There is no magic bullet to make your business successful. However, if you treat it as a hobby, then you’re bound to fail. That’s why you need to run it, deal with it, and approach it as it deserves.
Firstly, what’s a business?
One official definition of a business is the activity of making one’s living or making money by producing or buying and selling products. What it involves is a plethora of activities. These are: creating a product or service, promoting it, managing finances and resources, and building relationships with customers, and suppliers.
A business can take many forms. It can be a sole proprietorship, a partnership, or a corporation. The goal of a business is typically to generate revenue, increase profits, and create value for stakeholders. And in order to be able to do this, you must take business seriously i.e. put in the hours.
What’s a hobby?
A hobby, on the other hand, is a regular activity done for enjoyment, typically during one’s leisure time, not professionally. And most importantly not for pay. And although a business too should bring you joy, doing it just to entertain yourself and fill your spare time will never take you to a good place.
Another common denominator for a business and a hobby is that you’re there to make an impact. Even though you may not have thought of it that way, with a hobby you make an impact on your well-being, and also on your surroundings if you produce some sort of art piece.
When running a business, the impact is more widely felt. You’re there to serve your customers well. Moreover, you create an environment that is more enjoyable to be in (by helping your customers and clients with whatever problems they’re facing). But, you’re also there to enjoy it and you’re there to make yourself some money.
The main distinction between the two is that with a business you have responsibilities. So, giving your business the proper attention is of utmost importance. Otherwise, you may find yourself in a pretty sticky situation.
Can a hobby become a business?
Of course, it can. But the moment it turns into a business, your goals will change. It is then that your mindset needs to change as well. You’ll have to start taking your hobby, now your business, seriously to be able to reach those goals.
Success is only possible when you take business seriously
Your business success is like making a lovely meal. Needless to say, you need the right ingredients and knowhow. By the way, it’s your definition of success, not someone else’s.
Let’s share some of those business ingredients.
Adopt a positive mindset
To clarify, your mindset or your attitude in your business is vital. Mindset is your thoughts about the world, your attitudes, your behaviour, and your assumptions. It is the main factor in how you’re influenced and how you handle situations in your work life, as well as your home.
Mindset plays a big hand in success, as well as handling the inevitable bumps in the road. So, let’s look at how mindset can push you towards success or prevent you from achieving your business objectives.
This won’t work in your business. It means you carry on with the status quo. You become closed to new ways of thinking and working. This will create a stale and stagnant business that is slowly or rapidly sinking.
Nonetheless, fixed mindsets have their place in your business. Absolutely adopt that fixed mindset for things like due diligence, compliance, systems and procedures credit control, and cash flow.
A growth mindset does not accept the status quo. It makes you step outside of your comfort zone. Your attitude to risk is that you’re willing to look at things differently, and take steps to get what you want in your business.
It’s about a creative way of engaging with clients and selling to new customers. Your effort, costs, energy, and time are seen as investments and opportunities.
Focus on business growth
Your business needs to grow and develop. If it doesn’t grow, it runs the risk of going backwards. Business growth is a good thing. Your business needs to expand over time.
It’s only natural that some of your customers will leave you, and costs and competition may become more intense. The business landscape changes, and if you don’t embrace change, your business will be left behind.
New customers mean that there will be new sales. Newer sales mean profits, which is what everybody wants!
Working with others
Your business growth does not happen on its own. You need assistance, support, and help. If you think you can do it by yourself, for nothing, and on the cheap then you’re deluding yourself.
Nothing grows in isolation, and nothing grows unaided without outside help and support.
Also, it is uninspiring and doesn’t push you to think outside of your box. Try mixing it up a bit! A diverse community of people with new ideas and interesting perspectives can really help stimulate and formulate new ideas. Share your ideas and free up your head space for growth-focused activities. Remember teamwork isn’t a bother, it’s an asset!
Working and learning in teams is profitable because everyone has experiences to share. Most importantly it helps you see other points of view, learning and sharing from the successes and mistakes of others. You can then apply that shared knowledge to your own business growth.
Similarly, another benefit of having a network of people is that it can help with accountability. When you share your plans, you become committed! And now you have a group of people to hold you accountable. Above all accountability to others makes you more responsible.
Nobody wants to lose face in front of peers. Fear of disgrace can help you remain focused on your goals.
Taking your business seriously also means doing proper planning and forecasting. Remember, a goal without a plan is just a wish. Likewise growing your business, and making money and impact needs a plan, and needs a planning mindset. A planning mindset is part of that growth mindset.
In conclusion, business owners, take your business seriously unless you want a time-consuming and expensive hobby.
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