Entrepreneurs make an astounding number of decisions daily. They are faced with choosing which opportunities to move on and must solve problems big and small.
By setting up a framework of questions to ask yourself daily, you’ll give yourself some markers to help guide you through these difficult situations. Knowing where you stand on these questions will empower you to make good choices that ultimately lead you to your desired outcome. It will give you a deeper understanding of your motivations and your feelings about your business, and can help you clarify future plans.
Here are five powerful questions all entrepreneurs should ask themselves daily to ensure they are consistently moving toward their goals and making the best decisions for themselves and their business. Ask yourself these questions with an honest and open mind, and see where they take you.
1. Why are you doing this?
What makes this one little question so powerful is that it forces you to examine your desires and impulses, and helps you chart how those motivations change over time. It forces you to look at things from a different perspective. Asking yourself this question every day reaffirms your ambitions and the mindset behind why you are doing what you’re doing. If you don’t know why, you’re in trouble!
Asking this question opens the door to a plethora of other questions that will give you food for thought. What is the reason for launching your business? Why are you passionate about doing this? Are you the right person to run this business? These answers may change over time. At first it may seem difficult to truly nail down the “why” behind your motivations. Maybe there are competing interests that are driving you. But when you really think about it and drill down into this question, there’s probably a simple answer. Just be sure you’re being truthful with yourself.
Why you do something also gives rise to the question: what do you hope to achieve? You need to know what your end game looks like, and what success means to you. Is it about attaining a certain level of wealth? Is it about being the top in your market? Is it about earning respect? Are you looking to rule the world (or at least a niche market), or are you simply hoping to earn a living doing something you love?
Start your day by asking yourself this question and see where your answer takes you. By spending a few minutes pondering this, you’ll gain clarity that will help you steer your career in the direction you want it to go.
2. What is your company’s purpose?
See if you can answer this question in a single sentence. A good place to start is with your mission statement: what are the formal aims, goals and values of your company or organisation? This should be clear and concise – it should get to the heart of what your business is about.
Your company’s purpose is the foundation that all else is built on. It should have enough flexibility to grow and allow for change, but be specific enough to be meaningful and relevant. Ultimately, this question should help you understand what the heck you’re really doing here.
This question should be at the forefront of your mind when making important decisions. Ask yourself whether this new venture or idea would reinforce or logically contribute to your company’s overall purpose. Are you staying true to your calling?
That’s not to say that your purpose can’t change over time. However, if it does, the change should be purposeful and executed with care. Thinking about this will help you identify your long-term business goals and may lead to bigger questions, such as: What do you want your company to mean to your customers, what is your company’s place in world and what is its ideal market?
3. Where is your business at right now?
The goal with this question is to take both an analytical and emotional assessment of your business. This is a chance for you to take a hard look at where your company sits. Is it on the right track? What seems amiss? What is going right and how can that be reproduced throughout your business?
It’s also important to acknowledge your emotions and to be mindful of how you are feeling about your business. What is your gut instinct saying? Are you feeling anxious or excited about the business? Whether you are having negative emotions or positive ones, it’s important to recognise what you’re feeling and why you’re feeling that way.
This will give you a chance to better understand your mental state and how that may be influencing your decision making. It’s also about understanding what kind of vibe you are putting out. Are you feeling clear-minded and balanced? Or are you feeling off-kilter and out of sorts?
Being in tune with your emotions and having a clear view of what’s going on with your business will ensure you’re on an even keel. It will help you avoid overreacting or under-reacting to situations.
4. What lessons are you learning?
Every entrepreneur faces an uphill battle to achieve success. Every day you should be learning and growing, and the best way to do this is through a great deal of reflection on the lessons that present themselves each day.
Ask yourself whether you’re learning from your mistakes. Failure is a part of every entrepreneur’s journey. The question is, will your mistakes allow you to learn and grow? If not, you’re liable to fall into the same pitfalls and missteps. Conversely, are you learning when to jump at an opportunity and when to let it go? This is the ultimate lesson every entrepreneur is trying to learn, and it’s never an easy one.
The next time you’re weighing whether or not to take a risk, try asking yourself: “When I’m 80, will I feel sorry if I hadn’t gone for it?” Jeff Bezos does this as a way to crystallise whether he will regret not taking action on something. In the big picture, it’s often what we fail to do that we see as our biggest mistakes in life.
5. What’s next?
If you ask yourself one question every day, this should be it. As an entrepreneur, you always need to be anticipating what’s next. You need to anticipate what’s coming down the road and formulate a plan to take it on. This is the question that forces you to look up from that pile of work on your desk and think about the big picture and next steps for your business.
What strategies will you need as you keep pushing your business into the future? What trends or shifting interests are coming up that may affect your business? How will new technology impact the way you manage the company?
Disruption will happen in every market because change is inevitable. Businesses that survive see that wave coming and start making adjustments early on. So, in a way, change is predictable because it will always come. Innovation and ingenuity will always be the key to success – and those who seize opportunity will ride the crest of the next wave.
So when you ask yourself “What’s next?” make sure you have your blinders off and are looking at things with a curious and open mind. Make sure you’re staying open to new ideas and embracing creative solutions. Keeping looking for the “wow” factor.
This article was originally posted here on Entrepreneur.com.
5 Inspiring Quotes From Madiba To Stir You Into Action On Mandela Day
In honour of Mandela Day, here are 5 of Nelson Mandela’s most inspiring quotes.
