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It’s been 14 years now since I first started my journey of entrepreneurship and pushing the boat out and starting a business. I’v e loved every minute of it, the ups and downs and all in between. I’m now in a new phase and chapter of my life and journey. In 7 days time I will be turning 38 years young, I also will be celebrating my 20 years anniversary and I’ve just completed on the purchase of my dream offices and studio, so you can say that I’m pretty emotional and overwhelmed about everything.
That scary thought when you realise that 40 is round the corner and so, so hoping that all my hopes and dreams are moving in the right direction, at least some of them fingers crossed. Are you at that place right now, that in between feeling when you know there’s more for you out there, but not quite sure how to find it and get there?
Bootstrapping Your Life For Success
Simon Sinek gave a fantastic speech at TED on the ‘golden circle’. He looked at the most impressive companies in the world and tried to find out what made them so successful. What he found was that these companies all utilised the ‘golden circle’ rationale in everything they did.
The golden circle can be thought of like an onion with layers. Each layer represents a different motivation as to what makes the companies tick and what motivates them. On the outermost layer we have ‘what’. In other words: what does the company do? Does it make hardware or socks? Does it provide legal advice?
The next layer is ‘how’. Here the company assesses its methodology and its processes. This is how it delivers on its overall promise and often this is one of the first things that sets a business apart from others.
Most important of all though: and the core that should motivate everything is the ‘why’. Why does a company do what it does? If it is to ‘make money’ then that company is likely very cynical and this will be transparent for the consumers.
The most successful brands are the ones that have a real ‘purpose’ and ‘mission’. These are the ones that make something different from all the competition, that come up with a unique idea and present it in a unique way – with real care and attention.
Phase One Of Bootstrapping
You have just started your business and sales are probably low which means profit is low. In this phase, you have two options, either you grow the normal way or you scale fast and to scale fast, you need to bootstrap.
So what is bootstrapping? I’m sure you’ve heard it before.
Bootstrapping means using existing resources to scale and grow your company instead of relying on external resources. This is beneficial to the business because bootstrapping forces you to think out of the box and realise that at the end of the day there is no box. In fact the box is imaginary and has been created by you due to a level of fear.
It is not the lack of resources that stops a business owner from moving forward or innovating, it’s the lack of resourcefulness that often gets the business owner stuck.
One way to find your why is to use the ‘five whys’ technique. Here, you just ask yourself the question ‘why’ five times. Why are you interested in the things you’re interested in? Why? Why? Why? Why?
This can help you to get to the route of your interests and that can help you to find a calling.
Let’s say you want to be an astronaut. This might be impossible if you are too old but if you ask why enough, you might realise that what you’re really interested in is discovering new worlds and frontiers. There are many ways you can do this: from helping to explore the depths of the ocean to becoming an astronomer!
Phase Two Of Bootstrapping
Now you have identified your why and what motivates you we now need to look at the business as an overview.
Bootstrapping is a situation in which you the entrepreneur are starting your company with no capital maybe a small one for the business, bootstrapping is another way to ensure your business has a positive cash flow.
Many entrepreneurs understand the meaning of bootstrapping this is when the business borrows less money and the interest cost is reduced too.
Bootstrapping is a steady way to begin compelling revenue and to support future investments by providing the business with a safety net for long-term cost management. This will also provide professionals with the peace of mind that they need to focus on building relations with customers and other professionals.
Over the years I have had to learn to focus on what was really important in my business and life. Was it doing everything I was doing just for show and fan fair or to really create something that was close to my heart which eventually will help and bless other lives.
To tell you the truth this was very hard to do at the beginning, because of advent of social media, but I maintained my focus and everything just seemed to fall into place after that.
The first strategy I focused on was “Done Is Better Than Perfect” approach. Too many of us fumble at this phase. We believe that we need to do the best, have the best and be the best in order to launch a ground shaking, heaven splitting, pioneering product or business.
- This is not required. You don’t need to be great to start but you need to start in order to be great.
- “Best” is an illusion. Perfection is an even bigger illusion of grandeur. From my experience, the pursuit of being the best is a fear of rejection and too much focus on what others will say.
- Just get started and get cracking. Put a time frame and have the product to launch within that timeframe.
- Being perfect will kill your business and your idea because the key insight is this, Version One Is Better Than Version None!
Phase Three Of Bootstrapping
Success Is A Choice
Why is it that in this world, there are rich people and poor people? Have you ever wondered what makes the different between these two groups of people?
What makes them get the results they want in their life? Is it their rich background?
I don’t think so. I’ve known people who come from rich families but squandered their family riches over petty squabbles and lavish lifestyles. They end up being rich on paper but they have neck high debts.
On the other spectrum, I also know millionaires who come from simple average backgrounds. When they first started, they have all the reasons to fail and not make it yet against all odds, they held their ground and now enjoy the riches of their hard work.
So if background is not the factor or resources, what is the deciding factor that will ultimately decide if you will be rich or if your business succeeds?
The answer lies between our ears and that is our “mindset”!
We are the product of what we think. Where we are today is the result of all the decisions we made and did not make. The quality of life that we are enjoying and or not enjoying is a result of our thoughts.
Success is a choice and all choices stem from your thoughts. It is an “internal game”. 90% of success in business comes from having the right mindset. When you win the internal game, you make better decisions which ultimately leads to building a 7-figure business and beyond.
“There is nothing either good or bad, only thinking makes it so“, William Shakespeare.
This quote means the way you see things determines if what happens to you adds or subtracts value. It is your thinking that differentiates a mistake and a lesson therefore if you want to change the fruit, you must first change the roots.
If you want to change the visible, you must first change the invisible. Same goes for business, if you want to take your business to the next level, you must first change your mindset. There are 5 mindsets which when practiced forms the basis for a 7-figure mindset.
Join me on my journey and go behind the scenes and see what I get up to while building my business in The Secret Diary Of An Entrepreneur.