Why Typical Business Advice Doesn’t Work

One thing I know to be true from my experiences advising and coaching people making the shift from employee to entrepreneur is that our entrepreneurial journey is different. So I was delighted to read this Forbes article by executive coach Dr. Steven Berglas. His article was so spot-on that I had to get in touch with him and share my observations. We had a lovely email exchange and I expect we will cross paths in California someday. Here’s what he had to say: “There is a swelling class of first-time entrepreneurs, and they need help…This new class–call them newpreneurs–are born of circumstance rather than ability, vision or just something to prove, and they tend to launch new ventures in a different way. That doesn’t mean they won’t succeed–it just means they need a different kind of guidance.” Yes, Dr. Steve, they do! Because we’re different. And the things we experience in our journey from employee to entrepreneur have nothing to do with the length of time you’ve been in business. I’ve noticed the same trends and patterns in entrepreneurs with ten years of self-employment or more, as the “newly hatched” entrepreneur. This time last year, I launched the Entrepreneurs Unplugged Telesummit which featured interviews with small business mentors like Michael Gerber, Melanie Benson Strick, Kelly O’Neil and so many more who shared their experience and advice on leaving the corporate world. At the beginning of that series we reviewed the most common mistakes made by corporate fugitives. One year and several more discussions later, these trends remain the same. Here’s a recap of the most common mistakes: Thinking that being good at what you do is the basis for a business. Some people quit, and some people turn to self employment for other reasons but many new or aspiring entrepreneurs think that their professional experience will translate to a thriving business. This is the first big mistake alluded to by the world’s most recognizable small business guru, Michael Gerber in his classic book The E-Myth. Second to that, being passionate and determined is a good start that will fuel you when you’re tempted to give up, but the bottom line is that you still need a foundation of marketing and commerce and a market that is looking for what you have to offer and will pay you enough for it. Thinking you can do it all by yourself. Many of us go into business thinking we never want to have employees or have to manage anyone again. We plan on flying completely solo. This is completely understandable – since years of bureaucracy and the ugly side of office politics is something we hope we never need to endure again. This might work for a while, but not for long – the reality of having to market yourself, do the work, fix the computer, do the bookkeeping and collecting the money… all comes into play. You quickly plateau in your income and energy. Entrepreneurs who achieve personal and financial freedom, don’t do it alone. Thinking you can keep yourself on track. If you’re used to a structure and the workings of an organization it’s hard to cope with sudden freedom from routine and procedures. Beyond the ability to stay focused and disciplined, successful entrepreneurs build support systems around themselves to keep them accountable and on task. Thinking you need to get people’s approval. There is a huge culture shock when you go from corporate life out on your own especially if you are working from home, by yourself. Suddenly that 20 or 30 year career as an expert can feel woefully inadequate when you’re responsible for selling yourself and running your business. There’s no one to tell you your idea is fabulous or completely sucks. There’s no one certifying you as an expert and telling you that you’re able to charge a certain amount. There is no one to approve your work before it goes to the client, and your name is on everything! Many entrepreneurs allow this to limit their growth and feel the need to work their way up, not surprising really, when you look at our years of education and employment conditioning. However this leads to lack of boundaries with clients, and lower fees thanyou deserve, if you do not claim your expert status for yourself. Not continuing to learn. When you’re an employee you can get by knowing just what is expected of you, or what you need to perform your job really well. The learning you need for your career is completely focused on your profession. Also, your company often pays for it. You just have to show up! In business you need to be a continuous learner – about your area of expertise, about aspects of business, about yourself. It’s very easy to get caught up working “in” your business instead of “on” your business. This is why many small business owners often fall into the isolation trap and just continue to do the same things year after year, never breaking out of their routines to learn something new. This leads to severely stunted and often under-earning businesses. Not knowing what you really want. When you’ve spent years in a career and you now want to run your own business, it’s most common to create one around your career profession. Many new business owners slide into this without really taking the time to consider what they really want from their life, and how to design their business to get it. Often they realize later, that the business they built is not the one they really want. Wouldn’t it be easier to build a foundation based on a life plan, and adjust it as you grow? Waiting until it’s perfect. Corporate fugitives tend to suffer from this affliction more than any other type of business owner. They are less willing to take risks and fail, and often spend more time thinking about and crafting their perfect plan, than getting started in the business of business. If this sounds like you, don’t wait until it’s perfect – waiting wastes time, and even makes you more fearful as your second thoughts nag at you. Spread your wings and fly – no one is there to push you forward, but you.