Written by Riva Lesonsky
The reality of starting a business is usually very different from expectations.
The proliferation of startups continues. Last year, Americans filed a record 5.5 million applications to start a new business, according to the U.S. Census Bureau. From January to March of this year, 1.5 million new business applications have already been submitted. (These numbers are not seasonally adjusted.)
According to a recent study by Zen Business, 80% of Gen Z believe they will be “the most entrepreneurial generation in U.S. history,” and 75% want to become entrepreneurs.
Clearly, these startup executives are entering the entrepreneurial fray full of big dreams, innovative ideas, and hope. But are they prepared for the realities of entrepreneurship?
To get an entrepreneur’s perspective, I spoke to Clate Mask, CEO and co-founder of small business automation software company Keap. Musk just published a new book, Conquer the Chaos: The Six Keys to Success for Entrepreneurs., The latest edition of the 2010 New York Times bestseller.
Why is it not easy to succeed in business?
Riva Lesonsky: you said you wrote this update conquer the chaos To “entrepreneurs who went into business in search of freedom and found chaos in return.” Do you think most entrepreneurs start a business expecting disruption, or do they have a relatively smooth path to success?
Crate mask: Most entrepreneurs are visionaries with big ideas, but often struggle with how to execute them. We know it’s not easy to run a successful business, but sometimes in our ambition and excitement we underestimate just how difficult it is. So they probably expect some level of chaos along the way, but are shocked at how chaotic things actually are.
Lesonsky: Why do so many people choose business ownership, knowing it’s not easy?
mask: Entrepreneurship has a very attractive carrot dangling. The freedom of time, unlimited income potential, and the idea of being your own boss are allures that are hard to ignore. Most people, especially entrepreneurs who already have great guts, are willing to go through some pain to reap the rewards on the other side.
Lesonsky: Can you define what you mean by “chaos” in this book? Has it changed in the 14 years between the publication of both editions?
mask: In the book, I use the analogy of walking into the gym for the first time, ready to start your fitness journey. Jump on the treadmill and start warming up. Suddenly, a gym trainer approaches and increases the speed of the treadmill. Shift to jogging and overcome the first challenge despite feeling anxious.
But the trainer doesn’t stop there. Increase speed and increase incline. Now you’re struggling to keep up the pace. Even though deep down we feel limited, we persist because we don’t want to give up or seem inadequate. Deep down, you realize this is not what you imagined when you walked into the gym. You continue, feeling trapped on an unrelenting treadmill.
Disruptions in small business operations reflect this treadmill experience. Customer demands are constantly surging. Leads need attention, projects need to be completed, bills need to be paid, and crises need resolution. Meanwhile, while technology advances rapidly and data management becomes more complex, administrative and compliance tasks remain challenging. Industry dynamics evolve, competitors invade, and economic fluctuations add further complexity.
And that’s just the business side of things. In this context, entrepreneurs are juggling children’s schedules, neglected health, personal finances, household maintenance, and important relationships. The moment prospects and customers enter the scene, confusion ensues. Inputs multiply, confusion ensues, priorities blur, and an overwhelming sense of eeriness looms.
Lesonsky: Can someone please briefly explain how I can overcome the confusion?
mask: Overcoming confusion starts with mastering the “game between the ears.” Once you’ve done this, you’ll be able to focus on your vision and rhythm and prepare for the keys to business success: strategy, automation, and leadership.
Other articles all business:
How to change your mindset to succeed
Lesonsky: How do you cultivate a “winner mindset”?
mask: Disruption for small businesses is even more in the mind than in the physical world. That is why as an entrepreneur, it is of utmost importance to overcome the negative thoughts and emotions that arise within you. key to success Both in business and personal life.
When I was little, my dad always talked about the importance of staying positive, but as a teenager, I didn’t pay much attention. And one book he recommended years ago caught my eye when I was struggling to keep my small business afloat and facing personal financial problems. The power of positive thinking Written by Norman Vincent Peale.
Reading that book changed everything for me. It not only turned my life around, but also saved my business. If I hadn’t learned to think differently during those difficult times, Keap wouldn’t be where it is today. Running a business can often feel like dealing with failure after failure, and I’ve talked to many entrepreneurs who have experienced similar challenges.
