10 Life Lessons from Running a Business
I recently read a post called 26 Lessons from a 26 Year Old CEO. It was very good. This post is a take-off of that — my own Top 10 list from a small business owner perspective. Five of my ten are gleaned from her list with my own perspective added. Five are entirely mine.
My Top 5
1. Grow
I used to think running a business was about knowing what to do — understanding business concepts, putting into practice what I learned in MBA school. It can be all those things, but it's so much more. (You don't need an MBA to run a business. In fact, you might be better without one.) It's more about you growing as a person. We're forced way outside our comfort zones. We're forced to hone down what we really want from the business. We're forced to define how we're going to spend our time.
2. Make It a Habit to Step Into the Unknown
Living on the edge comes with running a business. You have to be okay with being in the midst of the unknown, with taking risks. Not reckless risks — but the willingness to move forward without a guarantee. That tolerance for uncertainty is one of the defining characteristics of every entrepreneur I admire.
3. Jump
Planning is good, but planning can also be a show-stopper. At some point, this is about action. Jump in. Try it. See what happens. Make the necessary adjustments. The plan you made before you started will look very different after you've actually begun — and that's exactly right.
4. Let Go of Control
This is a hard one. We've spent years of time and energy making our business what it is. Yet our good ideas become great ideas with collaboration. If the right people — people who bring genuine value — are on your team, your business makes more of an impact. Holding everything tightly limits what's possible.
5. Seek Mentors
In today's world we have easy access to mentors — Google, blogs, webinars, podcasts. Find mentors online and subscribe to their content. Follow them. Learn from them. Apply what you're learning. You don't have to know someone personally for them to teach you something that changes how you work.
My Top 5 from 26 Lessons from a 26 Year Old CEO
6. Think in Terms of Value — Not Price
What value can you bring to the table? What value will this idea or project bring to your clients? As a small business, it's too easy to get caught up in the numbers game. Adding value is more sustainable — and more fun.
7. Life Is Short, and Very Easy to Take for Granted
We hear this all the time, which is exactly why we take it for granted. But we really do need to get this — let it sink deep. At the end of the day, it's how we treated others that will really matter. Not the revenue, not the accolades.
8. Only Hire People with Fire
When I posted a job position recently, it was very easy to filter out those who just wanted a job from those who actually wanted this particular position. It takes an inner fire to be part of a small business. Skills can be taught. Fire can't.
9. Learn to Forgive
Things happen. People change. You can't move forward in business — or in life — if you can't forgive and move on. Holding onto grievances costs you more than it costs anyone else.
10. Cash Flow Is Crucial
This is one of the main killers of small businesses. If your "outs" consistently exceed your "ins" for an extended period, you're in trouble — regardless of how promising the business looks on paper. Find ways to even out your cash flow: make clients pay upfront, create payment plans for your larger expenses, build a cushion before you need one.
Bonus: My Favorite
Balance Is Overrated. Aim for Joy.
I love this one. When you're doing what you love, you're energized. As Shama Kabani put it in the original post: when work is fun, you don't feel the need to take as many breaks. Balance in today's world looks very different than it did 20 years ago. Embrace it.