If you find that you’re not excited about your business anymore, it may be a sign that you need to pivot or go in a completely different direction. On today’s Black Entrepreneur Blueprint podcast episode # 448, Jay gives you several tips and insights as to what to do if you find yourself in this predicament.
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BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 488
As a serial entrepreneur for over twenty years, there have been several times that I was less than excited about the business I created. I found myself disinterested and I even started to despise one of my businesses. If you find that you’re not excited about your business anymore there are several things, you can do to see if you should pivot or start something new.
Today I’m going to give you several tips and some insight if you find yourself in this predicament.
Here Are Some Questions To Ask Yourself:
- Why did I start this business? (Money, time, freedom, generational wealth, etc.)
- What were my expectations for this business when you started? (Income, freedom, flexibility, etc.)
- Is my business currently meeting or exceeding these expectations?
- Am I chasing paper or purpose?
- Has the business become more of a hassle than it’s worth?
- Do you feel that you’re in the wrong business and why?
- Do you feel fulfilled with your business?
- If you had to start a new business, what would it be and why do you think it would be different from your current business?
Here’s What You Can Do To Correct The Situation
Take a life assessment (that includes your business and personal life).
Where are you in relation to your goals, do you feel you’re on the right track, have your goals and expectations changed, has your business changed with them?
Take out a piece of paper and fold it in half twice to give you 4 squares
- In the top left corner – Identify the three or four most important things in your life (family, money, health, religion, etc.) and write down why they are the most important things to you
- In the top right corner – Write down how your business is positively or negatively impacting those three or four most important things in your life (are you working so much you don’t see much of spouse/partner or kids, does your business generate enough money for you to live the way you want to, how has your business impacted your mental and physical health?)
- In the bottom left corner – Write down what your perfect workday would look like (get up at 5 am and hike up Runyon Canyon, eat breakfast at 7:30 am, get into the office by 9:00 am, work until 4:00 pm, get home to make dinner and eat at 6:00 pm with the family, spend family time with the wife and kids, relax and read or watch tv until 10:00 pm, go to bed).
- Still in the bottom left corner – Write down what your perfect weekend day would look like (get up about 8 am, get breakfast, go hiking or biking with the wife and kids if they are home, grab a beer and some food after the activity, come home in the late evening, spend family time with the wife and kids maybe watching a movie, go to bed when I get tired.
- In the bottom right corner – Write down your conclusion – What do you need to do in your current business to meet or exceed your business and personal goals? Do you feel that it’s possible with your current business? If not, what type of business will you create that aligns with your lifestyle?
You’ve just created a mini life assessment
Create your business around your lifestyle, not your lifestyle around your business. Many times, we let the business control us as opposed to controlling the business. We start out so gung-ho and committed that we lose track of why we started the business in the first place.
How Do you Control Your Business And Make It Give You Everything You Want?
You implement systems and procedures that allow the business to work without you (if possible) or where you are working based on the schedule that suits your lifestyle.
You can hire employees or virtual assistants
you can hyper-focus your business and charge more and have fewer clients (I only work with clients with an ad budget of at least 25K per month. Example: Goldman Sachs generally requires its Private Wealth Management clients to have at least $10 million invested with Goldman Sachs.
If your current business doesn’t allow you to build your business around your lifestyle, you may need to think about starting a new business or pivoting