Being an entrepreneur is not for the faint of heart. You need to have plenty of vision and tenacity but you also need to incorporate some self-reflection to make sure their business goals are being met. Here are five questions that you can pause and ask yourself as you develop as an entrepreneur.
1. Is Your Income Meeting Your Expectations?
It may seem narrow-minded to stop and assess your income, but it matters for the long term of maintaining your business. Your business may be grossing millions of dollars, but what does gross income mean if you can't pay your personal bills. Limping along financially will only hurt your potential as an entrepreneur.
If your income is not sufficient to cover your living expenses then you won't last long as a business owner. If you stop and take stock of where you are financially you can potentially alter your budget or adjust your business plan to give you more financial flexibility. Continually take the time and reflect on where you are financially and where you want to go. Making sure you are headed in the right direction is the key to successful entrepreneurship.
2. Are You Learning Anything?
As an entrepreneur, you are responsible for your own additional education. You are trying to start something new and exciting so you want to be on the cutting edge of your business market. That means you need to be self-feeding ideas, information, and whatever else is new and on the horizon for your industry.
If you have been complacent and doing the same old things over and over again it is time to learn something new. Take the time to find a mentor, a conference, an online course or training, anything where you can continue learning. Entrepreneurs stay sharp and relevant when they continue to invest in themselves.
3. How Are You Handling Mistakes?
Making mistakes as an entrepreneur should be expected, but how you handle them can be revealing. If you find that you are staying down for the count for too long after a blunder, then maybe you need to change your mindset about mistakes. You are charting new territory as an entrepreneur and business owner, so you need the right mentality to handle the mistakes that most certainly will be made. How you navigate the pitfalls is a great temperature gauge for how you are doing as an entrepreneur.
4. Is Your Company Fulfilling Its Purpose?
Looking at your company's purpose will always be a great gut check for any entrepreneur. The whole reason you started your business is most likely because there was a need for it in your industry. You created it for a specific purpose, so it is only right to make sure it is actually fulfilling its purpose.
Taking the time to reflect and see if you are fulfilling your company's vision will prevent major course corrections in the future. Your purpose or vision is also what is going to fuel your energy as an entrepreneur. If you aren't tapping into that energy you will burn out quickly, so it is critical that you ask yourself this question regularly.
5. Where Is Your Business Headed?
Another important question to ponder is where you are going as a company. You want to always be looking ahead at
your short and long-term goals. If you know the direction you are headed then you will be better at making the right decisions to get you and your business to that destination. It's normal to add in new goals or completely change the next goal for your company, your business will evolve and so will your goals.
Setting aside time to reflect and ask yourself important questions should be a regular part of your schedule as an entrepreneur. Build it into your schedule as often as is helpful for you. Asking yourself these five questions routinely will ensure that you stay focused on growing your company and your business skills.