Entrepreneurs often fall into the trap of getting really excited for their business idea and then riding the wave of achievement for the first three months, “only to become disillusioned with actually running the business” says Barry Magliarditi at The Game Changers.
So how do we Sustain Passion for our businesses after the startup buzz phase?
“Once that disillusionment sets in, there’s no turning back.” Great business ideas and models fall to the wayside or get dragged out for years, leaving the business owner in a rut at best and absolutely exhausted at worst.
The Game Changers have a four step solution now:
1. Set the Tone From the Beginning
Sit down before your business is up and running (or as soon as you’ve started falling into the rut) and start making a list of priorities. What are your long-term goals, not just for the business, but for what you really want in the larger scheme? What income, hours, and emotional experience would be the climactic point of your career? Is travelling a priority? And perhaps most importantly: how is your business going to make a difference in the world? Keep these priorities in mind and make sure that your business model reflects them.
2. Create an Emotional Charter
After you’ve got your list of priorities, be sure to evaluate why they are your priorities. Why do you need a six- or seven-figure income each year? It is important to be ambitious, but it is as important to know why your goals are what they are. According to Barry, many entrepreneurs list financial freedom as a massive priority. Why do you need financial freedom? What is the greater sense of fulfillment that financial freedom allows you? Understanding your goals will keep you motivated when the going gets tough.
3. Write an Action List to Actualise These Outcomes
Your long-term goals and priorities are as important as the steps you have to take to get there. When you meet a short-term goal, allow yourself to be rewarded. Celebrate your successes both to make the work environment positive and to keep your own optimism high.
4. Learn the 80/20 Rule.
Love the 80/20 Rule. Live the 80/20 Rule.
The 80/20 rule is a principle that states that 80% of our outcomes are a result of 20% of our input. Constantly evaluate what are the 20% of your efforts that are accounting for the vast majority of actualising your outcomes. Are your emails and phone calls accounting for most of your results? Are your powers of delegation the reason for most of your successes? Do not keep busy needlessly. This is how we burn out and start to resent our businesses. “Focus on the 20% of your inputs that have real returns,” Barry re-emphasises! “You’ll be happier and your business will be sustainable.”
Barry Magliarditi is the founder of Australia’s leading Coaching Business The Game Changers, which is focused on providing high quality coaching, education and consulting to businesses seeking stable, sustainable and profitable growth. Over the years, Barry’s adaptable style has seen him coach small to large companies; such as Yellow Brick Road and Businesses at The Entourage. He has helped many businesses scale to 6,7 and 8 figures.