulously organized financial records and prepare professional, accurate and timely financial reports for your lenders and investors.

Pay attention to the details. I have learned to never stop networking and nurturing business relationships. I focus on the three most important things to get done each day which drives me toward my most important business goals for the year. Finally, I look for the most talented resources to partner with to create sustainable business value while keeping company overhead low.

Be confident, work ON your business, find your opportunity intersection, guard your business finances and sweat the small stuff. This is business well done but not burned.

by: Michael Shelton

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