“The test is a mirror” - I stumbled across this enigmatic expression the other day, and it got me thinking. Sometimes the way we answer a question is more telling than the answer itself.
After all, we can all come up with answers and rationales for our actions (or lack of actions). Sometimes it’s better to look at how we answer, or how the question makes us feel.
Our brains are incredible, but they can also be deceptive. They can trick us into thinking we are on top of all sorts of situations even when we’re not. Our instincts on the other hand, never lie. We have a visceral reaction to particular thoughts and situations that no amount of puff and bluster can mask.
Take these five questions for example. You probably have easy access stock answers to all of these. But try reading them slowly, let them sink in, and observe how they really make you feel…
Question 1: How much effort am I really prepared to put into the business to make it work?
This was meant to be about improving your quality of life and being your own boss, wasn’t it? But the reality is a far cry from the idealistic dream of being beholden to no one.
Yes, you may be master of your schedule now, but don’t be fooled. Your business has an insatiable appetite for time and energy. Unchecked, it will become your boss and mercilessly devour not just your weekdays, but evenings, weekends, and every waking thought.
Don’t get me wrong; there are many rewards. But are you ready to sacrifice your personal time and put in all your effort for as long as it takes, to build momentum and reach your performance goals?
Question 2: Do I have the support I need?
This is a big deal. Moving to entrepreneur-land is not like trying a different hairstyle. You are unilaterally unplugging from The Matrix, with all its safety and comfort. You are making a fundamental change in your life, and it will change you and those you love, and it will create ripples that touch everyone around you.
So what about your partner, your children, your wider family and your friends? How will the path you have chosen to take, affect them? Do they really ‘get’ and stand behind what you are doing and the implications of your choices?
How about wider support? Do you know where to find help from people who do understand what you’re doing? A strong network is vital for you to succeed, you need to make connections with other business owners, entrepreneurs and anyone else who gets (and ideally, has experienced) the journey you have ahead.
Question 3: How much compromise: What am I prepared to let go and what is non-negotiable?
Entrepreneurship requires commitment and sacrifice. Very quickly your time and money will be in shorter supply, and so it’s important to consider what you can and can’t live without. Would you be okay for instance, missing your children’s school plays, sports days or parents’ evenings? Or how about forgoing your special treat weekend breaks or evenings out? What would you be happy to cut back to save money?
Whatever you decide, you should hold yourself to it. So, if you find your once-a-day gym visit slips to once-a-month or family mealtimes go awry because you’re stuck at your laptop, this should be an alarm. Either your expectations were unrealistic (in which case be honest with yourself and those affected), or you’ve fallen off course, and you need to adjust.
Question 4: Am I willing to take on the level of financial risk required to achieve my goal?
For some people, the mere mention of debt is enough to send a shudder down their spine. But for many entrepreneurs, financial exposure comes with the territory, especially in the early days.
So, how much cash are you prepared to burn? How much debt are you prepared to accumulate while you wait for your enterprise to take off? Pretty much every up-and-running business I have worked with, only ever came about as a result of an initial investment of personal funds and unpaid time.
How much are you prepared to put behind your belief in the success of the venture? How do you plan to bridge any shortfall? Can you/would you borrow money or exchange shares in the business for outside investment?
How much runway does all this buy you and is it enough?
Question 5: How much of my life will I devote to this?
Getting a business off the ground can be all-consuming. It typically takes far longer than you think before you can switch to cruise control and enjoy the spoils of your hard work. How long are you prepared to put your life on hold for while you do this? What ‘significant life moments’ do you have on the horizon that may throw a spanner in the works and create extra pressure when you’re already feeling overloaded with the business?
Even regular time off can be difficult for the first few years as the business will be heavily reliant on your input. And all of this will come at a time when your self-care and mental wellbeing is critical. How then, will you balance this tension (without it creating more tension in and of itself)?
How did you do?
So, what do these questions tell you about your business and how you feel about it? Are you cautiously working your way through, eyes open and prepared, or are there areas where you may be sticking your head in the sand?
And what about the way you answered? Did you just make a superficial or dismissive pass? Or did the exercise draw you in, maybe pull on a few threads and make you want to explore further?
Perhaps, it illuminated some self-doubt that until now had been hidden? In contrast, have your answers given you a boost and helped cement some firm foundations for your venture?
We may be in the midst of the carefree party season, but as we start the countdown to the end of 2017, there is no better time to consider big questions like these that can touch the very core of your entrepreneurial capability and resilience.
This may not sound like a very cheery exercise, but as you lay your plans for the new year ahead, this self-awareness will help you finally crack the issues you’ve been missing or avoiding, so you can take control and own them. And that’s an incredibly positive way to end your year!
And if your regular sources of business guidance are shying away from asking these sorts of tough questions, then maybe 2018 is the year to seek out new challenge and inspiration.
You know where to find us.
The test is a mirror.
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