Founder-Itis 7 things successful business owners do and what can often go wrong
Sep 19, 2024
Founder-Itis 7 things successful business owners do and what can often go wrong
As a business owner, founder, or CEO, your passion and drive can propel you to incredible heights—or lead to chaos and collateral damage.
It’s a fine line to walk, and understanding the habits that contribute to sustainable success is crucial. Here’s a closer look at the 7 habits to cultivate, along with insights into the biggest stressors you may face along the way.
The 7 Habits of Successful Founders
- Clarity of Vision Great leaders have a clear vision of where they want to go. This clarity helps in making decisions that align with long-term goals and keeps the team focused.
A common pit fall: This can be seen as a 'dogmatic determination' and it's a bit of a lonely road.
- Ensuring you have confidence in the next right step and knowing the right people to have around you is critical for a sense of just being able to be yourself, and also some honesty barometers for some of those bigger ideas and the steps on how to make them a reality.
- Prioritising Work/Life Blend (yes blend not balance) Successful founders understand that balance isn’t about dividing time equally; it’s about integrating work and life harmoniously. Prioritising personal time leads to enhanced creativity and productivity.
This is the million dollar key to unlock - getting that ratio right and not losing your health, relationships and sense of reality on your journey to building something you're passionate about.
The reality is - and I coach on this EVERY DAY, it's the simple radical habits that add up to achieving health and happiness as part of your week - even if it's not 50/50 with work - there's a definitive blend going on where you've got your oxygen mask on first and make time for the people you love.
- A common pitfall: Founders often put everything on the line and don't run their body with the same effort they put into their business. Start getting serious about being the CEO of your life as well and create a game plan that works with an ever changing schedule.
An example: No two days are the same for me and I am pretty much on call at any time for private clients. So ensuring I have micro habits that I can do regardless of location - and planning WINNING WEEKS© on a Sunday means conscious decision making and knowing when to carve the time out to reset, rest, work out or just be alone for a moment....VITAL.
- Commitment to Basics Master the fundamentals. Consistently applying basic principles—like effective communication, financial literacy, and customer service—lays a strong foundation for growth.
Common pitfall: Not doing this. Basic 101 stuff. Don't ignore your family, your personal admin, your wellbeing and day to day elements that are part of a happy and well managed life.
- Embracing Feedback Constructive criticism is a tool for improvement. Actively seeking feedback from your team and clients allows for innovation and better decision-making.
Many teams I work with tell me they are too afraid to talk to the CEO/Founder and it's hard to communicate for fear of push back.
- As a founder or leader, be open to creating space for feedback.
Balance out who and why it's being giving and do a chemistry check as to whether it aligns with building something more cohesive and "bringing people on the journey", vs nay-sayers, down-lookers and projected criticism.
This is a such a valuable tool to be able to encourage constructive feedback and also ensure there is an environment where those close to you can do that - and when to block out the "it can't be done".
- Self-Care and Wellbeing Taking care of your health and wellbeing is non-negotiable. Prioritising exercise, nutrition, and mental health supports longevity in your business journey.
To be honest, we all know this - you don't need more of an explanation around this.
- My question is if you're not prioritising this - WHY NOT? Need help getting out of your own way please reach out. Chances are you're being your own worst enemy and no amount of success in the world is worthwhile if you don't have your health.
- Building a Resilient Network Surround yourself with a supportive network. Collaborating with like-minded individuals can provide valuable insights and emotional support during challenging times.
Common pitfall - not evolving that network and not making a conscious choice on who and what you talk to and about.
Don't be the smartest person in the room. Surround yourself with proven inspiration and expertise - this can also include health and fitness.
A lot of business owners find they have more people hanging off their coat tails than contributing. Then figure out what you need and gracefully change the combination of people you have in your corner.
- Continuous Learning The business landscape is ever-evolving. Committing to lifelong learning keeps you ahead of trends and enhances your leadership skills.
Common pitfall - rigid thinking. Solution. REPLACE FEAR WITH CURIOSITY. There is always a solution, every situation no matter how challenging becomes an experience you can learn from.
- Be open minded and don't feel a chapter in your life is the finite one. We evolve - as do our ideas, our depth of experience and our purpose and profit goals.
Nothing beats being a continuous student of life, and of business. The landscape is always changing, don't be afraid to grow and be agile with that.
“Burnout Rates: A recent study by Gallup found that 76% of employees experience burnout on the job at least sometimes, with 28% reporting they are burned out “very often” or “always.” This highlights the importance of work/life blend and self-care for founders and their teams. Lead by example. Our teams do what we do…not what we say.
The 5 Biggest Stressors for Business Owners and 1 quick tip to shift them.
- Financial Pressure Managing cash flow and ensuring profitability can be overwhelming. A clear financial plan is essential to navigate these challenges.
- Time Management Balancing multiple responsibilities can lead to burnout. Effective prioritisation and delegation are key.
- Client Expectations High expectations can create stress. Regular communication and setting realistic timelines help manage these relationships.
- Team Dynamics Conflicts within your team can impact productivity. Cultivating a positive company culture is crucial for cohesion.
- Work/Life Integration Struggling to find balance can lead to neglecting personal relationships and health. Integrating work with personal time is vital for holistic success.
Wrapping this all up with The Power of Passion
When you’re passionate about what you do, you don’t have to justify your approach. Your commitment to excellence shines through your work, fostering trust and loyalty among clients.
However, it’s essential to ensure that your passion doesn’t come at the expense of your family, health, and overall wellbeing.
There are no shortcuts to building a great business. Success requires consistent effort, a willingness to learn, and a commitment to your core values. By focusing on these habits and understanding the stressors you face, you can navigate the entrepreneurial journey with wisdom and purpose.
Remember, success is not just about what you achieve but how you maintain 'balance' along the way. Here’s to thriving in your passion and creating a sustainable legacy!
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Looking to sharpen your focus and drive results and check in with what really matters most? Download my Goal Set Done Workbook for Founder Fitness - practical strategies to achieve your goals while maintaining balance (or what I call work/life BLEND). Get your workbook here.
Don’t let excuses get in the way of enjoying the journey.
Yours in Mojo
Nikki
