Welcome back to Part 2 of our series on staying motivated as a Gen X business owner. In this continuation, we delve further into practical tips and insights to empower you on your entrepreneurial journey.
Click here to return to Part 1…
8 Ways to Stay Motivated as a Gen X Entrepreneur… Part 2
Let’s continue exploring strategies that will keep you motivated and guide your small business towards success in the ever-evolving business landscape.
4. Prioritize Clients who Elevate Your Business
In the challenging landscape of business, a harsh reality prevails: you can’t please every client.
Approximately 80% of your revenue will stem from just 20% of your client base.
This is the segment where you should focus your efforts. These clients are the ones who provide genuine feedback and express gratitude for your service—there’s nothing more motivating than having happy and satisfied clients.
JeFreda R. Brown, CEO of Brown Accounting Solutions LLC, emphasizes:
“We business owners all have experienced the tire kickers who waste our time. Our goal is to reach the clients and customers who really need our services and will pay for them.”
During slower periods, when doubts may arise about the chosen path, a grateful client often emerges. Receiving feedback from clients who acknowledge that your services have genuinely improved their lives is what fuels motivation and keeps me going.
5. Learn from the Failure to Stay Driven
While it may sound odd, failure can be a powerful motivator. Mark Cuban, an entrepreneur and investor, shared his perspective with Bloomberg:
“No matter your business, there’s always a risk, especially in technology. Rapid changes mean you’ve got to put in the effort to keep up. There’s always the chance for some 18-year-old to come out of nowhere and crush you—that motivates the hell out of me.”
So, if you’ve faced failure (or fear it), use it as motivation and ask yourself:
- What did I do wrong?
- Who did I trust that I shouldn’t have?
- What can I learn from this situation to avoid it next time?
6. Choose a Business Venture You Love
Consider this: your small business will consume a significant portion of your time, energy, and money. Therefore, it’s crucial to select a small business that aligns with your interests and values.
The late, great Steve Jobs once stated:
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
When you believe in your work, the result is a groundbreaking product. For example, if you’re passionate about paintings and art, consider starting a small business in that domain.
You’ll not only enjoy every moment but also stay motivated as a small business owner because your daily work aligns with your passion AKA art that helps you stay motivated as a Gen Xer in business.
7. Remember Why You Started
Here’s a straightforward tip to maintain motivation in your business:
“The best way to stay motivated when the going gets rough is to remember why you’re doing what you do. I became a small business owner because I loved the thought of being my own boss – setting my own schedule and getting the flexibility I wanted so I could spend more time with my family.
– Deborah Sweeney, CEO of MyCorporation.com
In the end, you’re doing this for them… your kids and grandchildren… But what about you?
During challenging times, always reflect on why you started your business journey in the first place. Watching that big smile on your grandson’s face is all the reminder you need to remember that truly brings you joy.
8. Market Your Business with Purpose
Crafting a purpose aligned with your business values forms the bedrock of purpose-driven marketing. This purpose should transcend profit, embodying a deeper significance beyond merely selling a product or service.
As you approach retirement, these aspirations tend to evolve. Let Content Marketing Geek guide you in exploring the depths of your entrepreneurial soul to discern the optimal path for your Gen X retirement journey.
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