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From Arrogance to Growth: My Journey in Business
Looking back to the early days of my first business, I can hardly believe it survived as long as it did. I was undisciplined, arrogant, and lacked the necessary financial management skills. If only I had known then what I know now, I could have saved myself so much stress and heartache.
But I also realize that my mistakes and failures were necessary for my personal growth and development. If I hadn't experienced those struggles, I wouldn't be the person I am today. That said, I do regret not seeking out a mentor who could have guided me through those tough times. Unfortunately, my mindset was fixed, and I was too arrogant to take anyone else's advice.
Like I said in my book "It's All Your Fault", my goal is to help others avoid the mistakes I made and achieve success sooner. The most significant change I made that helped turn my business around was a shift in mindset. When I stopped blaming external factors and took responsibility for everything in my life, I started to see opportunities and improvements in my business.
If you're struggling in your business, what's your biggest concern? What questions do you have? I'm here to help, and I'd love to share any advice or insights that might be valuable to you.
The Importance of Hiring Help in Skilled Labor Businesses
The industry I am in is considered a blue-collar skilled laborer, and I am proud to be classified as such. However, there is one issue that I have noticed among businesses in this classification, and it is worth discussing. Whenever I deal with another business falling under this category, there is a reoccurring problem: the business owner is often the main source of labor, leading to a lack of organization in the business.
Owners are responsible for paying bills, ensuring customers pay on time, and having the necessary parts and inventory ready for jobs. They are also responsible for ensuring all work is completed on time and that customers are informed of any changes. Unfortunately, these responsibilities often take a back seat when the owner is busy performing labor tasks. As a result, many business owners are unable to focus on growth and improvements, and they often find themselves putting out fires.
As someone who has experienced this issue firsthand, I believe that it is important for business owners to realize that hiring help is necessary for their success. While you may have become an owner due to your talent in a particular field, running a business requires a different set of skills. Being in the trenches all the time can prevent you from having the proper perspective to ensure your business is heading in the right direction.
Hiring someone to run your business can free up your time, allowing you to focus on growth and improvements. If you prefer to remain involved in skilled labor, you should consider hiring a few people who can produce results similar to yours. This will allow you to delegate tasks and spend more time working on your business instead of for your business.
Even before hiring help, there are a few things you can do to improve your business. Firstly, it is essential to admit that what you are doing is not the best approach. Secondly, organizing your work and keeping track of the workflow can be helpful. You can download an app such as Slack or delegate scheduling tasks to someone you trust to keep the business on track.
As a business owner, your goal should be to create freedom and income production without having to do all the work yourself. It is important to remember that nothing should force you to work for free, even your own business. By hiring help and focusing on growth, you can improve your reputation with customers, meet deadlines, and ensure your business's success.
Small Businesses are the back bone of the economy.
Small businesses are the backbone of many communities, providing jobs, services, and unique products to local residents. They play an important role in the economy and contribute to the diversity of our neighborhoods. Here are a few reasons why it's important to support small businesses:
1. Keep the money local: When you shop at small businesses, you are keeping the money within your community. This helps to boost the local economy and create jobs for people who live nearby.
2. Support entrepreneurship: Small businesses are often run by entrepreneurs who have taken a risk to start their own company. Supporting these businesses helps to encourage entrepreneurship and innovation in your community.
3. Unique products and services: Small businesses often offer unique products and services that you can't find at big chain stores. These businesses are more likely to source their products locally, which can help to reduce the carbon footprint of your purchases.
4. Better customer service: Small businesses often have a more personal touch, and the owners are more likely to be on site and able to provide excellent customer service. They often go above and beyond to make sure their customers are happy and satisfied with their purchase.
5. Building community: Small businesses often host community events, sponsor local sports teams, and support other community organizations. They are an important part of the fabric of the community, and supporting them helps to build a stronger sense of community.
In short, small businesses are an essential part of our communities, and it's important to support them whenever we can. Shopping at small businesses helps to keep money local, supports entrepreneurship, and provides unique products and services. By supporting small businesses, we are helping to build stronger, more vibrant communities.
You can't buy Experience only time and effort will give you that.
Experience in an industry is important because it allows individuals to gain the knowledge, skills, and expertise necessary to perform their job duties effectively and efficiently. With experience comes the ability to anticipate and solve problems, make informed decisions, and adapt to changes in the industry.
In many industries, experience is also a key factor in determining advancement opportunities. Employers often prefer to promote from within and will look to individuals with a proven track record of success within the company. Furthermore, experience can open doors for new job opportunities, as employers may be more willing to hire experienced candidates over those with little or no experience in the industry.
