Entrepreneurship is indeed a path to building independence and wealth, but the glorified version of business you see on social media makes it seem like success is just a snap of your fingers, plus a little shimmy, and bam—you’re a million-dollar enterprise.
If that were true, more people would quit their jobs today and launch their entrepreneurial endeavors.
Here’s a good visual of what being in business actually looks like.
I can relate to this meme of Forrest Whitaker. I started my entrepreneurship journey with a full head of black hair, slim, trim, and super excited about launching my business.
Then reality started to set in. People who “told me” they were ready to become clients soon after I launched, found every reason under the sun not to sign their contracts. No signed contracts meant no money in my bank account.
Fast forward to today, I’ve got a ton of gray, a lot more experience and a renewed perspective on being in business.
And while I wasn’t spared from the unpredictability of life as an entrepreneur, there are three things that helped me (and hopefully you too) become a better business owner and a better person overall.
Focus on income producing activities
We all have the same number of hours in the day. So consider this: are you spending your time on busy work or income producing activities (IPAs)? There’s a big difference.
IPAs are the things you do in your business that generate new clients or more sales in your business.
When I was trying to land my first sale, I was doing a hundred things a day. That busyness didn’t result in the progress I wanted to see in my life or business.
Plus, I was late on a few credit card payments and I was starting to worry that if the money didn’t start flowing in, I might get even further behind on my bills.
I had to switch things up. What I was doing wasn’t working and if I continued down that path, I wouldn’t get the results I desired.
Focusing on my IPAs meant getting real with my to-do list. I’d start each day with a set of tasks and make sure each task would help me make more money, or would lay the groundwork to make money in the future.
If a task wasn’t an IPA, I did it before my workday began, or saved it for the evening, making note of anything that could be delegated if I decided to hire some extra support. Simply put, if the task wasn’t helping me generate new clients or more sales, it got pushed down the priority list.
Income producing activities versus busy work
Practice some form of self care
Being in business is stressful. You can’t avoid stress, so you have to manage it. When I first launched my business, I wasn’t married and had no children. I’d work 14–16 hour days like it wasn’t a thing. I didn’t mind that lifestyle because I only had to worry about myself.
That choice still impacted my physical health.
I was a collegiate athlete, and even after years of discipline, I’d lost sight of how much a consistent fitness regimen impacted my wellbeing. Running, lifting weights, yoga, were all a part of my self care practice, but I found myself skipping my routine to fit more work in each day.
Today, exercise is a normal part of my week, and even though my family has grown to include my wife and child, exercise is a non-negotiable on my calendar.
I still don’t have everything figured out, but I know my non-negotiables.Jasper Smith
I wasn’t paying attention to my mental health either. I was always in go-mode, thinking about my next opportunity, how that last meeting went, clients I needed to follow up with, the endless backlog of emails and texts. But thanks to a good friend (who works as an executive coach), I started trying some deep breathing exercises and meditation. Here’s what this practice looks like for me.
On Monday to Friday of each week, I carve out fifteen minutes of quiet time. If I’m in a place where I can lie down, I do. Or, I sit in a chair, set my alarm for fifteen minutes, and just let myself be. Sometimes I put on headphones and listen to ocean sounds. Sometimes, I let myself fall asleep, or my mind will wander. Other times, I’ll process things I’ve got coming up, or reflect on recent moments. My fifteen minutes of quiet time are a game-changer!
Connect with your accountability partners
Coaching is an expense that’s well worth it, but I don’t always have the discretionary funds to pay someone. So, instead of formally hiring someone, I ask a few people if we can touch base each month and talk.
I have a handful of people who know what’s going on in my life–whether it’s business or family-related. Our talks are usually around 30 minutes but sometimes they run as long as an hour.
I always make sure to talk about business, family and our current health status (physical, mental and financial) because all three topics are equally important to me.
These people hold my feet to the fire.
If I say I will do something, and I haven't done it by our next conversation, they call me out on it, and I do the same for them. These check-ins have helped both me and my accountability partners continue to make positive progress in our businesses. And, we’re all becoming better human beings overall.
To quote Vince Lombardi, “The only place success comes before work is in the dictionary.”
I still don’t have everything figured out, but I know my non-negotiables. I’m able to think clearly about what will get me to the next level. I hold myself accountable to my clients, my wife and my daughter.
Returning to these basic lessons each day—IPAs, physical and mental wellbeing and accountability—is how I navigate entrepreneurship, and all the challenges and changes along the way.