Mastering Entrepreneurship: Setting Priorities for Business and Life
Entrepreneurship is a journey filled with highs and lows, challenges and victories. As someone who has been operating Beardbrand, a direct-to-consumer company, for over a decade, I’ve learned valuable lessons that I believe can benefit existing and future entrepreneurs. In this master class, I want to delve into the importance of setting priorities for both your business and your life.
Finding Your Purpose
One of the biggest mistakes entrepreneurs make is diving into business without a clear intention or purpose. For me, my North Star is creating a company that provides me with freedom – the freedom to do what I love, when I want, with people I enjoy working with. This guiding principle influences every decision I make.
Your North Star may be different, but it’s crucial to define it early on. Whether you value sustainable growth or rapid expansion, understanding your purpose will shape the trajectory of your business.
Profit Equals Freedom
While revenue is important, the key to true freedom lies in bottom-line profit. I’ve always lived by the principle of spending less than I earn, a practice that has allowed me to build financial stability over time.
Strong margins are essential for achieving freedom. To improve margins, focus on reducing costs, increasing prices, and continuously enhancing your products. It’s also crucial to let go of low-margin products that don’t contribute to your bottom line.
External Funds
Instead of relying on loans or investors, consider alternative funding options like customer financing or crowdfunding. By maintaining ownership and avoiding debt, you can retain control of your business and reduce financial risk.
Start small and grow organically. I began Beardbrand by making 100 bottles of beard oil in my kitchen, proving that modest beginnings can lead to long-term success.
Thinking Long-Term
Shift your mindset from short-term gains to long-term sustainability. Consider building a multi-generational business that you and your descendants can be proud of. This requires profitability, wise decision-making, and a commitment to lasting success.
Self-Investment
Entrepreneurship shouldn’t come at the expense of your health and well-being. Invest in yourself by prioritizing physical fitness, mental health, and personal growth. Remember, you can’t pour from an empty cup.
Setting Priorities
Time is our most valuable asset. Identify your priorities – whether it’s family, health, business, or relationships – and rank them accordingly. For me, family always comes first, followed by my health and mindset. Clear priorities will guide your decisions and keep you focused on what truly matters.