Motivation for all you entrepreneurial spirits out there
- Remember “Why” you Started- Unknown
- The way to get started is to quit talking and begin doing- Walt Disney
- “The credit belongs to the man who is actually in the arena; whose face is marred with dust and sweat; who strives valiantly, who errs and may fall again and again, because there is no effort without error or shortcoming.”-Theodore Roosevelt
In todays email:
- What motivates you as an entrepreneur? The 4 freedoms of entrepreneurship
- Do you have what it takes?: I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.– Steve Jobs
- 5 Signs of Poor Business Planning: You deserve to invest in yourself.
- Operational Efficiency Tips: Can you leave your business for 2 weeks without it burning to the ground?
The 4 Freedoms of Entrepreneurship
What motivates you as an entrepreneur?
I’m chasing freedom.
According to Dan Sullivan, the author of 10x is easier than 2x, he claims there are 4 things we’re all motivated by as humans.
- Freedom of time: The ability to do what you want, when you want and to have control of your time.
- Financial Freedom: You need financial freedom to have the things you want in life. However, entrepreneurs aren’t necessarily money hungry, per se. It’s actually the opposite. Business owners don’t want to have to ever think or worry about money again. ( I relate to this wholeheartedly.)
- Freedom of relationships: Lean into the relationships that bring the most joy to your life- family, friends and colleagues.
- Freedom of Purpose: When you’re able to focus on these three freedoms (time, finances & relationship) it gives your life purpose and meaning. We’re able to be of service in new ways, because we’re FREE’d up to do so.
My purpose is to help make this world a better place.
Check it out! A sweet video for ya ⤵️ A recipe favorite from our catering Co. Wylder Space, in Scotts Valley, Ca.
Wylder Space Pear Galette
This is "Wylder Space Pear Galette". A buttery crust. Seasonal Fruits. Caramel Sauce. Fresh Cream.
www.wylderspace.com
Traits of Fellow Entrepreneurs: Do you share similar qualities?
- The Right Amount of Stubborn: Pride and stubbornness, 2 traits that are notorious for being defects, can in fact be used as 2 of our greatest assets. I equate it to being like a pit bull. You hold on and don’t let go until you win.
- Risk Tolerance: Imagine how badly you want it. What are you willing to do to make it happen? Are you willing to risk it all to make your dream a reality? Are you willing to sacrifice for the sake of your vision? When you don’t have anything to begin with, there’s nothing to lose.
- Comfortable with Failure: Failure is a common occurrence in entrepreneurship. There is a tremendous amount of grit & grace that comes from failure. Imagine getting it right the first time, having never struggled on the come up. How big would your ego be? The lessons, the gratitude, the humble beginnings remind you that once you finally DO arrive, you’ll be able to help others, because you are grateful for all the people who helped you.
- Persistence: You can fail thousands of times. The key is to get back up, dust yourself off and try a different way. Remember, you only need to get it right once to succeed. Don’t quit 5 minutes before the miracle.
5 Signs you’re working for your business. Your business isn’t working for you.
- You don’t run your business. Your business runs you.
- Your team feels lost and disengaged
- You’re wasting time on the wrong projects (the things that DON’T generate profit)
- You’re struggling to attract top talent.
- You’re losing thousands of dollars in potential profits.
Examples from our Catering Co.
I can’t tell you how much money we’ve hemorrahaged getting ready to grow and not knowing what to expect. We hired before starting the work, only to learn we over hired.
We rented out a kitchen thinking we’d need the extra space, only to get locked in to an hourly rate rather than a monthly lease, paying 5x the amount we needed to, because we felt desparate.
We opened up a cafe in a building based on 1 persons word, rather than doing the proper market research prior to opening. Thousands and thousands and thousands of dollars, flying out the window on a monthly basis, that could have BROKEN us, had we not had the proper people in place to stop the bleed.
Gentle Reminders:
You may not have a big team of people to support you now, but you must always be mindful of your cashflow and expenses vs. your revenue.
Some months are going to be financially abundant, while other months it can be bleak. Rather than assuming your business is out of the weeds, because you’ve had a few robust months, take the average over a year to help you look ahead.
Processes & Systems (They provide the Freedom you so desparately desire)
If you want to grow and scale a business to achieve the dreams and the lifestyle that you’re actually going for, then calling it a business means your going to start growing, scaling and running it, leaving it to operate in a manner that is systematic, consistent and repeatable, every single time.
“But I want to be involved in the day to day”, you say:
You will be involved by running, growing and operating the business- from a strategic perspective.
If you don’t set up the proper systems you’ll be running your business- like a hamster in a wheel, going crazy, burning out and feeling overwhelmed. Pretty soon you will run out of steam and your business will stop growing.
Take Howard Schultz from Starbucks, for example. He doesn’t need to be in every single cafe, making every cup of coffee.
How is it possible that you can go to any coffee shop, anywhere in the world and get the same consistent cup of coffee. The quality is the exact same, every single time.
The only way it is possible and achievable is by making sure you have the right systems and processes in place, ensuring these systems and processes are measured, quantified and qualified.
What’s the difference between a system and a process? Which one should I have in my business?
Systems stands for:Save yourself stress, time, energy and MONEY.It’s a set of processes, people, technology and interfaces. When you put them together they create a system.A Process is:A set of steps you need to have inside your business for anything that you’re going to repeat more than once. You don’t want to solve a problem just once, rather you want to solve every problem you come across forever.
By Installing systems and processes inside your business, you’re essentially solving the problems that arise forever.
Wanna get some cool free stuff? Welp, you can! Networking, referrals, promotion and collaboration are integral skills we need as business owners. Promote others, get promoted. We choose collaboration over competition.
If you click on the button below you’ll see 3 giveaways we’ve got for you. I’m currently working on a course for young entrepreneurs, FREE to all you peeps who are interested in growth mindset and getting OUT of your business to work ON your business.
We need all the help we can get and it’s the least I can do to get the word out there about Wylder, the Entrepreneurial Spirit’s mentorship program & our grassroots on- line community of likeminded peeps.
Until next time you guys,
It’s an honor to cook for you, work with you and support each other in the entrepreneurial game. xoxo
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