Post a new topic
    1 Reply Latest reply on Aug 3, 2009 5:05 PM by colin104

    Entrepreneur's Survival Question

    AustinLivin Wayfarer
      I met a friend of mine who's been a solopreneur for 7 years now at the grocery store this morning. I hadn't seen him in going on three years. I asked him how business was going. He is an independent sales representative for a medical transcription service called On-Time Transcription (http://ottc.biz). Given the current state of the economy, I expected some gloomy news or at least a note of concern. Quite the opposite! He smiled and said business was booming and he was getting referrals all the time from his customers.

      He said it business hadn't always been so rosey. Again, I expected stories of how hard it was for the first 2-3 years at which point things began to turn around. He surprised me by saying that it was at year 5 when he almost contemplated going back to work "for the Man," as he termed it. Frankly, I was pretty astonished. He mentioned that he had about 3 rocky months at which point he received a sort of life-line in the form of some future commission advances. This leap of faith from one of his customers proved to be the difference. Within the next few months, he saw a rapid increase in business that hasn't shown any sign of slowing.

      Surviving 7 years means he made into an elite group of entrepreneurs; only 5% of business start-ups ever survive that long. He credits his success to his Marine training and the Corps' famous mantra about staying focused on the "Mission."

      I think he's absolutely right. By staying focused on the "Mission," giving up is not an option. It also ensures that business and life decision are made in the context of making the "Mission" a success. That's not to say you won't take a wrong turn every now and then, but a consistent review of progress against your "Mission" (or goals, or business plan, or whatever you call it) means you will never deviate for long.

      So what about it, Solopreneurs? How many of you faced a crisis like my friend did? At what point during your evolution as a business owner did you face a similar situation? What helped you overcome it? Perhaps you haven't faced one so challenging yet, so what are you doing now to prepare for the coming storm that will challenge your commitment, sanity and dreams?