Experience also brings added value to the employer. Experienced workers are often more productive and efficient in their jobs, which can lead to increased output and cost savings for the company. They also have a better understanding of safety procedures and regulations, which can help to reduce the risk of accidents and injuries on the job.
Additionally, experience helps to build a person’s professional network, allowing them to connect with individuals who can provide mentorship, advice, and opportunities for advancement.
However, despite the importance of experience in many industries, many workers may face challenges in obtaining the necessary training and experience to advance in their careers. Therefore, it is important for employers and industry leaders to invest in training and development programs, as well as provide opportunities for on-the-job training and mentorship.
In conclusion, experience in an industry is crucial for individuals looking to advance in their careers and for employers looking to maintain a strong and productive workforce. It not only helps to build the necessary knowledge and skills but also opens doors for new opportunities and adds value to the employer.
5 ways to develop a growth mindset in your business
Developing a growth mindset in your business can be a powerful tool for success. It can help you and your team members to be more open to new ideas, to embrace change, and to learn from failure. Here are five ways to develop a growth mindset in your business:
1. Encourage a culture of learning and growth: A growth mindset starts with the culture of your business. Encourage your team members to learn new skills, to take on new challenges, and to share their knowledge with others. Provide opportunities for training, mentoring, and networking.
2. Embrace failure: Failure is an inevitable part of any business, but with a growth mindset, it can be seen as an opportunity to learn and grow. Encourage your team members to take risks and to learn from their mistakes. Recognize that failure is not a sign of weakness but rather a sign of growth and progress.
3. Recognize and reward effort: People with a growth mindset believe that their abilities can be developed through effort. Recognize and reward your team members for the effort they put in to learning and growing, rather than just for their achievements.
4. Be open to change: A growth mindset requires an openness to change. Encourage your team members to be open to new ideas, to experiment, and to try new things. Be open to change yourself and model that behavior for your team.
5. Focus on progress, not perfection: People with a growth mindset focus on progress, not perfection. Encourage your team members to set goals for themselves and to track their progress. Celebrate small wins and acknowledge progress, no matter how small.
By implementing these five strategies, you can help to foster a growth mindset in your business. This mindset can lead to increased innovation, improved team performance, and increased resilience in the face of challenges.
When is Failing Not a Bad Thing?
From my experiences, every time you fail at something, you have a choice to make. You can either make excuses for why you failed or take it as an opportunity to learn and improve.
For me, failing is only a bad thing when I make excuses. If I take the failure as a lesson to grow my knowledge and skill set, then it's not a failure, just a temporary setback.
I used to always blame outside factors for my failures, but now I understand that my actions play a role in my successes and failures. I analyze my mistakes to prevent them from happening again and focus on creating good habits that will lead me to success.
The key to overcoming failures is to be a student, not be sad or mad, but to learn and adapt. Success requires effort and growth, not just hoping for it to happen. So, embrace failures as opportunities for growth, not as setbacks.
Unleash Your Business Potential
Unleash Your Business Potential: Adopting a Growth Mindset and Profitable Financial Management
Are you struggling as a business owner? Believe it or not, a few simple changes in your mindset and financial management can turn your struggling business into a thriving one. The key to unlocking your full potential as a business owner lies in adopting a growth mindset and taking control of your finances.
In my book "It's All Your Fault," I delve into the importance of a growth mindset for not only your business but also your personal life. Additionally, I'd like to share a financial philosophy that I learned from reading "Profit First." The book transformed my thinking on managing money in my business.
Previously, I would pay bills and employees with the money I received and keep whatever was left for myself. However, this left me with little to no profits. After changing my approach, I now take out a portion of the profits before paying bills and employees. I started with 10% and adjusted my expenses as needed to ensure all bills were covered. At first, it was challenging, but over time, this amount became normal.
The key to success is to continuously analyze and eliminate non-essential expenses, allowing you to pull in more profits. By consistently pushing yourself to make these changes, you'll transform your business into an asset, giving you the time and money to live the life you want.
If you're interested in learning more, feel free to message me for a deeper discussion. Remember, being a business owner should give you the freedom and financial stability to live life on your terms.
How does your business handle busy and slow times of the year?
How does your business handle busy and slow times?
In my industry, we experience seasonal fluctuations that create challenges during both the busy and slow times. During slow times, one of the biggest issues is having enough funds to cover expenses and payroll for our staff. On the other hand, the busy times bring their own set of difficulties. To mitigate the slow times, I try to take on extra jobs and save the money for those periods. However, the added stress of handling extra work during busy times can become overwhelming. As a result, we have shifted our focus to the lower profit wholesale market instead of the more profitable retail market, which has helped us to become less seasonal but also makes it harder to acquire new customers while growing our business.
If you have any tips or tricks to help ease the stress during busy and slow times or strategies for gaining wholesale business, please share in the comments.
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