Hi Reader,
This weeks newsletter topic comes to us from one of our subscribers.
Thanks (you know who you are 😄).
He is struggling with the dilemma of whether to accept a new corporate opportunity or to take the leap (again) into entrepreneurship.
And, he wanted to know what personal learnings and experiences I have had that he should avoid in the early stages of entrepreneurship.
Now, that could be a HUGE can of worms.
So, I’ve distilled it down to 3 key concepts that have either helped me or I would do based on my knowledge now.
In today’s issue I’ll cover:
- Find your why
- Build from a place of security rather than scarcity
- Leverage Parkinson’s law to constrain high-impact activities
Read time: 4.5 minutes
Let’s dive in!
💥 Find your Why
Understanding your motivation for becoming an entrepreneur is the foundation of your journey.
Your “why” will drive you through challenges and keep you focused on your goals.
It can more than just wanting to be your own boss or seeking financial freedom; it’s about identifying a purpose that resonates deeply with you.
When I first started selling my school lunches (Mum made amazing lemon meringue pies) I was motivated by money.
When my printing business failed I was motivated by pride and money.
When my financial services business succeeded, I was motivated by helping others secure their future and securing the future of my family.
So, these days when I help Founders I always come back to doing the work to understanding who you are, what you’re trying to achieve and why.
Why this is important?
Entrepreneurship might not be for you. And, that’s ok.
You might be able to make the impact and progress you are looking for in the corporate scene.
And remember, you can have periods in life doing either, or keeping a small business on the side.
Here’s three tips to help you:
- Reflect on Your Passions: Consider what excites you and what problems you feel passionate about solving. This intrinsic motivation will sustain you during tough times.
- Identify Your Skills and Strengths: Leverage what you are good at and what you enjoy doing. This combination will help you create a fulfilling and profitable business.
- Vision for Impact: Think about the impact you want to make. Whether improving a community, advancing a field, or providing a valuable service, a clear vision will guide your decisions and strategies.
🚀 Build from a Place of Security Rather than Scarcity
Transitioning from a job to entrepreneurship requires careful planning.
Building from a place of security is preferrable to ensure sustainability and reduce stress.
When I took the leap and started my financial services business, it wasn’t done with a super smart lens.
I just quit my job, used my savings as runway and worked my backside off to sink or swim.
I would say that my nature and an intense drive to make it work – made it work.
But, there was also a six months period while I was still employed, where I worked on night shift to go out during the day and meet people.
This did three things:
- It gave me focus
- I learned about the industry
- It gave me confidence that ‘if they can do it, I can too
I’d recommend these tactics:
- Set Financial Goals: Before you quit your job, aim to double your income from your side hustle for 3-6 months. This will ensure you have a buffer and force you to think creatively with your time.
- Plan for Volatility: Entrepreneurship comes with ups and downs. Ensure you have enough of a backstop to account for these fluctuations, leading from a position of security rather than scarcity.
- Evaluate and Adjust: Regularly review your financial status and adjust your strategies to maintain stability. This proactive approach helps prevent unnecessary risks and allows you to focus on growth.
🧠 Leverage Parkinson’s Law to Constrain High-Impact Activities
Parkinson’s Law states that work expands to fill the time available for completion.
By setting tight deadlines and constraints, you can increase efficiency and focus on high-impact activities that drive your business forward.
People think that if they make $5,000 a month doing 6 hours a week on their side hustle, they can simply extrapolate that and cover their income or more.
The reality is different.
The more available time you have, the more it increases your unproductive behaviour.
Here are some things I find useful maximise your productivity:
- Set Clear Priorities: Determine what the highest single use of your time is to move your business forward. Focus on removing bottlenecks and dedicating time to tasks with the most significant impact.
- Create Time Blocks: Allocate specific times for different tasks and stick to these schedules. This practice helps manage your workload and ensures that essential tasks receive the attention they deserve.
- Embrace Intensity: Moving from zero to a sustainable business will require an uncomfortable amount of intensity. Avoid mediocrity by committing fully to your goals.
- Aim for Escape Velocity: Achieving ‘escape velocity’ means generating enough momentum to break free from the gravitational pull of your current situation. This requires intense effort to build a business that can sustain itself and grow.
Remember, incredible outcomes require incredible inputs. Achieving anything whether in corporate or as an entrepreneur takes incredible inputs.
⚡️Call to Action
Taking the leap into entrepreneurship is a journey that requires a clear purpose, strategic thinking, and disciplined execution.
By finding your why, building from a place of security, and leveraging Parkinson’s Law, you can create a strong foundation for your entrepreneurial venture.
If you decide entrepreneurship is for you – bring intensity, focus on high-impact activities, and stay committed to your vision.
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Vaughan Broderick
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