The 52-week guide to becoming an entrepreneur – Week 45
This post is a week late because I spent the last week in Disneyland. Entrepreneurs need vacations too (actually, we need them more than non-entrepreneurs). Make sure you’re taking yours.
The theme this week has really been reinvesting. My experience with a number of entrepreneurs I’ve met with is the assumption that they shouldn’t have to pay more money to invest in themselves. They should simply be able to make things go, and the only place really worthy of investing in themselves is their business. Buying more infrastructure, paying their employees more, generating more capital so as to buy more advertising, and so on.
I think that’s crazy. As an entrepreneur, you are your business. You are its lifeblood.
When training leaders, we often say that how the team is being is a reflection of how the leader is being, and this holds true for businesses as well.
When I start working with businesses, the first thing I do is meet with the people in charge of leading the organization, and see how they’re being. The way the leader is being will always tell me volumes about how things operate organizationally.
If the leader shows up late to meeting, and then dashes off to his next one with only minutes between each appointment, I know that the business is going to be frequently operating by the seat of its pants, likely lacking clear systems and often pushing up against, if not overstepping, its deadlines.
Because of this simple fact, it’s imperative that entrepreneurs invest in themselves.
This week, I hired my second coach. I’ve admired Steve Chandler for years, ever since my friend and colleague, Lisa Peake, sent me a copy of his book Wealth Warrior. Wealth Warrior changed my perspective on how I related to making money and generating lasting wealth and prosperity.
It was a big investment — $3,000 for 7 coaching sessions. That took a couple of conversations with my wife, and even more conversations in my own head. But at the end of the day, if I’m not investing in myself, how can I expect anyone else to? And if I’m not willing to invest money in growing the leadership of my organization, how can I expect my organization to grow?
Investing in your business is important. Think of these as things like buying better infrastructure, buying more computers, buying redesigning your workplace, buying pizza for your employees, etc. These things are all essential.
As an entrepreneur, you’ve got to put the oxygen mask on yourself first. If you’re not investing in your own development, your company is going to get stuck where you get stuck (note that this doesn’t necessarily mean you won’t make a lot of money — financial success is only one place someone can get stuck)
Start there. Put the oxygen mask on yourself first.