Key To Success: Mind Your Business
They don’t want you minding your business.
But that’s exactly what we are going to do, MIND OUR BUSINESSES.
It’s similar to what our parents always told us but it doesn’t mean that you the entrepreneur should be oblivious to the world and what’s going on around you.
What I mean by MINDING YOUR OWN BUSINESS is that you should FOCUS on your business. Focus on the experiments, the growth, the distribution and the overall products. The things that actually separate you from other businesses or from people that say, “I want to run a business like yours one day!”
They say building a business is like running a marathon not a sprint, so you must be productive. You can’t do that spending time watching everyone else build, take some of the tips below and MIND YOUR OWN BUSINESS.
How do you stay away from wasting time on working on things that you shouldn’t be working on?
You measure, you start setting metrics to gauge the effectiveness of your hustle.
I always wanted to work more on my own personal site, but never took the time to do so since I was running ThePhatStartup.com. Getting back into the habit of writing wasn’t easy at first but I knew how to measure myself.
My one metric wasn’t visits, shares or even if my site was the most appealing; it was how much content I created. Was I writing everyday for myself or was I doing it for others? My goal was to write something everyday no matter how long or short it would be. The topic didn’t matter either, as long as I wrote I was good.
By setting a clear goal and then measuring the output I am able to stay focused. Some days I even fail, but it happens less now because I’m measuring what I do. I don’t like playing or lying to myself.
Identify that one metric that can make a difference right now and focus on it. Once you start getting your groove add another one, then another one. The point is to measure what you work on so you don’t waste time on things that don’t add value.
Forget About The Vanity Stuff AKA Likes, Retweets, And People Sliding In Your DMs
With social media really shaping the way we communicate, it’s very easy to get caught up with it. The constant scrolling and consuming of the content online needs to stop if you want success.
It is very easy to get distracted with how many followers or likes you have but it’s even easier to get distracted with what the rest of the world is doing. Those likes won’t get your product built, maintained or help it grow. Your ego might get a boost, but when no one buys your SHIT, it won’t matter anymore.
Use instagram as an example, most people will choose to pick only the best looking moments to showcase to the world. You are basically watching a stream of the user’s highlight reel. Their espn top 10 plays of the week.
After hours, maybe days of consuming these highlight reels you might be inclined to do the same, but who is going to build your business while you play online? While you’re chasing likes, followers and retweets your competition is using social for what it is; a MARKETING CHANNEL!
Until all those things convert to cash, drop the vanity, and focus on the product!
Attractive Distractions AKA Low Hanging Fruit
This one right here! Let me be the 1st to admit that this has happened to me often, way more than I would like to admit.
It’s very easy to focus on things that don’t directly influence your main product, especially when would be customers suggest them to you.
Sometimes it happens because you need money fast but most of the time it happens because we think we can do it all without sacrificing quality or productivity. Low hanging fruit looks good because it’s easy but you are robbing time from your main product.
Focus on what makes your product the best. Think about snapchat, whose main purpose was to send messages that disappeared forever. They didn’t add 1000 other easy to code features in the beginging and continue to win.
You might even lose some customers by not adding a new feature but that’s better than losing your mind and time. Make sure the work you prioritize is the work that actually helps add value to your business, not take you way from it.
Focus On Your Customers, Not Your Competition
I coach my son’s 4th grade basketball team, and preach to them that defense wins championships. As much as this is true, that same team can’t win unless they outscore their competition.
In business we have to take the opposite approach and focus on our offense since it makes us stand out. Now that doesn’t mean we should be oblivious to our competition though, but that also doesn’t mean watching your competition all day every day.
The best offense in my opinion is a dope product, that continues to get better via your constant efforts. Instead of watching what others do, focus on what you do. Focus on refining your product but most of all focus on your costumers.
Don’t play defense to stop your competitors or copy their style, use it to learn. Learn from what they do right, and what they do wrong and then make up your own offensive strategy from what you learned. Remember that while you are wasting time watching their moves, they are busy at work testing a new tactic. Don’t play catch up!
Your customer’s feedback will make your product better, focusing on your competition won’t!
Stay FOCUSED ON The Prize!
Everything I wrote above can pay huge dividends for you and your business! However; none of it matters if you don’t FOCUS!
It is very easy to lose sight of the prize when the world is moving a million miles a minute especially in the startup world.
Focus on WHY you started YOUR company. Why was it needed in this world and why are you the right person to make it happen. If it doesn’t fit into your WHY, then drop it. That goes for negativity, sometimes friends and things that don’t add value to who you are trying to be or create.
The power of being focused is grossly under estimated until everything you worked hard for crumbles. Ask yourself every day, for every task, will this lead to something better for me or my business. Keep it real with yourself; if it takes away from your high level of focus drop it! Then go stand in front of the mirror and thank yourself. You just did what many people won’t, hence giving you an edge.
Entrepreneurship is hard; don’t make it harder by watching others hustle while you wait. Mind Your Business!
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