10 Keys to Making Sure Your Business is Not Just a Hobby

Posted by Ann Evanston in Business on July 20, 2009 | View Comments

I truly believe that success is a process, not an event.

I recently had a conversation with a very successful Meetup Organizer for a entrepreneurial group. We were discussing business goals, his success and converting it to money. Interestingly, he admitted to me that in 3 years running the group the majority of his members are no further in the their business than they were back then!

What makes the difference? What processes are important?

Honestly? And this may be hard to hear, but some ‘entrepreneurs’ are just employees with great ideas who started a hobby not a business.

To truly be a successful business, one must:

Have a business mindset
Truly know the value of their product
Have strategies that they are focused on to implement
Self-disciplined enough to hustle
Understand income, revenue and profit & loss
Have a clear brand that shows who you are
Be creative, flexible and willing to take risks
Understand that marketing is important to growth
Not be afraid of sales

10. Know that to make money you must be willing to put some money out

Where are you with these success factors? Which do you need to work on to take your business to the next level?

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SusanMazza

A great list Ann. I read the E-Myth some time ago and they draw the distinction between working on your business and working in your business. For me that captures the essence of difference between someone with an employee mindset who is trying to start a business and a true entrepreneur. Everything on your list has to do with working "on" your business in some respect.
Ann Evanston

Susan I am a HUGE fan of the e-Myth! LOVE that you brought it up, as a matter of fact Joshua and I talked about it on my radio show Monday - do take a listen on my home page!
Jeffrey Tang

In my opinion, the two things that hold most entrepreneurs back are:

1. A lack of self-discipline (#4) - it's really easy to get excited about a great business idea initially, but if you don't have the discipline to follow through with hard work every single day, you'll never see real success.

2. Reluctance to "take the leap" (#s 7, 8, 9, and 10) - It's one thing to say that you're launching a new business, but it's quite another to actually invest something worthwhile in the success of your business, whether that something is your time, money, or reputation.

Thanks for the post; gives me some things to think about.
Ann Evanston

Thank you Jeffrey! Investment is such an important word - different from spend and it can be time, money, resources and more!
Jeffrey Tang

As promised, my take on the difficulty of "taking the leap." See what you think! http://beyondfreelancing.com/2009/08/taking-the-leap-with-your-business-whats-holding-you-back/
Kim Randall

Great post. The only thing I would add to your list is to be unique. Being unique causes you and your brand to standout which in return sets you apart from the competition.
Ann Evanston

Absolutely Kim! Check out the link on #6 - even explains how to get started in a unique brand! Ann