Here are 20 evergreen and inconvenient business truths for small business owners and entrepreneurs. Doesn’t matter what industry you’re in, they’re still generally true.
- Your business isn’t about you. It’s about your customers’ wants, needs, and problems.
- There’s a fundamental difference between making money online and building a business with an online component.
- Hustling is not a business strategy. At best, it’s how you execute your strategy. At worst, it’s what keeps you from operating strategically.
- If you’re thinking about starting a business, be careful. There are a lot of people who know more about getting your money than you know about keeping it.
- It takes most people at least 18–24 months to build a sustainable business where they have a clear idea of what they’re doing. The outliers to this pattern generally have historical, personal, social, or financial resources that they’re leveraging successfully.
- No matter how much you buy or throw money at a problem, you will make mistakes. You’ll be okay as long as it’s not a mistake of character.
- In the early stages of your business, you need to say Yes to a lot of things. Later, you’ll have to say No to much more. Just because you can doesn’t mean you should.
- If you don’t want to succeed, you probably won’t. Wanting to succeed will get you only so far, though.
- Doing the same thing bigger than you did it last time doesn’t solve the problems of a poorly-designed business model.
- It does get easier AND you’ll still put a lot of hours in.
- If you’re not thinking two steps ahead, you’re a few steps behind.
- No one succeeds all by herself.
- Simple does not equal easy.
- It’s hard to steer the boat and chart your course at the same time. Trying to do so normally botches both.
- How long it’s taking you to build something is less important than whether what you’re building is worth building in the first place.
- Your business should serve people. If people are serving your business, you’ve got it backwards.
- Entrepreneurship isn’t for everyone. It’s okay if it’s not for you – there are more ways to flourish than there are people who flourish.
- If you’re reading this, you’re in an echo chamber. The second you think everybody knows something you know, it’s time to talk to someone you don’t know.
- When a business truth seems counter to a general truth of life, you should reevaluate the source of the business “truth” or the motives that underlie it. Very rarely do they diverge.
- It’s all about people.
Awesome tips Charlie! I am just entering the 18-24 month range of my project, but I didn’t have a clear idea in mind from the get-go, and I still haven’t formulated a complete business model. I know I have a lot of work ahead of me but I am willing to make it happen.
I also can’t agree with you more that business is about people other than our self. If we can’t get into their world, and understand their needs, then we will always be shooting arrows in the dark.
Great post Charlie. I think the first one is the one people trip over a lot. I’d love to see you expand on the idea in #14. 🙂
Thanks for all you do.
Trust me, I will. Almost every item in this post will be expanded on in due time.
Charlie- badabing-badaboom. Dead on.
Word. What Mark said.
Thanks, brother. I have some good teachers and friends. :p
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Bang on.
5. is particularly resonant. I see so many people who want to give up after 12 months because they’re not “there” yet.
As someone coming up to the 22 month mark of running my own business I found myself agreeing with everything written above. A very health list that all new start up wannabees should read prior to embarking!
Well written..and I even liked the graphic!
Regards
Stephen
I started reading the list and going, My Favorite Is No. 3, No. 4, No. 5… and then I realized I felt that way about all of them. Excellent, wall-worthy insights!
Where was this list when I started my business almost 10 years ago!? Such a great resource for newbies, plus a good reminder for lil’ ol’ moi 🙂
Ditto on it taking 2-3 years until you know what the heck you’re doing. When I started a business I think I changed my original idea maybe 5-6 times… I was just literally winging it.
Rock on. You could write a whole post about each one of these.
Comprehensive sage advise that doesn’t pull punches! Along the lines of Sparky Firepants – I think this should be a course.
You’ve seriously got me thinking about this, Natalie. I’ll be mulling over the format, but if you have any preferences, make sure to let me know.
Done!
Thanks Charlie!
They’re all insanely insightful, but this one is so close to home for me right now.:
“It’s hard to steer the boat and chart your course at the same time. Trying to do so normally botches both.”
Yeah. I’ve read that one over and over. It makes my heart skip a beat every time. Thanks again!
