Everyone can start a business nowadays; it’s never been easier. But will all these individuals really be able to build and maintain a sustainable business? Statistics show that the majority will fail. Therefore the question comes down to, how do you stack the odds in your favor?
Let’s say you started out as an employee to later join the entrepreneurial path. Maybe you’re a solopreneur, have a small family business or managed to gather a few people around you who believe in your vision and share the same values. Either way, you’re putting in the work and you’re educating yourself because you understand that the growth of your company is directly correlated with your mindset and heightened level of awareness.
Furthermore, you’re familiar with the fact that the struggle is guaranteed whereas success isn’t, but you stay the course because deep down, something innate is pulling you towards a certain goal.
The word success has become a commodity. It’s deeply linked to monetary means, while it often disregards the core concepts of life that have to do with health, fulfillment, joy and why not even playfulness.
We have become so focused on giving our soul to one area in our lives to later on realize (often when your body and soul have suffered severe damages) that we’ve played the wrong game or the entire strategy we deployed was faulty.
Therefore, it comes without surprise that some business owners leave the arena to become spiritual healers, life coaches or decide to dedicate their lives to the greater good. Many are burned out while others have lost their spark and enthusiasm.
There’s No One Path to Creating a Sustainable Business Model
Before we continue, let me clarify the notion of a sustainable business in this article.
It has nothing to do with sustainability as in climate change, environment or some sort of social activity. It’s all about creating and developing a business that is going to be around for many years to come. The focus is on the long-term.
When you setup to build a business, there are several questions that you seriously need to think of. Start your journey with these two.
1. WHY are you building the business?
Is it to create wealth, dominate an industry or live a decent life according to your terms? Maybe you aim for an IPO or to sell the business for XYZ amount. Become crystal clear as to why you want this business in the first place. Start with the end goal in mind. It’s a lot easier to reverse-engineer things than the other way around.
2. WHAT problem are you solving?
Answering this question shouldn’t be taken lightly. You need to solve an actual problem. Coming up with a problem AKA creating demand from nothing just like Apple founder Steve Jobs did, is a super difficult path. Take the first route, figure out a problem and come up with a solution to it. The bigger the problem and the more people are affected by that particular problem, usually the better your chances to building a successful enterprise.
Extreme example: If you’re the one to find the cure for cancer and come up with something that actually heals people, your business will not only make a ton of money but you’ll be remembered forever for changing the course of nations worldwide.
Obviously, building a sustainable business requires a rock-solid foundation. Therefore it’s always helpful to start with a deep dive into what it is that actually drives you to put forth the kind of effort that is necessary and required to build a successful company.
On top of everything else, you’ll need to be brutally honest with yourself by assessing what it is that you’re really good at, where your innate talents rely and what valuable skills and experiences you possess. Then you’ll need to come up with a plan and decide on what new skills you’ll acquire and the team of people you’ll onboard to help you achieve your dreams.
There will be times when you’ll need to sprint whereas on other occasions you’ll be well advised to keep your pace in order to finish the marathon. Having an integral approach, adhering to principles why not shying away from changing strategies, is of critical importance.
There is no one-size-fits-all path, guide or book that you can follow in order to build a successful business. There are many components and variables to the equation that need to work seamlessly intertwined.
Whatever You Decide. It’s Your Choice.
There are different levels of sophistication to building a lasting business. So much depends on you, your ability to navigate in stormy waters and adapt to changes. It’s how you deal with people and setbacks that will have a major impact on your next move.
Yes, luck is often also part of the game but you can’t rely on that one can you?
Whether you set out to create a $47K business because you love to have lots of free time playing with your kids, educating them and pursuing your hobbies, or you go all in on building the next $1B enterprise, in the end it all comes down to you.
However, if you truly want to build a sustainable business that will be around for future generations, you’ll need to seriously up your game mentally, emotionally, physically and spiritually.