If you have yet to start your own business, there are likely many reasons that come to mind when people ask why. Along with the start-up costs, worries of failure and time commitments, a significant factor that keeps people from following their entrepreneurial dreams is a lack of motivation.
When you don’t feel motivated enough to take action, it can be easy to lose sight of your dream. But we’re here to tell you the truth: no matter what your fears may be, taking some simple steps can help motivate yourself again and get back on track.
In 2020 alone, there were 5.9 million small businesses, and almost 64% of the labour force wants to open or start their own business, which indicates a vast and growing interest. According to statistics gathered by The Circular Board, the average age of an entrepreneur in the UK is 40, with a 91% success rate for entrepreneurs in the first year. The graph below indicates a high rise in small businesses with no employees, a clear indication of rising entrepreneurs.
(Image Source: GOV.UK)
However, staying motivated can be challenging, especially when your business plan or idea is not going to plan. Here’s a look at some of the most effective ways to stay motivated as an entrepreneur.
Goals
When it comes to staying motivated as an entrepreneur, the key lies in setting yourself big goals. When you have big goals in your mind and have made up your mind that you are going to achieve them, staying motivated will become easier for you.
Set Short-term, Intermediate, and Long-term Goals. For example: Set short-term goals like “I will make $50,000 in the next 3 months”. Set intermediate goals like “I will make $10,000 this month”. And set long-term goals like “I will make $100,000 a year”. These goals should motivate you daily so that you will have no need to worry at all.
Define clear business outcomes before you start a new business. Set yourself a target and achieve it daily; this will give you a good measure of progress and satisfaction for your hard work overtime.
Don’t be distracted
The main reason why people fail as a business person is that they are always thinking about themselves. They focus on the wrong things and fail to accomplish their goals. If you genuinely want to succeed in business, you have to set yourself a goal and give your best for it.
Creativity
Be creative, innovative, flexible and open to new ideas while exploring new cash streams – this will help you grow. An entrepreneur will have more ideas than time to execute them, but sometimes they need some help. They can get it from their employees by being more open to new ideas and input.
Being dedicated, committed, and persistent is an entrepreneurial must! If you are not dedicated to what you do, you cannot run a company. You should be focused on your business because if you don’t, competitors will catch up. And if you aren’t committed to your job or venture, then there would be no progression; everything will go back to square one and then collapse.
Mistakes
Learn from mistakes – this will help you grow as a business person. If you have plans and are not able to achieve them, don’t be discouraged. You can always learn from mistakes and keep working to achieve your goals. Be optimistic, have confidence, and believe in your abilities – this will help you grow as a business person. You must have the confidence to pursue your dreams and ambitions without fearing failure or rejection.
Thanks to the internet, small businesses need to be able to do everything online and that too, really well. The graph below shows some of the mistakes small businesses make on their websites.
(Image Source: Marketing Profs)
Prioritize, Prioritize, Prioritize
We have already touched on the benefits of goal-setting for entrepreneurs. Tracking what you’ve accomplished will keep you motivated to continue pushing forward. You’ve already made an enormous achievement by creating a business, so now take time to reflect on the steps you took to get there. And also, don’t forget to reward yourself along the way! Having thoughts like ‘I’m worth it or ‘I deserve this’ are absolutely necessary for boosting your confidence as an entrepreneur. When you feel positive about yourself and your work, it will be much easier to stay driven and motivated.
Join a Network
In addition to setting goals and taking decisive actions, also join a network of like-minded individuals who will provide encouragement and support. Online networking is definitely one of the best ways to stay motivated. You can search for an entrepreneur group on Facebook, LinkedIn, or even Google+, where you can post your business picture and eagerness to connect with other entrepreneurs. Post frequently about your business, and you’ll have many more connections than if you had tried to just cold-call people.
Keep a Journal
Keeping a journal in which you write down your daily steps and progress is an excellent way to stay motivated as an entrepreneur. Write down each step, no matter how tiny or insignificant it may seem. Time and time again, we find that the smallest steps often lead to significant achievements. So keep those thoughts in mind when you’re ready to take on your next project.
Stay Positive! Be Excited!
Don’t get yourself down because no one has heard anything about your new products yet, or you’re frustrated that you still haven’t found the right funding source. You may even be holding a grudge over a past interaction with a customer or another business person. All these things are going to keep you from moving forward. It’s easy for minor mishaps and negative thoughts to distract us as entrepreneurs. So it’s even more important to keep a positive outlook and be excited about your business. It takes a lot of effort, but the end result is definitely worth it!