Stop It!
Stop doing that stuff that is keeping your business small.
As entrepreneurs, we're often bombarded with advice on what we should be doing to grow and scale our business. But knowing what NOT to do is just as important. So take a deep breath, put down whatever you're working on, and consider five things NOT to do as a business owner:
1. Don’t keep your long term vision a secret.
As the CEO, you are the holder of your company’s vision. Even when no one else can see the path forward, you need to keep your vision clear and know how to communicate it. Make everyone feel part of that larger, collective BHAG (big hairy audacious goal). Especially when it's a shaky economy or you just got a no after working on closing a deal for weeks, your ability to remind everyone of the bigger picture boosts morale and keeps everyone focused and steady.
2. Stop saving celebrations for the big milestones.
We start our team meetings at Million Dollar Women with the same three questions: “What are you proud of? What are you working on? And what are you stuck on?” I’ve noticed that everyone always tries to skip answering, “what are you proud of?” As women, we sometimes feel uncomfortable celebrating our own wins (even though we’re GREAT at celebrating the wins of others!). Stop driving everyone as hard as you drive yourself and help everyone on your team celebrate small wins along the way (you can lead by example here). Talking about the small wins is a concept called the “progress principle” (more on that in the HBR article linked in the comments.) It’s a small mindset shift that is a big mood booster -- and staves off burnout.
3. Never assume there’s a magic bullet to success.
We’ve all heard the saying, “It takes 10 years to become an overnight success.” Entrepreneurs are eager to get things done quickly, but we also need to test and iterate to see what works. That can lead to frustration as to why you aren’t further along. Remember, building a business is a marathon, not a sprint. Make sure you have a proper mindset tools and community to keep you on track. A written gratitude practice allows you to document what you’ve already achieved. Another great move is to turn to your community if you’re feeling stuck or demoralized, as others can more easily point out how far you’ve come.
4. Stop letting your fear hold you back.
Entrepreneurship is all about taking risks, and with that comes an exhilarating yet nerve-wracking sense of freedom. It's very hard to go from being number two (building up a powerful boss or leader) to number one (you are the number one!). Supporting a leader is not the same as leading. One of the best things you can do for your company is to get help increasing your comfort levels with calculated risk-taking and stepping into your power.
5. Avoid the compulsion to do everything yourself.
Focus on your "genius work" - the work you love doing, that thing you’re amazing at that nobody else can do. Then consider how to outsource, automate and delegate everything else. You can’t scale if you get bogged down with every task, joining every meeting. Create systems and processes that allow you to focus on the 5% only you can do, why you created your business in the first place.
What else do entrepreneurs need to STOP doing?