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From employee to co-owner to sole proprietor, Marsha Lindquist has seen entrepreneurship from practically every angle over her 30 year career. In her view, the shortcoming of many organizational leaders is that they fail to form a picture of success that sustainably balances personal and professional goals. She sifts through her experiences to pose an important question: what does success look like?
[0:58] Streamlined for Success
It’s natural for organizations to look at raw revenue as a definitive measure of success. However, in Lindquist’s view this is a fundamentally flawed perspective. Revenue is doubtless extremely important to the financial viability of a business, but a more reliable indicator of overall health is the cost of doing business. Even if profits do not measurably increase as a result, any opportunity to reduce cost should be carefully considered. As the financial strategist points out, revenues cannot be predicted, but costs typically can.
[1:23] Know Your Role
While she has experienced a level of personal success in entrepreneurship, Lindquist also acknowledges that taking the lead in an entrepreneurial effort is not for everyone. She advises prospective proprietors to perform an honest self-evaluation before leaping into the endeavor. Understanding whether your temperament and inclinations are compatible with entrepreneurship can save you untold time and money on an ill-advised initiative. Are you willing to deal with the positive and negative aspects of taking an outcome into your hands?
[4:31] The Buck Stops Here
Many aspiring entrepreneurs find themselves unprepared for the actuality of having all responsibility laid directly at their feet. Whether your company becomes an international titan, a neighborhood institution, or just another dream deferred, all credit and blame belong to you. For this reason, entrepreneurs should form a clear picture of what success looks like for them and the process it will take to get there. Whether professional, personal, or financial, an entrepreneur’s life is most often one lived under constant pressure.
[6:29] Boundaries
Setting up boundaries between your days in the office and the rest of your life from the very beginning is imperative. At first it may be easy to carry through challenges on pure enthusiasm, but as the grind wears on finding motivation can prove more difficult. Many new business owners make the mistake of allowing job duties to consume every moment of their time, detracting from their overall quality of life. For Lindquist, entrepreneurship is only part of the person you are…deeply unhappy business owners are rarely considered successes.
[8:16] To Partner or Not to Partner
In some serendipitous scenarios, two compatible minds meet and share a vision of a mutually beneficial outcome. Like any interpersonal relationship, a business partnership can offer immense benefits…but also create new challenges. In Lindquist’s words, most business owners would never take on every piece of business to come their way. Similarly, it is wise to consider the potential benefits and drawbacks of a partnership beforehand.
[17:18] Adding Value to the World
Speaking as an individual that grew up loving her job, the author and accountant underlines the importance of purpose in deciding to start a business. It is purpose that pulls us, that guides us, that drives us. It is purpose that defines and binds us to our pursuits, and so purpose is indispensable to the success of your business. Who do you serve? What are your motivations? What value can you add to the world around you? The entrepreneurs that ask themselves these questions are those that tend to make the most enduring mark.
About Marsha Lindquist:
Website: https://graniteleadershipstrategies.com/marsha-lindquist/
LinkedIn: https://www.linkedin.com/in/marshalindquist1
Twitter: https://twitter.com/marshagovcon?lang=en
Connect with MindTeam Solutions:
Website: https://ca.linkedin.com/company/mindteamsolutions
Email: Info@MindTeamSolutions.com
LinkedIn: https://ca.linkedin.com/company/mindteamsolutions