Opinion expressed by Businessman contributors are their own.
Entrepreneurs are some of the toughest people I know. They are busier and work harder, all to pursue something they love. While these qualities are admirable, I’ve often found that in the midst of all these urges, we too often forget to invest in other things that matter. Taking the time to truly invest in your business — as well as yourself — can drive significant returns over the long term.
Here are four ways to do it.
1. Hone your “why” and brand
What prompted you to get out of bed and go to work this morning? I often ask myself, and the answers provide clarity on the “why” behind my work, as well as on what I might be missing. Entrepreneurs must constantly seek meaning and passion in whatever they choose to do. No matter how long you’ve been in business, it’s important to keep those qualities front and center.
It’s also important to ensure that passion drives your business forward. The reason you’re starting in the first place is just the first step: From there, find ways to ensure your brand is constantly meeting market demands and poised for growth opportunities.
Related: Why Finding Your ‘Why’ Is Business Step No. 1
During SubSummit 2021 talk about consumer gaps, needs and expectations, research is presented showing that brands often create content for their own needs and wants, while simultaneously failing to listen to what their audience really wants.
This highlights a key challenge: the need to know who your brand is serving and understand what they want. This type of information can only be found with concentrated research and quality time spent in the business, than in he.
If you’re still in the early stages of building a company, one way to sharpen your focus is through pitch competitions. These events allow you to think critically about the growth of your business, its potential, gaps and areas of opportunity. Furthermore, it allows you to dive into how your brand serves its target audience.
Ultimately, winning pitch competitions can lead to networking with key investors, cash prizes and in-kind services, but even the act of practicing your pitch can help you get better positioned for success.
Related: Can Your Startup Answer These 23 Pitch Competition Questions?
2. Find a mentor
A strong leader understands that it is impossible to know everything. The best forms of growth come from relationships with other people who have faced similar challenges, so
Guidance should be a key investment strategy component. Research conducted by Kabbage, Inc. (and discussed in the Entrepreneur 2020 article) shows that 92% of small business owners believe that mentors have a direct impact on their growth and survival.
And the process doesn’t have to be complicated: Simply get to know a leader you admire and reach, or join an association in your industry to gain knowledge from a community of like-minded individuals and groups. Learn about their journey, what resources they used and how they developed. Ideally, find someone who was in the same situation five to 10 years ago. And if you’re a more established leader, seek out a mentee, because there’s a lot to be gained from this relationship as well as from being mentored.
Learning from the successes and failures of others is essential in your entrepreneurial journey and can have a long-lasting impact on your personal and professional life.
3. Invest in your team
Surrounding yourself with people who encourage and challenge you is one of the best ways to invest in your business. It costs you nothing, and you get everything from a quality team.
Business owners need to focus on hiring not just for talent, but for a mission-driven vision.
So when recruiting, look for people who share the same mission as your organization and have a passion for what you want to build. Ultimately, these are the employees who will help you not only become a better entrepreneur, but also drive growth.
Related: Turning the Narrative of Hiring Is Now a Necessity. Here are 3 Ways to Do It.
4. Embrace professional development
In today’s digital age, it’s imperative that you create engagement whenever possible. Ultimately, the goal is to create lasting relationships with customers, so they never feel the need to go anywhere else. Every interaction, every email, every social post — everything is an opportunity for deeper engagement.
The same must happen to ourselves and our organizations. How can we be more regularly involved with our company and our own personal development? To get started, invest in yourself every day. Read a book, listen to a podcast, or just go for a walk.
Then, bring that passion to grow into your business. Attend conferences that allow you to dive deep into your organization and learn new strategies and methods. Join a trade association that is dedicated to what you do and that will surround you with people in the industry. This will help give your organization a new focus and also provide a pathway for new business plan opportunities to explore.
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