Struggles Of An Entrepreneur. What Exactly Are We Busy With?
When it comes to running a business, entrepreneurs don’t have it easy.
There is the business-as-usual component that everyone understands. Hunting for customers, managing the finances, hiring the right people, delivering the products and services that are well received by the market and the list goes on.
When the business is small, especially when it is a one-man operation, many will understand that the solo-preneur is busy because they have to do everything.
This is accurate but not the entire picture.
Entrepreneurs are busy because they have to work IN the business and ON the business.
What is the difference, you might ask?
The difference lies in the delivery of goods and services that requires to be attended to today, versus doing the groundwork required to secure new assignments and/or orders in the future.
The former is about realising value and is paid.
The latter is about creating value and is not paid.
From my personal experience and professional contacts around me, the latter takes up close to 80% of our time.
We spend more time building a pipeline of customers in order to secure a steady stream of customers compared to the operational aspects of actually delivering the goods and services.
So, with that said, what are the tasks entrepreneurs work on the business.
# 1 — Marketing.
Marketing is quintessential to a small business eager to grow. The need to access markets for selling its products and services is critical for ensuring the survival of the business.
When nobody knows the business, nobody will buy from the business.
And this is pretty straightforward when we examine our own purchase patterns. Do we buy from the brands we trust, the business we know of as opposed to a company or brand that is unknown?
We have the answer.
Entrepreneurs also understand the consumers’ answer.
# 2 — Publication of Ideas.
These days, publication has a fashionable name.
It’s known as “Thought Leadership”.
Where publication of ideas is concerned, the name of the game is “why” and that can be further decomposed into many layers of meaning.
Firstly, the “why” pertains to the purpose of company’s existence. Naturally, most companies are founded with an eventually profit motive based on commercial feasibility.
That is the result of good work, not the purpose explaining what the company is set up to do.
Companies involved in plant-based diets believe in the mission of healthier diets. Those in the renewable business believe in clean energy. Professional services accounting firms believe in material accuracy of financial statements.
The entrepreneur works relentlessly to deliver the purpose of their work and the differentiation of their companies vis-a-vis the competitors in the industry.
This includes blogging, social media influencing, speaking at networking events and etc.
# 3 — Networking.
This is not just about exchanging name-cards and having endless buffets.
Networking is about knowing who’s who in the business landscape.
My mentor once told me the following.
“It is not who you know that matters. It’s who knows you that REALLY matters.”
And that’s true.
I know who the Prime Minister of my country is. Issue is, does he know me? Does he know me enough to want to give me business with any Statutory Board?
Knowing who’s who within the value chain sets up the next stage of possibility in terms of business partnership, Business-to-Business sales, Business-to-Consumer opportunities and all subsequent good things to come.
A Simple Wrap-Up.
These are just 3 simple examples of working on the business and in truth, this is a full-time job in itself.
The entrepreneur also has to double up in the operations of the business if their employees decide to bail out on the small business (which is quite common, people do jump ship when a better opportunity comes around).
Occasionally I have to make customer service calls too.
Oh, did I mention?
The entrepreneur would also have to do tweets throughout the day, post on FaceBook while taking a comfort break in the toilet cubicle and saying hi via Linkedin before he climbs into bed.
Are we having an enviable life?
Probably.
Maybe.
What do you think?
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About the Author:
As a Consultant by training, I believe in making the complex simple.
Because simplicity adds value.
Simplicity helps us gain clarity, and clarity helps us to grow.
And if we are not growing, then what’s the point of anything else?
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