You probably already know this, but 97% of people who start a home business fail. Why is this?
When I started my first home business over 11 years ago, I was told by my mentors, “Do the behavior and habits, and the results will follow.” But for those who are starting out in a brand new home business, it may be unclear to them what habits they should be focusing on. The further and further you read to the end of this article; you will come to realize there are 3 habits you must have in order to achieve the success you desire, and to become the entrepreneur you deserve to be.
What if you had a goal to make a million dollars? I know this may seem out of reach, but this is actually one of the most common monetary goals given by people when they are asked, “How much money do you want to make?” Most people look at this goal as unattainable, foolish and a waste of time. But a successful entrepreneur doesn’t look at the goal like a normal person. While most people look at this as an impossible endeavor, successful entrepreneurs find the simplest, easiest ways to break down and make their goals more attainable.
A great example of this is that Christine and I spent the last two years going to the gym, trying to lose weight and get healthier. But it wasn’t until we sat down with an expert, and broke down our goals, that we realized we were doing it all wrong. Our habits were not serving us. Though we had what we believed to be a very attainable goal – because we didn’t break that goal down, to help us manage the way we achieved it – we ended up not only losing weight, but gaining weight and losing muscle. Now I’m not saying that our health goals and someone’s goal to make a million dollars should be looked at the exact same way, but to some people losing weight and getting healthy is just as important to others who want to make a million dollars.
But the key point here is breaking down your goals. Take your yearly goals and break them down by quarters, then take those quarterly goals and break them down by months, then by weeks, then to days. In which every single day you have five small goals for you to complete on a daily basis. As you complete these small goals, little by little you will begin to see your big goals start to take shape. And you will start to feel better and better about the path you are on.
Do you remember hearing, “Rome wasn’t built in a day?” So why do so many people try to become millionaires overnight? Have you ever noticed people are always trying to solve the world’s problems in one day?
Not too long after we bought our dream house in Corrales, Christine & I decided to extend one end of the patio to the other, as part of our backyard redesign. I consider myself to be a pretty handy person; having grown up on a farm, I know my way around tools. And so I decided that I could handle the concrete work myself. I did all my due diligence, got all my questions answered about how to build my forms, what type of wire to use, how to pitch the pads away from the house so water wouldn’t drain against it. Everything was set to go. The one big mistake I made (and for those of you who have any experience working with concrete understand this), is that I tried to pour every pad at once, and then go back and finish them. In my defense, I was on a time schedule; but in the defense of the concrete, I tried to do it way too fast. In my haste trying to pour the concrete in one day, I ended up with less than perfect looking walk way (but I do have to say for my first time, I guess it’s really not that bad).
The point I’m making is that I tried to do more than I realistically could with the time that I had. This happens to many people, especially those who are new to home business. They have a plan, they execute the plan, and when they can’t get it all done in the time they wanted, frustration sets in and then ultimately burn out. Remember, we all have 24 hours in the day. Whether you’re making $1 an hour, or $100 an hour, the clock will move at the same pace. Building a successful home business is not a sprint…it’s a marathon. As I like to tell my students, “Success is not an event, it’s a process.”
Remember when you were back in high school, if you didn’t do your homework and turn it in, you didn’t make the grade? It’s no different when we “grow up”. When we join the real world as adults, the only difference is instead of having someone looking over our shoulder who wants us to succeed – we have someone looking over our shoulder expecting us to succeed.
I remember when I started my first home business; my partner was one of the best salesmen I had ever met in my life. In fact, I remember expressing concern to my wife about being able to handle all of the business that my partner was going to bring on board. This was a very exciting time in my life. I left my cushy six figure job in the transportation industry, and began to spread my entrepreneur wings. I thought that I had found the perfect partner to build a long lasting, profitable business with. There was only one problem. He didn’t know how to work for himself. When I questioned him about the lack of performance and results, he would often become defensive and offer only excuses. He never once took responsibility for his actions or held himself accountable for the lack of results. My ex-partner was one of those people that thrived for someone else, but faltered without a boss looking over his shoulder. You see, entrepreneurs do the things they must do in order to get the job done. It comes down to personal accountability…the difference between an employee and an entrepreneur is doing the things that must be done without having a boss looking over your shoulder.
As you’ve read each word of this article, you now have an understanding of the 3 habits of successful entrepreneurs, and how they approach their business. It’s not just about setting goals. It’s about breaking those goals down into simple daily habits and executing them. And as you’re thinking about breaking down your own personal goals, understand that achieving them requires time, it requires patience, and above all, it requires persistence.
If you haven’t done so already, stop thinking like an employee and become the entrepreneur you know should be. Find the ways to get closer to achieving your business goals. Make sure you are doing income producing activities on a daily basis, such as talking with prospective customers. Learn from those who have the success you’re looking to achieve. Regardless of your successes or failures, always be the first to stand up and take responsibility for your actions. Always hold yourself accountable for your results.
