People think you hire a great team after experiencing success, but they've got it backwards. Hiring great people is what gives you the ability to succeed quickly.
That's why companies make it a priority to find the smartest people with the biggest hearts and bring them onto their team. It isn't just about implementing the growth roadmap of your business (though of course that's very important!)--it's about turning the flywheel of success to get to a sustainable and scalable income through impact.
The bad news for most entrepreneurs who are just getting started is that building this sort of success team is tough.
For one, you've got to find good people, and that's easier said than done! And even if you're fortunate enough to find the right people, you have to pay them what they're worth, and that's hard to do until you're seeing meaningful traction in your business. Sometimes it means taking a leap of faith and spending money you don't have yet.
There's a Catch-22 problem here. You can only afford this sort of success team after you've gotten results you need it to create.
But we've found that 5 elements support beginning entrepreneurs to succeed even when they can't afford to recruit employees yet. Together, these components form an environment that's conducive to business success:
Accountability means taking responsibility for your actions and for the progress of your business. Without it, things keep getting pushed and postponed and never seem to get done. Accountability gives you the impetus to take action and to keep the momentum going, even when you're tempted to rest on your laurels.
A coach is someone who helps you reach your potential. In business, the right coach will keep you on track, help you work through challenges as they arise, and make sure your efforts are always going to the best possible place. A business coach also gives you the proper perspective to see through your own BS.
Entrepreneurship can be a very lonely and isolating endeavor. That's why you need a peer group of dynamic, supportive, smart, and dedicated entrepreneurs like yourself. They're people to celebrate, commiserate, and compare notes with. Joining mastermind groups is an excellent way to build your community.
You need advice, guidance, and direction you can trust from experienced and insightful experts. You don't have to hire experts as employees. You can get expertise through books, live events, training programs, and consulting.
It's hard for one person to be good at everything or to have the time to do it all yourself. But you have to get things done for your business to go anywhere.
Outsourcing is a good way to start getting help without spending the resources required to hire a full-time employee. Start with one virtual assistant to free up a few hours of your time. As your business gains traction, you can begin hiring employees.
This specific set of ingredients comes together to make success possible for beginning entrepreneurs. They will serve you well if:
- You want a successful business, but you're overwhelmed and don't know where to start.
- You you've been trying to get your business going (maybe for years), without any real success.
- You have expertise and value to offer, but you struggle to reach your market or make sales.
- You're willing to work hard, as long as you have some guidance to make sure you're working smart.
- You're passionate about your business, but struggle with all the moving parts, and feel like it's too much for one person to handle.
Reflect on each ingredient: which area are you getting the least of right now?
Make a plan to get more of it, whether it's accountability, coaching, community, expertise, or services.
This is also a good way to evaluate the shiny objects that vie for your attention and money. Maybe you've invested too much in expertise (learning programs), but not enough in services (so you can actually implement what you've learned).
Build the context that will support your journey to success.