It’s important to focus on having a success mindset every day. That means intentionally practicing positive thinking and doing mental exercises to train your brain to overcome obstacles and achieve your goals. Two of the main methods I recommend are creating a morning routine that helps you cultivate positivity and eliminate negativity, and exercising every day. Even just 20 minutes of exercise can make a big difference in your mind and mindset.
Lesonsky: You mentioned that you need a “life vision” to be successful. How do you find your vision for your life? And do they change as we get older?
mask: Establishing your vision requires a thorough examination of your identity, purpose, values, mission, and goals. It’s a process of self-reflection and self-definition that begins with a clear understanding of who you are. This includes:
- Define your identity. This will prepare you to understand your purpose: why you are here and what you want to achieve in life.
- Dig into your own values. This will help you identify the principles that guide your actions. Also, by creating your personal mission, you can outline the overarching goals you aim to achieve while on Earth.
- set a goal. Setting goals across different aspects of your life, including physical, mental, social, business, and financial areas, provides a roadmap for realizing your vision.
The journey to clarifying your vision involves asking yourself fundamental questions about your identity, purpose, values, mission, and goals. This process can take many forms, from thinking alone to seeking input from trusted friends and family. There is no one-size-fits-all approach, but commitment and intentionality are essential.
As you work through this process, your goals may evolve and your life mission may adapt over time. However, the key is not to set it and forget it, but to incorporate it into your daily life and reevaluate it regularly to ensure it is in line with your evolving aspirations. Incorporating your vision into a regular rhythm of life creates a framework for continued growth and fulfillment.
Lesonsky: You talk about “conscious capitalism,” and what you mean by that is that businesses are “utilized to do good for everyone in the business: customers, employees, partners, owners, and communities.” It is written that it means “should be done,” but in reality that is not the case. All entrepreneurs think so. I’ve worked for a few of them, so how do you convince management that it’s worth being a conscious capitalist?
mask: I’m a big believer in following the practices of conscious capitalism, but you’re right. Some business owners don’t feel the same way. In some cases, their ambitions and short-sighted views of what it takes to make their businesses successful get in the way of reaping the long-term benefits of conscious capitalism for everyone involved. there is.
What I would say to these people is that it’s more fun and fulfilling to use your business to do good for everyone involved in it, and in the end you’ll have fewer regrets if you take this path. , that’s all.
What successful entrepreneurs have in common
Lesonsky: Now let’s talk about Keap’s new research and report, “The State of Business Growth 2024.” What are the characteristics of a business owner that you would classify as a “growth achiever”?
mask: Our report provides an eye-opening look at what currently separates entrepreneurs who are thriving from those who are stagnant or declining. “Growth achievers” refer to the 80% of those surveyed who exceeded or achieved their goals, and “underachievers” refer to the 20% of those surveyed who did not meet their goals.
This year’s report showed some convincing patterns of companies achieving growth. The study revealed that this group is much more likely than the underperforming group to plan investments in AI, process automation, partnerships, and software. Companies that achieve growth embrace innovation and focus their investments on these key business areas that continue to drive growth.
Lesonsky: In one of the survey questions, startup executives cited “building credibility and trust” as a challenge. In another question, all three types of companies (start-ups, scale-ups, and mid-sized companies) say they have difficulty “building customer loyalty.” What is your advice for building credibility, trust, and customer loyalty?
mask: Building credibility, trust, and customer loyalty requires several key principles. First and foremost, you need to set accurate expectations and avoid over-promising. You can establish trust with your customers by being transparent about what you can offer and meeting or exceeding their expectations.
Second, investing time and energy into customer relationships is essential. You can foster loyalty by showing genuine care through personalized communication, careful listening, or going the extra mile to meet their needs.
Additionally, by staying focused on your target area rather than trying to meet everyone’s demands, you can consistently provide high-quality service. Finally, maintaining consistent follow-up and follow-through shows your commitment to customer satisfaction and strengthens your customers’ trust in your business.
About the author
Rieva Lesonsky is CEO of GrowBiz Media. SmallBusinessCurrents.com I’ve been covering small business and entrepreneurship for more than 30 years.Sign up with her to get more insight into her business trends free ocean current Newsletter.
Related: What is the value of curiosity in entrepreneurship?
