Alright – welcome to the last installment of the From Employee to Entrepreneur series.
We’ve covered a lot of ground! First, you learned about the “inner game” of becoming a successful entrepreneur. This includes having creativity, great leadership, and becoming more productive.
Then, you learned about the “outer game” of entrepreneurship, including creating great products, marketing, and world-class customer service.
Today we cover one more piece of the puzzle.
I believe this one thing is what separates the winners from the losers in business.
It’s that important.
So what is it?
“Entrepreneurship is neither a science nor an art. It is a practice.”
– Peter Drucker
Peter Drucker said it best.
And what he means is that entrepreneurship isn’t something you think about. It’s not something you constantly learn about.
Instead, it’s something you DO.
This is what a “practice” means. It’s something you do every single day.
You’ve got to get in and get things done.
Now, you might be wondering – “Okay, so what actions do I need to take every day?”
You need to act on the things that will move the needle forward in your business.
A good starting place would be on the “outer game” topics I’ve covered in this series so far.
So every day, you could take action on:
- Developing your current products
- Creating new products
- Talking to your customers to find out how to serve them better
- Working on your marketing
- Improving your sales
- Making sure your team is properly trained and managed
- Tracking your results and monitoring progress
The list goes on.
These are the things that matter in your business. The things that lead to innovation, productivity, and ultimately generating revenue (i.e. making money).
And you know what? Most entrepreneurs do NOT do this stuff consistently. They don’t make it a “practice.”
This is why smart business people don’t worry about their competition. They worry about executing and getting things done on a day-to-day basis. They know their competition most likely won’t.
If You Don’t Execute Daily, Your Business Will Be Inconsistent
Just look at the cycle most real estate agents go through, for example.
They often go through a 90-day cycle. They go out and meet a bunch of new prospects. Then they stop prospecting for new clients because now they’re busy with all their new clients.
They start showing homes to the clients and putting homes on the market. Then when escrows open and their commission checks are in the pipeline, they devote all their attention to making sure the deals close and they get paid.
Remember, this whole time they stopped DOING the things that brought NEW prospects in the door, who in turn will become clients later on.
So what happens? The deals start closing, but then they start panicking because they have ZERO new prospects coming in the door for the next month.
They then repeat the cycle and go out and do a bunch of prospecting.
The same thing happens in business.
And it’s because as humans, we allow ourselves to be distracted from our most important work.
This might be because of the way we are wired through millions of years of evolution. But regardless, it’s up to YOU to take control and make sure you’re executing in your business DAILY.
Because at the end of the day, your business is a direct reflection of what’s going inside your mind. If your business is a mess, then it’s likely because your mind is a “mess.”
So get clear. Ask yourself what you need to be doing daily to move the business forward.
And then execute.
As you start to grow and add team members, create a culture of “execution” so that everyone understands they need to take action every day and produce results.
Do that, and you’ll have a VERY successful business and “career” as an entrepreneur.