How To Motivate Yourself When Starting a Business in 7 Steps
By Indeed Editorial Team
Published March 17, 2022
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
Starting a business comes with many responsibilities, including securing the necessary funding and managing employees. Finding the right motivation can support you as you begin a new career as an entrepreneur. Using strategies like establishing a healthy work-life balance and reading success stories can also ensure you stay determined. In this article, we explain how to motivate yourself when starting a business.
Why is it important to motivate yourself when starting a business?
While starting a new business is exciting, it can also be challenging. Many entrepreneurs encounter obstacles like securing funding, hiring the right employees and attracting customers. Staying motivated can help you overcome frustration, remain determined and find effective solutions to these common problems.
It's also important to remain motivated because of all the effort you put into the business. You likely used your savings to fund startup costs and dedicated hundreds of hours to planning. The right motivation can help ensure that the time and money you put into the business results in a profitable venture.
What are some common motivations for entrepreneurs?
Here are some common motivations for entrepreneurs:
Creative freedom: Entrepreneurs have complete creative freedom, meaning they can manage their business however they want. They decide what products and services to offer, what their prices are and who they want to hire.
Flexibility: As an entrepreneur, you decide what days and hours the company operates. This flexibility allows you to create the ideal schedule, whether you want to work standard business hours or irregular shifts.
Money: After making back the money you put toward the company's startup costs, you can generate a decent income as an entrepreneur. This money can help you live a comfortable lifestyle and enjoy the free time you create for yourself.
Challenge: Entrepreneurs often embrace the challenge of starting a business. Many thrive on strict deadlines, the pressure to attract new customers and the desire to outperform the competition.
Passion: Many people start a business to make money from a passion. Centering a business around something you love can make you excited to work every day and eager to overcome challenges.
Credibility: Starting a business can help you build credibility and establish yourself as an expert in your industry. It can also strengthen society's trust in you, as local businesses often serve their community and improve the lives of locals.
Pride: An entrepreneurial venture can help you impress those around you, as many people respect entrepreneurs' hard work and determination. Entrepreneurship is also personally fulfilling because you know that you achieved something that many others don't.
How to motivate yourself when starting a business
Here's how to motivate yourself when starting a business:
1. Develop your entrepreneurial skills
You can increase your motivation by developing entrepreneurial skills. Knowing how to create a professional business plan, negotiate with vendors and apply for funding can make you more confident in your ability to start a successful company. Consider taking classes or meeting with a mentor to develop your leadership and financial expertise.
2. Create attainable goals
The most obvious goal of every entrepreneur is to start a business, but this goal is broad and takes several months to obtain. You might find it more encouraging to create several smaller, more attainable goals. For instance, you tell yourself to meet with a certain number of investors over several weeks. You could give yourself a deadline for hiring new staff members or making your first one hundred sales. Ensure you make your goals realistic and measurable so that you can track your progress. If you notice areas for improvement, you can develop new goals to address these weaknesses.
3. Read success stories and inspirational quotes
Consider reading stories of successful entrepreneurs. It's inspiring to discover that the challenges they once encountered are similar to the ones you experience. These stories often reassure you that you can also achieve their level of success. You might also read inspirational quotes and post them in your office to remind yourself that your goals are attainable.
4. Find an investor
If you lack the initial funds to start a business, consider finding an investor that provides financing in exchange for a stake in the company. This route prevents you from using your personal savings and going into debt. It also helps you focus on other aspects of starting a business, such as hiring employees and building relationships with vendors. Additionally, having an investor can be motivating since you're no longer the only one who's dependent on the company's success.
5. Ask for help
Entrepreneurs often try to do everything themselves, but consider asking for help to manage some of your stress. Aside from soliciting investors, you can ask a mentor for advice on how to overcome obstacles. You might also ask friends and family members for patience and support as you dedicate much of your time to your new business.
6. Establish a healthy work-life balance
While a new business takes up much of your time, try to establish a healthy work-life balance. You can take occasional vacations and try to only work during your established business hours. Having time off to look forward to can help you prevent burnout and remain energized about work.
7. Motivate employees
Employees are an essential part of a business, so try to motivate them as much as you can. A positive workplace can encourage you even when the company encounters obstacles. Motivation strategies for employees include:
Soliciting feedback on the company's processes and policies
Providing rewards like time off and free lunches
Giving employees autonomy on projects
Ensuring efficient company-wide communication
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