Advice About Self-Reflection For An Existing Business Owner
As a business owner, you have to occasionally stop what you are doing and do a bit of self-reflection to determine if you are on the right track to achieve the kind of success you desire. In this section, we look at some of the aspects to consider when assessing your own performance as an owner.
Self-reflection requires proper conditions.
The first question you need to ask yourself when self-reflecting is whether you have the proper motivation to be a business owner in the first place.
Too many entrepreneurs allow self-doubt to creep into their thinking and start to question if they are a fraud. This is a common problem among many entrepreneurs.
The key to a business owner’s success is the alignment of their 3 business personas to meet their business needs and understanding that there are several types of entrepreneurs.
The company that a business owner keeps affects the way they see opportunities and will filter their responses.
As humans, we all have biases. Normally they help us to quickly respond to the outside world without thinking, however, biases can often prevent the small business owner from seeing opportunities.
Entrepreneurs often think differently from the working class.
The following is a paper that looks at many of the ways that an entrepreneur thinks about things very differently than the average worker.
Small business owners are in complete control of their schedule and often choose to perform tasks that are easy or more rewarding over more important task.
A business owner’s time is the most precious asset they have.
An out of control schedule causes many small business owners to work harder rather than look for a more elegant solution.
The key to working smarter and keeping your motivation high is to have specific goals.
Every business needs to have its own special leverage. Are you clear on your special leverage?
The business path is never a straight line and is influenced by external factors. As a business owner do you keep up with the changing landscape?
Is your business very price sensitive? Perhaps asking a few simple questions can uncover a new untapped market.
But a small business should resist the urge of going too far and price itself out of the market. All it needs is to be better than the next guy and not make itself a target.