Celebrating My Two-Year Anniversary: What I’ve Learned as an Entrepreneur
SMITH Company is officially turning two this month! As we approach this milestone, it’s hard not to notice the similarities between running a business as an entrepreneur and entering the “Terrible Twos.” Saying no, testing boundaries and feeling overwhelmed are all a part of normal, healthy business growth.
It’s okay to say no.
As toddlers begin to develop their own personality and ability to express their thoughts and opinions, “no” seems to be their first word of choice. Any parent who has experienced the shock of hearing their child loudly declare “No!” to something they did happily the day before can attest to this. Saying “no” to potential work as a business owner can feel both empowering and scary. After pivoting my service offering during the latter half of 2021, it became very clear that I couldn’t keep saying “yes” to the opportunities I was previously offered. I had to start saying “no.”
I’ve learned that it’s less about whether I can do the work/project and more about whether that work/project aligns with my current strategic goals. If it doesn’t, I have to politely decline and/or refer that potential client to another trusted professional in my network.
While it isn’t always easy to watch potential revenue walk away, I’m working to focus on the things that are going to build long-term success.
Setting boundaries sets you up for success.
As toddlers begin to develop more autonomy, they’re constantly testing and pushing boundaries. It’s a parent’s job to create appropriate boundaries, communicate those boundaries and be consistent (even though this is MUCH easier said than done). As a business owner, boundaries are essential to drive value every day. Without them, I run the risk of giving my time, services and energy away for free. It’s far too easy to become distracted by activities that do not actually drive business growth, so consistency and discipline are key.
It is also important to establish clear expectations and set boundaries when working with clients. Direct and clear communication ensures the process works effectively and can be adapted as required.
Professionals get overwhelmed, too.
For a two-year-old, a tantrum is typically a way to express frustration because they are feeling overwhelmed. It’s very easy for them to become overstimulated without an outlet to communicate their feelings. I can fully relate to feeling frustrated and overwhelmed while trying to run my business. I find I’m often bombarded with a stream of advice/content on how to be the most successful while, at the same time, I lack the information and confidence I need to make decisions. It is also very isolating to run a business as an entrepreneur in a post-COVID environment. These challenges can easily feed feelings of fear, self-doubt, imposter syndrome, or just not doing enough.
When this happens, I make a conscious effort to connect with my professional community, seek out opportunities to learn and grow professionally and reconnect with my “why,” the reason I started this journey in the first place.
You’re not alone.
It’s critical to build a network of professionals and consultants that can help you succeed as an entrepreneur. Many programs to support young businesses advise this from the start; determine the areas that you can hand off to other partners/consultants that allow you to focus on what you need to do to run the business and do this as soon as it makes financial sense. For me, that was easily bookkeeping and accounting—not one of my core strengths.
In addition to delegating activities for the operation of the business, it’s very helpful to have professional peers you respect to go to for advice, provide a fresh perspective on a problem or be a referral resource for your business. I am currently in the process of creating a volunteer “board of directors” to do just that.
Adapt, learn and grow
Two-year-olds adapt, learn and continue to grow and mature. As I approach my second anniversary, I continue to marvel at how quickly I have adapted and grown, and I work to recognize my achievements and my failures. I willingly acknowledge how important it is to face my fears, admit when I am overwhelmed, acknowledge my limits and seek advice when I need it. I know this will see me through to my third anniversary and beyond.
