The Top 2 Lessons I've Learned As A Business Owner (So Far)
- Dec 26, 2022
- 5 min read
Written by: Nicole M. Augustine, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Learning how to be a successful business owner is an ever-evolving process. There are always new skills to learn, obstacles to overcome, and mistakes from which to glean wisdom. As the year comes to a close, I realize I have learned a lot! I'm sharing two lessons (so far) that have helped me grow my business and achieve some significant milestones. My disclaimer is that I have no formal business management education. I share these lessons from the school of the lived 'experience.' If you're an entrepreneur, I hope you find these lessons helpful too! Sharing lessons and offering others the gift of vicarious learning is essential.
Lesson One: Create a business, not a job.
I first heard this phrase in the audiobook: Scale: Seven Proven Principles to Grow Your Business and Get Your Life Back by David Finkel and Jeff Hoffman. I immediately recognized that I had created a job, not a business. Like so many social entrepreneurs, I started my business from a place of heart and passion. My business was my side hustle for the first six years of existence (2015-2021). In the summer of 2021, I decided to quit my job and take the leap of faith toward building a business. This decision was not made lightly or without massive amounts of support. I had been the recipient of mindset and business coaching since Fall 2020, and both my coaches were simply waiting for me to leap. So in July 2021, I left the W-2 world and entered the unknown journey of being a business owner. In those first six months of solo operation, I booked as many gigs as possible, and truly I was everywhere! I essentially scaled my side hustle into a full-time job. As I contemplated the authors' words, I knew I had done what so many other entrepreneurs do: I created a job for myself under the umbrella of building a business. The true test of this reality is whether the business stops when you aren't working. I remember reading the following reflection question:
If you lost the ability to work, for how long would your business survive?
The answer was dismal, and I knew something needed to change. I began to take a critical look at what I was doing and what I wasn't doing. I needed to build a company that was not owner reliant, which became my mission for the 2022 calendar year.
To start, I had to take a look at the tasks I was doing daily and identify those that were not directly contributing to my bottom line. This came down to web development, social media management, graphic design, and even email management. These skill sets are invaluable for any business owner, yet should be outsourced whenever possible. This shift in perspective is what led me to the second lesson I learned.
Lesson Two: Outsource as many tasks as possible.
The book that really seeded this lesson was Life Leverage: How to Get More Done in Less Time, Outsource Everything & Create Your Ideal Mobile Lifestyle by Rob Moore. This book really started to change fundamentally how I think about the "need" to do everything myself. I started my business journey as a solo entrepreneur. I worked as a solo entrepreneur running every aspect of my company until June 2021. It was at this time that I quit my job, hired a virtual assistant, and decided to apply Lesson One in my life.
My first experience with outsourcing was initially nerve-wracking. I struggled to 'let go' so my assistant could assist me! I could not imagine trusting someone to manage my business email. What if they missed something important? What if they sent an email with a typo? What if I'm judged for having an assistant? My mind was racing with fear, anxiety, and limitation.
Through my lived experience, I realized that outsourcing was the best decision for my business. As I began to trust and take the leap of faith, I was able to focus on what really matters: creating high-quality products and building the business instead of working in the business all the time! How can you ever create time for strategic thinking if you're responsible for every aspect of business operations? This shift has been revolutionary. I have gone from one virtual team member in July 2021 to a team of nine virtual team members who are foundational to my success. I am because WE are!
Shout out to the RIZE Consultants virtual team. Thank you!
Running a business is a labor love, and the rewards when successful are priceless. I encourage any other entrepreneurs out there to take your own leap of faith. The leap is different for every person, so don't judge your experience by what someone else is doing. Be courageous, and you will be pleasantly surprised by how it turns out. There's a quote I lean on from Wallace D Wattles, "Desire is possibility seeking expression." Your desire to do a particular thing is the only evidence you need for what is possible. Look around you. The world is full of inventions that were merely in someone's imagination. Inventions that were said to be impossible. Inventions that even the inventor's family and friends did not believe were possible. All it takes is a leap of faith and the desire to make something new. Once you take that first step, no one can hold you back.
2021 vs. 2022 Business Net Income Comparison ‒ 411.916% increase
As reported by the P&L report in QuickBooks
Nicole M. Augustine, Executive Contributor Brainz Magazine
Nicole M. Augustine is a social entrepreneur, public health professional, and social justice advocate. She was born in Inglewood, CA, in the early 80s during the decade in America known for the "crack epidemic ." This was her first experience with social injustice, racial inequality, and the roots of trauma that plague many people. Her tale is one of resilience and opportunity, as her grandmother relocated the family to moved Edmond, OK, in the early 90s. After experiencing the stark contrast of both living environments, she became intrigued by the core reasons for differences in community outcomes. Nicole found herself studying sociology and public health and was drawn to understanding the root causes of health disparities. She received her B.A. in Sociology from Cornell University and her Master of Public Health from The George Washington University School of Public Health. Throughout her career in public health, she has focused her work on understanding health disparities and social inequality. Her personal life mission is to drive community and societal change while creating generational shifts in community wellness outcomes.
