July 24, 2006
Small Business Success - Sacrifice
As we discussed yesterday, owning a small business takes several specific personality traits. Today we are going to discuss the need to sacrifice when you are a small business owner.
When I coach small business owners and the topic of sacrifice comes up I often shift the dynamic of the conversation. To me sacrifice is not about time commitments. Once you learn how to leverage your talent, skills and knowledge, you can maximize the time you spend working on your business. You’ll learn how to do the things that come naturally and you’ll outsource the rest.
Sacrifice in a small business is more personal. It comes in the form of discipline. The greatest sacrifice you make as a business owner is in giving up the instant gratification that comes from making impulsive decisions.
For example: It is tempting to lease that fancy office space, or purchase that piece of equipment that has more capacity than you need. But it is better to find some customers first and set up the shop second. You sacrifice the instant gratification of getting something accomplished for the dedication of pursuing the business deals that will enable your business to survive over the long-term.
You are sacrificing feeding your ego for the health of the business. That’s tough to do. Everyone wants a great office. Everyone would like to drive the Mercedes convertible. It takes discipline to get to the point where your business can afford those things. Get the clients first and the great office second. Believe me, my clients still pay me big money when I meet them to discuss their business at Starbucks. Helping their business grow, and getting paid for it, feeds my ego even more than having a nice office. (Although my office is fantastic).
So how can you prepare for this sacrifice/discipline before you start your business?
I encourage all potential small business owners to do something difficult and lonely. It can be something physical – like training for a marathon or it can be a mental exercise – like finishing the NY Times crossword puzzle. By doing these tough challenges on a regular basis you are forced to acclimate yourself to sacrifice and discipline. You are giving up the instant gratification of doing something easy for the reward of greater satisfaction and fulfillment down the road.
It is that satisfaction and fulfillment that makes business ownership so special.
Tomorrow we will talk about Service Orientation.
Previous articles in this series:
Small Business Success - What it takes
Filed under: Entrepreneurship - Success
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