“Do not judge me by my successes, judge me by how many times I fell down and got back up again.”
25 Bad Words That Make Other People Feel Inferior
If the harshest thing you have to say about someone is partly true, say the other part.
Did you know that in every language, there are more negative words than positive ones? It seems we need lots of words to describe our negative feelings, but we’re content with a handful of positive ones.
For instance, researchers have found that most cultures have words for seven basic emotions: Joy, fear, anger, sadness, disgust, shame and guilt.
That’s one positive emotion, and six negative
It’s no wonder so many of us have a hard time keeping our negative comments in check. Over the past six months I’ve been working on the verbal language that I’ve been using that I don’t even realize hurts others and in some cases makes them feel inferior. I even noticed that I’ve used a couple on my personal and business website. This is a “no-no” that I needed to fix.
This post will list 25 negative words you should avoid…so that you stop hurting, belittling and intimidating those around you!
How To Control What You Can And Influence What You Can’t In Your Life
Every day you need to get up and face numerous challenges. Here’s how you can keep your head in the game — even when all you want to do is quit.
On Monday you wake up ready to take on the world. You’re focused, determined and business is doing well. Tuesday feels like you’re invincible and things could not be going any better. Wednesday, your world collapses. You doubt your ability to deliver to your clients. You wonder whether you should still pursue the same business. You think that quitting at this stage is easier than dealing with the ups and downs of entrepreneurship. And you are dramatically reminded that entrepreneurship is hard.
Mix in human nature and it becomes borderline insanity to try and build a business. And yet, the reward is worth it. I therefore want to share three strategies that might help you cope with this tough but deeply rewarding pursuit.
Influence and control
Most of the things in business and life are out of our control. You cannot control how other people react to your service or product. You cannot control how your employees will show up. You cannot control how the market will react and how that will affect your business.
Related: How You Can Do Big Things
This makes it very important to control what you can and then influence the rest to the best of your ability.
So, what can you control? You can control your actions, reactions and perceptions of the challenges you face. Meaning essentially, that you can control yourself and your efforts.
Do this with excellence and you will automatically influence the people around you and the situations you find yourself in.
Override your moods
If we only did the hard work when we felt like it, we would hardly get anything done. Our moods fluctuate like the tides of the ocean. Not because we are temperamental but because the external world has a profound impact on us.
When you wake up to news that the economy is in recession, it has the potential to plant seeds of doubt in your mind. When you receive an email from a disgruntled customer complaining about your service, it has the potential to ruin your day.
The fact is that you can receive a hundred testimonials singing your praise, but you will obsess and become despondent over that one negative comment.
This means that we have to move beyond our emotions. Sure, they are important in the decision-making process and for fostering meaningful relationships. But you cannot allow them to dictate when you will do work.
In other words, work hard, irrespective of your moods, especially on the days when you don’t feel like it.
Create a calibration practice
One of the best ways to deal with this rollercoaster effect is to create a daily calibration practice. I am a big fan of any action taken on a daily basis. Not only because of the accumulation effect that occurs over time, but also because it keeps you focused.
So, what does a daily calibration practice look like?
It differs for everyone. It could range from meditation to a vision board to journaling to listening to a specific playlist of songs. My suggestion is that you give journaling a go.
Because it’s sometimes difficult to start a new calibration practice, I have included my journaling template for you.
It’s called ‘J1G’ (pronounced as jig). I use Evernote or a notebook from HumanWrites for journaling purposes.
For the first few minutes, simply allow your hand to run across the paper. The idea is for you to dump as many of your thoughts onto the paper as possible.
Some questions you can answer in this section are:
- What am I currently excited about?
- What am I currently worried about?
- Where am I currently winning?
- What can I learn from what happened yesterday?
1: The one thing that you want to get done today
In this time, I usually have a look at my to-do list and decide which one action I want to get done today. Write it down and then expand on why it is the most important action. How will it move you or your business forward?
Related: Better Thinking For A Better World
In the last section, you simply write down three things that you are grateful for. Trust me, this is an important daily practice, but even more so on the days when you feel as if life is beating you down.
When you focus on the things that you are grateful for, you crowd out fear and shift your state of mind to a more positive and productive one.
The punch line
If you can stick to the three ideas I outlined above, I guarantee you will develop more resilience and perseverance. You are an entrepreneur because you chose to be one. Do not allow life to impose its will on you. I have no doubt that you will be better off because of all the challenges you face. Not in spite of them.
Types of Businesses to Start2 weeks ago
The Ultimate 101 List Of Business Ideas To Start Your Own Business In South Africa
Business Advice for Women Entrepreneurs4 days ago
How I Run An International Business From A Remote Beach Town In The Eastern Cape
Company Posts2 weeks ago
The Art Of Storytelling: Johannesburg Business School Launches Its Executive Training Programmes
Entrepreneur Profiles1 week ago
Inspiring Entrepreneur Siyanda Dlamini Believes You Need To Back Yourself To Build Your Dreams
Business Ideas Directory2 weeks ago
20 Quick Money-Making Business Ideas
Entrepreneur Profiles6 days ago
Kid Entrepreneurs Who Have Already Built Successful Businesses (And How You Can Too)
Entrepreneur Profiles6 days ago
30 Top Influential SA Business Leaders
Business Ideas Directory2 hours ago
20 Innovative Business Ideas Doing Well Overseas (That Could Make You Money In SA)