One of the Secret Ingredients to Entrepreneurial Success

Matt Uncategorized

There are a ton of books and free advice out there that will help you start and supposedly run a successful business.  Don’t get me wrong, a lot of this information is great and can get you started off on the right foot.  However, the problem with these books and advice is they make it sound like starting a business venture is pretty easy.  Some of them have a preface or a chapter on the realities of starting a business, but then they quickly skip on to other things.

If these books were being real with you, they would have an entire section on the biggest secret to success: Accountability.  A lot of people and business owners complain about their customers, employees, vendors, and anything else that they view as standing in the way of their success.  Many of these people are put off by the fact that success is not instant.  What gets you through these periods and brings you up from the lows is being accountable to yourself.  Most of the problems you encounter you know the answers to, however, statistics show that 75% of entrepreneurs don’t solve their problems and go out of business.

Don’t get me wrong, you should not feel bad for being discouraged.  But know that discouragement in entrepreneurship is common.  The media likes to concentrate on companies that were an overnight success, but the fact is those are by far the exception rather than the rule.  A quasi-competitor to us, Sky Zone, took years to build and perfect their business.  The owner had to finally get in, roll up their sleeves, and run their sole location for a number of years.  During this time, they completely changed their business model.  Now, Sky Zone is a great company with a lot going for it, but it took time and working through a lot of situations to get there.

Creating a business will take a lot of hard work, time, and accountability.  When you fail in your business (and you will), its up to you to remedy the situation.  When you need to answer emails, take control of marketing, or re-train your employees its going to be up to you to do it.  At that point, you can spend the time and be accountable to yourself and those who have invested in you or you can not do it.  You need to learn to hold yourself accountable.

In the franchising world, there is probably more accountability problems then normal.  The franchising industry has done a poor job portraying in some situations what a franchise actually is.  Franchising is not a job, it is a business that takes a real entrepreneur to succeed.  A franchisor gives you support and methods that have been successful, however, the execution is up to the franchisee.  While a franchisor helps you with a certain percentage of your business, the overall success of a business is completely up to the franchisee.

One trick to holding yourself accountable is through goal setting.  There is a bunch of information on goal setting and how to do it in a way that will work for you.  The great thing about accomplishing goals is that you grow self-esteem.  Once you have higher self-esteem, you will be able to overcome more and hold yourself even more accountable.

As you start your entrepreneurial journey or even as you are in the middle of it, think of how you will hold yourself accountable.  What things will you do to make sure that when times get tough, you are able to endure and come out ahead?

Also, take a look at our article on how to be mentally prepared to own your own business.  You can find it here: http://monkeybiznessfranchising.com/2018/07/owning-your-own-business-being-mentally-prepared/