So over the last couple months, I have been meeting entrepreneurs, business owners, directors, that is, anyone managing the profitability a service or product accumulates.
After chatting with a new contact in South Bank last week, an executive coach who is promoting a project on Women in Leadership I realised there were couple elements missing in the environment and competencies that were under-developed in the people behind the business.
The environment is external and there will always be pressures to perform, to compete, to accomodate change and adjust to high levels of uncertainty. What it boils down to is who is willing to face the challange, manage the risk and calculate the investment of time, energy and money.
However, I am much more concerned with competencies of business owners who falter.
Why does it happen, and how can we manage it better.
- Find your passion, and focus on it.We will fail, only if we do not try. Keep your head above water and focus on the things you master, develop the fortitude to drive that passion. Giving up is easy when you lose sight, but getting up after you falter requires awareness, reconnection and support. Do not waste your time or energy developing something other people think you should do, because only you will know what you are truly good at, and happy doing.
- Build a team who appreciates your best self. So many entrepreneurs suffer from ideation without implemention. You need social cohesion, motivated staff and focus to drive your passion from that thing you do, to that thing that makes you profitable. Rome, as fascinating as it is, was not built through visualisation, and living in the moment. Rome, the empire was built when the idea was developed into reality using sweat, and diligence. Your business, and your empire is no different.
- Stay confident. I have worked with thousands of people who became vulnerable because they lost their confidence to make decisions, to know what is right for them, and to manage their emotions. People lose confidence when they lack awareness of their pillars of success – their values, their attitude to life and the impact it has on others, and their motivation to meet their goals. Confidence is crucial to maintaining your drive to perform in business, to develop a reputation and brand and to change your business strategy if needed. Too often people who falter in business, take things personally, and lose the zeal to continue.
If you have lost the momentum after a recent setback, remember, you only fail if you stop trying. You usually stop trying if you have lost sight of your passion, the motivation to meet your goals or lack support and confidence to acheive what makes you profitable.
The Business Coach.