The Just Get Started podcast interview with Brian Ondrako was a highly successful discussion exploring how to establishing a business venture while staying committed to your objectives, goals, and purpose. I had the opportunity to share my journey as an entrepreneur, which has been marked by its fair share of moments of uncertainty and near disaster. Despite the challenges and having no business background when I started, I’ve been able to transform these obstacles into growth and success in my business.
My own entrepreneurial journey started when trust in the leadership of my then-employer failed. A new owner came into the company where I had worked for over a decade. I had been leading all of the engineering and product development in the company but the owner's his first order of business was to cut my salary by $20,000. In today’s dollar equivalent this would be over $35,000! The purpose of the salary cut was to show the investors fast results in increasing profitability of the company. I knew then that (1) a job in an established business is no more certain than going into business for yourself (2) that the new owner of the company was not very intelligent in how he conducted his business. This meant that even I could consider starting my own!
Over the years, I’ve advised many aspiring entrepreneurs and new business owners to help them with their early challenges. The motivations for going into business need to be strong and you need to have several. You will need all your motivation as you go through the rigors of building a business. Having your own business has tremendous benefits that can positively impact your professional and personal life. Knowing your motivations and staying focused on them will help you overcome those challenges.
My Motivations for Becoming a Entrepreneur
These motivations helped me stay focused and not give up. I continue to turn to them as I work on growing my new companies and as I continue addressing new challenges head on as president of Micro-Ant LLC.
Independence and Choices:
As an entrepreneur, you gain significant agency over your work-life.
You can set your schedule and make your own decisions about the tradeoff of your time and money.
You are free to pursue solving problems you’re passionate about.
You are free to work with people you like and trust and work with fewer people you don’t like. This even extends to customers.
Lasting Impact, Building Wealth for Yourself and Your Community:
Becoming an entrepreneur helps you to create a legacy and a lasting impact for yourself and your family and your community.
Building a successful business enables you to contribute to economic growth and create new jobs. It's an experience that will allow you to change the lives of your employees, customers and the larger community. You can multiply the impact of your character and values on the community when you’re creating a great work environment and meaningful jobs. The thought that I can create meaningful and caring employment for people has always been an important motivator.
Building a business enables you to build long-term wealth for yourself and your family. Over time you will accumulate IP, recurring revenue, real-estate, processes and talented people that will comprise the value of your enterprise. You might have the opportunity to sell your business or to pass it on in the family.
Building a business will enable you to build life-changing relationships with customers, employees and partners. You will be joining a club of other CEOs: people with passion, dedication, and ideas who will become your friends and mentors.
Brian and I also discussed the four essential elements, known as the 4S Transform, that are vital for individuals just starting or on their entrepreneurial journey. These elements are the character traits and business practices that all businesses need to succeed and grow. The 4S include:
Saleability
Saleability is a personal trait and the ability to maintain solid relationships and build trust with others, whether colleagues, customers, or business partners.
Sensibility
Sensibility refers to being knowledgeable and aware of your business environment's various dynamics and factors. To being open to and continuously soliciting feedback to see if your business is on a good track. Sensibility involves understanding the market for your services and products, devising effective business strategies, and focusing more on the value and benefits you offer to your clients.
I often get questions about sensibility – is it a character trait? A practice? Can common sense be learned?
There are a few practices that are central to having sensibility in your business that I always recommend to new business owners.
First: taking time to research your market by talking to and, most importantly, listening to real potential customers.
Second, develop a business plan outlining your objectives, strategies, and plan to get there. This will force you to have to think critically and to compare the feedback you get as you get going with the plan to see if you need to adjust your approach.
Third: network and surround yourself with like-minded people who share similar aspirations and have embarked on their entrepreneurial journey. You will inevitably run into problems you’ve never experienced before. Being able to call up an entrepreneur friend who might have had a similar experience but who has different approaches and ideas will help you evaluate the situation and solve it.
Sustainability
It's the ability to make the business independent of any one person, including yourself. This means you can go on a vacation and customers will continue to be served and revenue will continue to be generated. To achieve sustainability, you need to develop processes and systems and also hire, train, coach, and delegate to your team.
Scalability
Refers to implementing and designing strategies that allow a business to maintain efficiency, handle increased demand, and maximize potential growth opportunities without sacrificing quality.
I’m grateful for the opportunity to speak with Brian on “Just Get Started” podcast. Entrepreneurs are a powerful economic and political force. They maintain independence and independent thinking. They generate wealth and jobs in their communities. They innovate and disrupt. Brian interviews a variety of entrepreneurs on his podcast about their motivations for starting their businesses, their first steps in getting started. He encourages the next generation of entrepreneurs to take on the challenges and achieve success.
Brian Ondrako is the Podcast Host, Author, Startup and Sales consultant and Dad! The Just Get Started Podcast is all about the "getting started" moments that people have taken to overcome their fear, anxiety, and self-limiting beliefs and get on the road to a more fulfilling life. The lessons, stories, and insights shared in each episode are little morsels of knowledge that might help you get started discovering your own happiness and pointing the compass in a new direction going forward.
Get in Contact with Brian Ondrako
Linked In: https://www.linkedin.com/in/brianondrako/
Contact Page: https://brianondrako.com/contact/
Twitter: https://twitter.com/brianondrako
Instagram: https://www.instagram.com/brianondrako/