Summary: In today’s Entrepreneur MBA podcast guest, Christopher Burns from Men Mastermind speaks with Stephen Halasnik from Financing Solutions about successful small business leaders and the common denominators of small business leaders. They talk about the things needed for small business leaders to really strive and Christopher tells us things he notices small business leaders are doing wrong so their business doesn’t reach its potential.
Summary
Things noticed with Successful Small Business Leaders
People who have been successful in small businesses to an extent achieve a certain level of obsession that drives them in a business. Whether there’s an ego behind growing a business or pride or love, these things strive these business leaders to do great things. You need a level of obsession that makes you step outside your comfort zone in the
business world. Small business leaders also need incredibly high standards for the vision they want to chase.
A negative thing about being obsessive over a business is that they can only grow their business to a certain point which can lead to you working in the business instead of on the business. This especially happens when you are past survival mode. When you are able to get into that 10 million dollar company mindset, then you are able to shift how you take action as well as your behaviors, strategies, and your way of thinking.
Common Denominator with Newer Clients
You should focus on the business systems and address that. You should focus on the person’s life with things such as personal life, relationships, health, and spirituality. You should ask them what is not working in their life. Another question you should ask them is what is it costing them to not have their financial, impact, or lifestyle goals and how that is impacting them in other areas of life. For example, small business leaders are so obsessed with hitting financial targets it could be at the cost of a romantic relationship or relationship with kids. Small business leaders should focus on their business but not let it get in the way of their personal life because there is more to life than running a business.
How to See Where a Business is At
There are two important things to look at when trying to see where small business leaders are with their business. The first important aspect is looking at why are they in the business, to begin with along with the impact they are trying to create. The big picture involves many reasons why the business exists in the first place.
The second important thing to look at is the small business leaders’ goals. Since the reason they are in the business is already established, they should determine the process to get there. Small business owners need a long-term goal but also need to have short-term goals to reach that long-term goal of where they want to be at the end of their target date.
Common Denominator in Small Businesses
The first thing small business leaders should do for personal growth is, to be honest, and true to themselves. For example, some small business leaders think everything is going great but in reality, their employees have to take the burden of the business. Small business leaders are honest with themselves and are realistic with what they have right now as opposed to having unrealistic goals they know they cannot achieve. You cannot be delusional and think you made it when in reality you didn’t make the impact you are capable of doing.
The second thing small business leaders should do for personal growth is to be confident in themselves knowing their worth and value. You have to be honest and willing to ask for help at the same time. You need to stick to your values and have the fundamental principles that set people in the right direction for success.
What You Need for a Foundation of the Business
The hierarchy of needs is important when talking about what a small business owner needs to be successful in running a business. The body as Christopher says is one of the most important aspects of a business. You have to make sure the foundational brick you first put down when starting a business stands the test of time and doesn’t easily get torn down. Small business owners need to build a foundation that lasts and you need to know where your business is at when talking about the foundation.
To build a great business foundation, the mind is also a really important aspect of a business. This could be something simple as learning how to do something or reading a chapter about something new you can incorporate into your small business. Small business leaders should be truly invested in learning and disciplining their minds.
The third thing small business leaders need to do is nurture their emotions. They need to take care of themselves by being satisfied with what they are doing. The fourth level is serving your society and actually contributing to society. The fifth thing is shining your soul and being the best version of yourself.
About Christopher Burns from Men Mastermind
Christopher Burns dedicates his life to coaching men to activate their purpose, power, and prosperity. He has been coaching men, entrepreneurs, leaders, and professionals for almost a decade and works with clients 1-on-1, in group coaching, and home study courses, and hosts live events, retreats, and masterminds.
About Financing Solutions Small Business Line of Credit
Financing Solutions provides an easy-to-setup unsecured business line of credit to small businesses. The small business financing product is a great cash backup plan that costs nothing to set up, nothing until used, and is inexpensive when needed. Financing Solutions is rated A+ by the Better Business Bureau and 5 stars by the BBB/Google Reviews.
Unlike a traditional business bank loan, our business credit line requires no collateral or personal guarantee (except in cases of fraud) making it an excellent alternative business financing option. Small businesses often used their line of credit for short-term expenses, working capital, to make payroll, or for a business investment especially when business cash flow is temporarily down.
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