Reviving Your Entrepreneurial Spirit: Reignite Your Passion for Your Business
The Business Journey: From Excitement to Challenges
The start of something new is usually the equivalent of the heart eyes emoji in real life. Beginning a new workout regimen, taking on a new diet plan, bringing a child into the world- you are excited, you are motivated, you are on cloud nine, you are in love. Starting a business is no different.
But then time passes.
You find yourself struggling to find time for that run, stop tracking your food in your app, experience your “threenager’s” attitude and find that you are no longer as excited about the business you put your heart and soul into. Are you falling out of love with your business?
Our answer: maybe.
Strategies to Rediscover Your Passion and Motivation
Did you know that only about half of small businesses will last five years? If you think about it, it makes sense. When you start your business, your motivation is at its peak, all of the decisions you need to make are exciting, and you and your business are in the “honeymoon phase.”
A few years down the road, the newness wears off, your business faces challenges, the decisions become draining, and you suddenly lose sight of why you started your business in the first place.
If you feel like you are in a place of falling out of love with your business, the first order of business is acknowledging it. Validate how you feel. It DOES have merit and it is very real and very normal. As business owners we have the “dream life” to all those outside of it and complaining or having struggles isn’t a popular (despite being honest) stance to take.
We have been there and we get it. Below are a few suggestions that have worked for us when we feel like we’ve lost our spark and need to reignite things in our business.
Reconnecting with Your Business Vision
We encourage all business owners to create a business vision. This is a snapshot of where you see your company in the future and is based upon what is important to you at your core–building a life that you love. If you are in a rut, check back in with your business vision. You might find that simply rereading your futuristic goal/s will remind you of why you began in the first place, and increase your motivation to get your business back on track. If you have never made a business vision, it is not too late to do so and we can help you build one. If you’re more of a DIYer, be on the lookout for our blog post “Creating a Business Vision” for a step-by-step guide on how to create the starting framework (Coming soon!).
Harnessing the Power of Your Team
Having a team is essential. Not only are you there to support one another, but you are usually all working toward the common goal of company success. If you feel like you are struggling with where you are at with your business, your co-worker crew can help you steer things in another direction or offer insights to get you back on track. If you are flying solo with your business, perhaps hiring a team is just what you need to be reinvigorated. We understand that not all businesses are in a place financially that makes this feasible, but if you are, we encourage you to hire someone. Yesterday. You can always start out super small, but the important thing is to start. Our blog post called “Making your First Hire” talks about why this is so important.
Finding Inspiration in the Midst of Discouragement
We are all inspired by different things and it is SO important for you to figure out what inspires you. It is the fuel that will keep you going when you feel like giving up. It is that extra push that will motivate you to take action. It is the peace you will find during discouraging times. You started your business for a reason. You have experienced success. Think about what inspired you in the beginning stages of your business and channel it. This may just be the extra burst you need to reignite the passion you once had. Identifying “What Inspires the Anchorlight Team?” has helped us figure out where we need to turn if and when (because no company is perfect) our flames start to flicker, and it might help you figure out what inspires you.
Setting Attainable Goals for Renewed Momentum
Did you have an idea in mind of where your business would be, but it’s falling short and causing you to doubt the sustainability of your company? Maybe it’s time to rethink your goals. Were they too big? Hard to maintain? Was there a shift in the economy or was there something totally unexpected that made your goals seem more out of reach? When you set goals that take too long to achieve or seem downright impossible, that can truly suck all of the excitement out of you. But there’s hope! Try to set simpler goals with actionable steps that you can accomplish in a shorter period of time. This will give you something to work towards, help you collect some small wins and your accomplishments may renew that addictive feeling of business bliss all over again.
Embracing Change: Pivoting Your Business
If something is not working, make changes. Instead of immediately abandoning ship, first try to steer it in a different direction. So much of business ownership is trial and error. And you know the saying, “If at first you don’t succeed, try, try again.” If you are still dedicated to what you’ve built, put that into practice. Make sure you don’t make these changes on a whim. Consult your co-workers and investors and utilize data to really pinpoint places where changes will be beneficial. You are talented, no doubt, but you aren’t going to be great at everything. Don’t be afraid to hire out experts in the areas you need to adjust. And if you are unsure about when or how to pivot, try seeking out a consultation with a business coach. Maybe an outside opinion is just what you need.
Knowing When to Let Go: Moving On from Your Business
You heard us right. Sometimes the only way to rejuvenate your entrepreneurial spirit is to break up with your business. Nobody wants to give up on something that they put so much time and effort into. However, we are firm believers that sometimes the greatest success comes when you experience failure and have the courage to call it quits. We also know that even if you decide to cut ties with your company, that you will have even more knowledge and experience to contribute to the next venture of your choice.
Embracing the Journey: Nurturing Your Entrepreneurial Spirit
The way you feel about your business will definitely ebb and flow over time. If you feel like you are falling out of love with your business, try some of our tips and see if the flame can be rekindled.
