Owner of HighKey Enterprises. We grow and make ELITE personal brands.
There are always challenges inherent in starting a company, whether by yourself or with partners. Both options come with their own set of disruptions. How you handle obstacles and push through toward your personal and business goals will shape your company going forward.
Many entrepreneurs will readily tell you that when you start a company by yourself, it can get very lonely as only you stress and celebrate your losses and wins. On the other hand, when you have partners, you may experience some disappointment because as your company grows, it continually needs the input of different types of people, and there can be opportunities for conflict among partners.
However, the one thing that will get you through all of this is your mindset. Having the right mindset is so important, and I cannot stress this enough.
In my view, to start a business, you must have extreme pain resistance, an unbelievable work ethic and internal motivation.
Understand that business is not a 60-meter track and field sprint, but is a full 26.2-mile marathon. And as any good long-distance runner will tell you, what it comes down to is consistency. Consistently getting out of bed every day and crushing a full day of work, even when no one is pressuring you. To improve your work ethic and internal motivation, I recommend to set an exact plan every day and limit your distractions.
This can mean consistently saying “No” to spending time with your friends and family, even if you feel like you’ll be missing out. It means consistently motivating yourself and improving, despite all the challenges and failures you may face along the way.
One of the biggest challenges I’ve faced during my career was having to break off a relationship with a long-term business partner. However, I knew that things just weren’t working, and the situation was affecting other people in the company.
One tip I have for persevering through hard times is to put everything into perspective. When you can step away from any situation and look at it from a long-term perspective, you might realize that most of your issues aren’t that bad.
Setting goals and communicating them properly come into play in a big way when it comes to mindset, too. One of the most important aspects of starting a business with a partner or family member, like I did, is communicating clearly and consistently. Communication is extremely important in business relationships. You need to communicate about everything when starting a business, while focusing your efforts on growth to ensure you’re still working toward the same goals.
For example, when I started my first business, my partners and I would take a walk every night. During the walk, we would discuss the day and brainstorm ideas for expansion and growth. These daily check-ups were one of the things that kept us all on the same track and helped us succeed in the long run because, as we brainstormed, far-fetched goals suddenly seemed very realistic.
I believe setting goals is the most valuable asset that any human being can have because your goals inform your strategy. I didn’t get into setting many goals until two years ago, but when I did, my mission, purpose and motivation took a huge leap. I now set goals for each day, each week, three months, one year, three years, five years, ten years and 25 years and revisit them regularly to make sure they all align. What are your goals?