There is this little fairytale about being your own boss.
The gold pot at the end of the rainbow is a sweet promise.
Who doesn’t want to reach the freedom of enslavement from the grab of an uninspiring job? Moreover, get all the deserving time and financial benefits, at last?
Two-thirds of people in their 20s want to.
But is it so easy to run a freedom business and achieve the free time to do everything you want at little to no cost?
It seems so — no.
Otherwise, 50-90 % of entrepreneurs would not be the number of small business owners who never achieve entrepreneur freedom.
Some of the most effective ways to accomplish freedom of business are unexpected.
They have nothing to do with what you do, but more with who you are.
Listen to this week’s #AskTheCEO episode and find out what entrepreneurial freedom means, what are the costs, and why most entrepreneurs are never getting there.
How to Reinvent Entrepreneurial Freedom
What does it mean to have all the freedom to do a business to your liking? Here are some ideas:
1. Work on your responsibility.
More freedom of choice on how you spend your time automatically assumes more responsibility. Be honest with yourself and others. Know what you want, don’t overcommit, and value your time. Strong communication skills and an ability to set firm boundaries will also help you become more personally accountable and develop entrepreneur freedom,
2. Learn how to make good decisions.
Your business goals and values should be your guidance. Goals are targets you need to achieve within a certain time. Values are what is deserving and worthy, your principles in business and life. Goals and values combined bring good decisions. Manage your emotions and consider the opposite of your choice to counterbalance.
3. Become comfortable with rejection.
Accepting rejection is a crucial element of business freedom. Failure, too. Retain your passion and confidence under pressure. It is not all over when rejection happens. An easy way to handle rejection is to prepare yourself for it. Practice hearing “no” when submitting business proposals. Ask for that extra value from service providers.
And as always, have a backup plan: diversify your resources.
4. Don’t self-sabotage yourself.
Self-sabotage is simply negative talk powered by a lack of self-esteem. Accept self-sabotage as normal behavior but also consider that you need to correct it to gain entrepreneurial freedom. Fear of failure and anxiety about reaching your goals can negatively impact your mental health and overall decrease the freedom and wellbeing that comes from running your own business.
5. Build daily habits.
Break your most important business goals into smaller ones, and then create daily goals out of those. Once you build a daily structure into your routine, track your progress and reward yourself for successes.
6. Develop positive selflessness.
Entrepreneurship is about inventing new ideas to create extra value. So, prepare to be selfless, and go at least a few steps further than everyone else. In terms of achieving freedom, positive selflessness is a lot like positive selfishness: taking time and space for yourself to take care of your business first so that you can add that extra value and be selfless as a consequence.
7. Practice mastery.
No one is born with superb skills. Every natural talent must practice consistently to hone skills. So, whatever business you are building, overnight success is rare. Start small, and incorporate lessons as you go. Prepare to make many business mistakes and get better as you go along.
8. Surround yourself with educated people.
Educated people can come from any sphere. You need school skills but above all life skills, and these are not taught in schools or they are taught late. Find the experts, listen to how they did it, and learn consistently.
9. Become confident about your product.
You have to know what is the fundamental value of your business and believe in it. You also must demonstrate the value of your business in the right way. Focus on the product or service strengths and build upon them. Most importantly, be prepared to grow relationships with your ideal clients.
10. Ingrain new subconscious patterns.
Self-limiting beliefs, self-sabotage, and money beliefs are three examples of subconscious patterns that may create obstacles on your path to freedom to do business as you want it. Visualization, coaching, escaping the comfort zone by practicing to ask for what you want, retraining with alpha waves and binaural beats, working with a therapist are several ways to eliminate ways that don’t serve you well to achieve entrepreneur’s freedom.
11. Use the neurochemicals.
The neurochemicals of happiness as beacons to whether you are on the right track. You don’t have to become obsessed about using all seven of them to your advantage.
- Dopamine is the reward molecule.
- Serotonin is the confidence molecule.
- Oxytocin is the bonding molecule.
- Endorphin is the pain killer.
- Adrenaline is the passion and energy molecule.
Ensuring you have a good balance supply of dopamine, serotonin endorphin, adrenaline, and oxytocin most of the time will provide you with the personal resources to excel in the leadership position.
12. Grow an opportunity mindset.
Opportunity-mindset or opportunity-seeking mindset is an intentional, optimistic, and action-oriented life approach. In a nutshell, it is the “glass-half-full” scenario. It is seeing opportunities instead of problems. Focus on finding, embracing, and seizing opportunities by being proactive and creating them.
13. Adopt coping skills.
Coping skills are essential life skills. But when running a business, coping skills quickly translate into numbers such as revenue, expenses, sales, and losses. Coping skills include handling stressful situations with persistence and flexibility until you solve them.
Blind hope and trust are not good coping skills. You need to have structure and processes set in place to be confident you are achieving entrepreneurial freedom.
14. Have a stakeholder contingency plan.
Your clients, employees, and business partners are your stakeholders. Just as your stakeholders have something to gain or lose by participating in your projects so, do you. Since your entrepreneur freedom largely depends on how successful you will be in dealing with unforeseen circumstances, always have a backup plan for losing clients, employees, and service providers.
15. Don’t rest on your laurels.
In the end, being an entrepreneur is not a 9 to 5 job. You can create a 14-hour workday and never live the dream life of freedom you have imagined. Or you can shape a 2 to 3-hour workday by implementing a smart strategy, time-saving project workflows, and automating repetitive tasks.
Find a way to see what activities generate the most profit and are least time-consuming. Eliminate the time-wasters and profit-eaters. Reinvent your entrepreneur freedom now!