June
25, 2021
5 min read
Opinions expressed by Entrepreneur contributors are their own.
What fuels an entrepreneur’s drive for business success?
Connecting business success to an entrepreneur’s personal goals provides a sense of purpose to the passion and efforts invested in the business. In addition, it is apparent that making sacrifices, working long hours, being somewhat aggressive, and taking unusual risks will ensure that the entrepreneur’s business is headed in the right direction.
An entrepreneur may ask themselves what life changing goals would align with one’s personal purpose of starting or owning a business. Being an influencer and an individual who is building a small business, I’ve come to the conclusion that when the below pillars expand beyond the framework of a growth mindset to become in sync with one’s business model and strategies, the results will successfully enhance the true trajectory of one’s personal and business objectives.
So what should an entrepreneur expect to accomplish in business while reigning as a leader in their field?
These three pillars should be the anatomy of an entrepreneur’s business, the “why,” the essential focus, and the life roadmap to personal success and stability.
Impact
As an author, speaker and success coach, I know the importance of having a strong effect on others. Influencing others dominates as the common premise and conclusion within the self improvement industry. During my journey into entrepreneurship, my observation is that impacting others does not just rely on the passion and efforts of improving your business quality. Held in an equally higher standard: How are you the perfect fit for the job, and how do you meet the needs of your customers, team, staff, clients, buyers and audiences?
There is one entrepreneur who is not hesitant to confirm the above theory, and she is a force to be reckoned with. Alex Schrecengost, CEO of Virtual With Us, is making a difference in the wine and hospitality industry
Schrecengost has been in the wine industry for 17 years and found a way to hone her skills and pivot her passion during the pandemic. She expanded her brand in order to take the business to the next level. After an in depth interview with Schrecengost, it was obvious that she has not only created live virtual experiences to help the growth of her business, but she is a valuable affiliate with major companies and maintains relationships with sommeliers, retailers and other large Fortune 500 corporations.
She is a business owner who has impacted many by forming partnerships and being a trusted resource. Schrecengost shared with me that she is thriving with this dynamic virtual experience, creating job opportunities, and supporting women interested in growing in the virtual wine and hospitality arena. The common goal of all our business ventures is to manage our products and services to make the ultimate impact — touching the lives of others.
Related: Passion, Freedom and Impact: The 3 Ingredients of Business Success.
Income
Many people would say they feel uncomfortable discussing finances, but let’s talk about it. Money is a necessity in our personal lives, and it definitely plays a significant role in the growth of any business. When speaking with Schrecengost, she was comfortable with the subject and shared that Virtual With Us is a for-profit business, offers a gratuity program, and proceeds are used to pay it forward to the hospitality community.
We know start up funding is critical and a steady cash flow is needed to run operations and finance expenditures. Effective income strategies will accompany the success of a company. When it comes to entrepreneurship, yes, impacting the lives of others is a powerful pillar for establishing your brand name, but as an entrepreneur what do we really want? From my observations, an entrepreneur’s long and short term goals for success are not just to sustain the business, but to garner an abundance of revenue and generate wealth in the process.
Related: Will Entrepreneurship Make You Rich? A Realistic Perspective.
Independence
As entrepreneurs, we rarely take the time to acknowledge and celebrate the business goals that we have achieved. We set out to discover life’s purpose, work for ourselves, build a brand, and make our own hours. Entrepreneurs envisioned doing what no one else has done by creating products and services that become marketable and bring in multiple streams of income beyond measure.
Entrepreneurs daydream about having complete autonomy over the direction the business takes, and they fantasize about having control over time and destiny. You trusted your plans to impact the world around you and open doors for others, and taking that leap of faith by embracing what was just an idea has now formulated into your present reality. This is commendable. This is self-gratifying. This is to be rewarded. Your personal and business endeavors have been met, but most importantly, you have won your independence.
Related: 6 Signs You’re Ready to Declare Your Entrepreneur Independence.
Building a business comes with challenges, certainly. The path to greatness is a different experience for every business owner, but this article is intended to focus on three positive and important pillars of proprietorship. In my opinion, these are the backbone of business, and if done correctly, each pillar could have a domino effect on the other.
Success comes when you keep your business goals in line with your personal goals and resources. No matter what, be sure to keep your mission and vision in mind, and never be afraid to celebrate your wins and be unapologetic about following your dream.
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