America is still experiencing the effects of the COVID-19 Pandemic that thrust us into a recession. Many micro and small business owners are wondering how they will survive or even thrive during these challenging times. The answer is that they must learn how to become an Unstoppable Entrepreneur.
Over the last 20+ years as an entrepreneur, I have been blessed to learn from some of the greatest mentors in the world, literally. This includes power houses like, Dr. Myles Munroe, Dame Doria Cordova, Tony Robbins, John Maxwell, Ali Brown, Oprah Winfrey, Les Brown, Magic Johnson and Michelle Obama, just to name a few. They have all influenced and helped to shape my entrepreneurial path in one way or another.
Unstoppable Entrepreneurs are energetic servant leaders who have a clear vision of who they are and where they are going. That sounds easier said than done considering the times we’re in, but I can assure you it’s possible. They know how to identify and focus on the priorities and are always striving for the next level. Unstoppable Entrepreneurs are big picture thinkers and understand that it requires finances, mentors and resources and are willing to take educated risks in order to their sustainable businesses and legacies.
If you’re reading this you may not be an Unstoppable Entrepreneur yet, but that doesn’t mean you shouldn’t know what it takes. After all, I believe everyone wants to do really well in business but they don’t always know how. So, your first step is making a commitment to learning how to get to your next level.
Below are 4 Ways to Become An Unstoppable Entrepreneur Even During Challenge Times:
1) Follow the Money. There’s nothing like doing your due diligence and staying in the know. If you feel your business is no longer thriving and has been greatly impacted financially by the Pandemic, it is important that you research the industries that are thriving. You would be surprised that it may be an idea that is related to your existing business where you can take your expertise in a different direction. For instance, changing your business model from offline to online or even change your target audience. Restaurants who didn’t quickly answer to the demand of delivery or drive through lost unnecessary money. Instead, they cut back on staff instead of increasing staff to handle a new flow of business. The businesses that gained composure from the shock of this challenge, researched and bounced back quickly.
2) Fund What Feeds You. You must invest money in places that make money. The temptation might be to spend money in places that only make you feel good like beautifying yourself or remodeling your home. But, it should never be a priority over funding what feeds you, which is something that creates income generation.
Would you believe that there are millions of business owners that don’t invest in themselves or their business. Yes, it’s true and it shows every time. There are even some businesses that have received SBA loans they have not allocated the funds properly. Investing in coaching, resources, training, conferences, and mastermind events is essential to the expansion of your CEO mindset. Associating with wealthy people alone will not make you successful! You must put in the work and you must be hungry enough to stick with it in order to reap the harvest!
3) Have Your Financial Systems In Place
Financial Systems are the infrastructure of your foundation! Most small business owners think of a financial system as accounting and bookkeeping and while that’s part of it, it’s so much more. Your systems can include insurance structures, investments, and other business opportunities that fund your main business, etc. The goal is to be clear on how you’re going to manage your mindset and money, so you can keep more of it to grow and scale.
4) Implement What You’ve Learned
Education is one thing, but execution is where the magic happens. Your intention must be to implement quickly whatever you learn, whatever your coach/mentor recommends and whatever you purpose to do. Too many people gather information and never go get it. I’ve mentored and coached several individuals that I’ve felt would have been an incredible success if they would have only implemented what I taught them.
Implementation is not just about taking action and making it happen, it is also about creating a core group of talented individuals that can help you to make it happen faster. You want to learn how to delegate and collaborate, so you can leverage the talents and skills of others to run your business – even if you’re on a shoestring budget. The biggest misconception is thinking doing everything yourself is saving your money. However, it’s actually slowing down the results of you making more money. It’s not enough to have clarity on your vision, you must write it, make it plain and make it happen.
I’ve had so many people that have asked me, “Nicola, how do you do what you do? How did you create your empire while still being a wife, mom, and business owner”? My answer to that is simple, I organized, assembled a team, provided direction, sought guidance and mentorship and took ACTION on what I learned and was recommended to me. In other words, I make the most of each day.
It is my prayer that you will carefully read the 4 Ways to Become an Unstoppable Entrepreneur above. Now, it’s not all that you will need to do but it will give you an incredible boost and start you on your success journey.
