As an entrepreneur, I have witnessed the challenges and triumphs that come with building and selling a multimillion-dollar company. Over the past 12 years, I have had the privilege of coaching over a thousand small business owners, helping them fully realise the rewards of their efforts. Through my experiences, I have discovered a crucial factor that contributes to their success: mental fitness.
In this article, we delve into the insights I shared with the Resilient Entrepreneurs Podcast by Two Four One, where I emphasised the importance of self-leadership and valuable advice for aspiring and existing small business owners.
Developing Internal Capabilities
One of the critical factors indicating a higher likelihood of success is a business owner’s internal capabilities for leading themselves through challenges and uncertainties. Especially during the early years of a business, when unfamiliarity and learning abound, entrepreneurs must fully embrace their role and believe in their ability to realise their vision. While strategies and action plans are essential, it is a growth mindset and self-awareness that lay the foundation for sustainable success.
The Power of Resilience
Resilience is a defining trait of successful entrepreneurs. Resilience is the ability to take risks, experience setbacks (or “fail” as I put it), and then repeat the process. By perceiving failure as feedback for learning and growth, entrepreneurs can develop a positive mindset and learn from their experiences. It is always important for entrepreneurs to embrace the journey, acknowledging that it consists of both moments of celebration and disappointment. It is the ability to regroup, refocus, and keep moving forward that determines one’s resilience and ultimate success.
The Role of Coaching in Overcoming Stagnation
Getting stuck is a common experience for entrepreneurs, and addressing this requires individualised approaches. Understanding the deeper meaning of feeling stuck for each person is crucial. Often, there are underlying feelings of frustration, overwhelm, second-guessing, or fear. Recognising the commitment to being stuck is a vital step. By exploring what a single step forward towards their goals would look like and examining their commitments to the future, individuals can overcome the inertia. Sometimes, starting with micro-steps and achieving small milestones can provide the confidence boost needed to progress further.
The 1% Rule
Taking inspiration from the 1% rule, I emphasised the importance of consistent improvement over time. By striving to be just 1% better each day, entrepreneurs can make significant progress in the long run. Practical techniques, such as setting up an environment that minimises friction between intentions and actions, can help ensure forward momentum. For instance, placing running shoes by the bed as a reminder to exercise helps overcome resistance and reinforces commitment.
Embracing Imperfection and Having Fun Along the Way
Embracing imperfection is a key component of self-leadership. It involves accepting that mistakes will be made along the entrepreneurial journey. It is essential to celebrate those mistakes, learn from them, and move forward. Infusing a sense of fun into the process can alleviate the seriousness often associated with business endeavours. By setting up an environment that supports personal growth, learning, and enjoyment, entrepreneurs can build a success spiral that fuels their confidence and propels them towards their goals.
The Importance of Self-Leadership Skills
Self-leadership skills form the foundation for success in small business endeavours. Cultivating self-awareness is paramount. Leaders must understand their strengths, areas for improvement, and how they present themselves to others. Authenticity, vulnerability, and vision are qualities that inspire and motivate teams. Leaders need to recognize their current position and actively seek development opportunities to support both their personal growth and that of their team. It is through self-leadership that entrepreneurs can create an environment conducive to growth and build a thriving business.
Mastering self-leadership is an essential ingredient in the recipe for entrepreneurial success. Having witnessed the journeys of countless entrepreneurs, I have learned that mental fitness is a key differentiator between success and mediocrity.
By managing self-sabotaging thoughts, developing internal capabilities, embracing a growth mindset, seeking coaching support, and infusing fun into the process, entrepreneurs can achieve remarkable results. It starts with self-leadership, self-awareness, and a commitment to continuous growth. So, let’s embark on this journey together, overcoming challenges, celebrating successes, and building thriving businesses that make a lasting impact.
If this is something you are struggling with or in need of help at the moment, reach out to us directly anytime on our Contact page!
Sandra Gartner – Founder