Thank you, Charlie! It helps to have these reminders — to know that I’m still on the path (even if the path is currently going rather steeply uphill)!
It’s amazing how many of these I needed to read. I always come up with 100 good ideas that are simple, but not easy. After a few years of building my business I’ve learned a lot.
Now whenever I think something will be easy I know 99.9% of the time it will not easy. Just knowing this has helped me overcome a lot of fear and do some great work.
I’ll paraphrase Master Lao here: if we handle the easy as if it were difficult, we’ll never encounter unsurmountable difficulties.
Think about it.
# If you’re thinking about starting a business, be careful. There are a lot people who know more about getting your money than you know about keeping it.— So fracken true. Well said Charlie. 🙂
Love #15….
Especially in the online world of business development, many think that next week they will rank in the Top 10 of alexa ranking and start rolling in the dough.
Patience is a virtue few accept. If people can be patient while accepting #5 and #10, then they will actually succeed.
Great list….
David Damron
LifeExcursion
Good post, Charlie, as usual. You know what, buddy? You never cease to amaze me. No doubt about it. Thanks.
However, I would challenge the notion bandied about oftentimes in business circles and among management gurus that “the customer is always right.”
Say it ain’t so, Charlie, puh-lease…
To quote Johnny B. Truant, what if you are presented with a “badass” customer who wants to take advantage of you?
And there are customers like that out there in the business world.
Hopefully, they will be in a minority.
However, it’s a lesson worth learning.
Sometimes, the business owner can be “right” too. Sometimes, great ideas can also come from the front-line workers on the factory or shop floor you never pay any attention to at all.
Hence, the importance of keeping a “suggestion box” and staying open to the flow of ideas.
Remember, if you are a business owner, ideas can come from anywhere. Nobody holds a monopoly over the truth except for the good Lord.
Cheers.
I don’t think the customer or crowd is always right. We have to determine what we will and won’t do in our businesses, and when customers have a different vision, that’s fine. They can be right about their vision, but their vision isn’t the vision of the business.
#11 If you’re not thinking two steps ahead, you’re a few steps behind.
#12 No one succeeds all by herself.
Reflects why I have only succeeded when I have had the help and support from those several steps ahead of me.
A provoking and yet comforting list, thanks Charlie.
Ahhh, yes. Breath of fresh air to call it like it is. 😉
My two favorites as of this morning:
#16 Your business should serve people. If people are serving your business, you’ve got it backwards.
#17 Entrepreneurship and business-owning isn’t for everyone. It’s okay if it’s not for you – there are more ways to flourish than there are people to flourish.
Love how you serve your community, Charlie.
– Sinclair
Thank you, Sinclair. And I appreciate how you’ve helped me see what my community wants from me.
Head a-nodding like a bobble doll.
This simple, powerful post meets readers where they are and gives them more space to breathe and see the truth of their situation..making the next step more clear.
Well done, Mr. Gilkey 😉
Thanks, Doc. I didn’t foresee that so many people needed to read this list, but I’m glad they are.
Boy, I really f**ked myself on this one once – “Doing the same thing bigger than you did it last time doesn’t solve the problems of a poorly-designed business model.” Maybe it’s time to forgive myself for that.
Thanks Charlie! In the words of Jonathan Fields – ‘you totally rock’.
I will add the best thing anyone ever told me: a good idea means squat if you can’t actually make it true.
So it’s a mix of good ideas and working your ass off to build them.
this one is great… “There are a lot people who know more about getting your money than you know about keeping it.”
This one makes me feel a little better…
“How long it’s taking you to build something is less important than whether what you’re building is worth building in the first place.”
– thanks 🙂
This is the one that’s sticking in my head though, had to come back to catch it again… “It takes most people at least 18 – 24 months to build a sustainable business where they have a clear idea of what they’re doing. The outliers to this pattern generally have historical, personal, social, or financial resources that they’re leveraging successfully.”
Holy moly! I appreciate all the love and feedback on this post. To think, I almost canned it.
LOL… isn’t it funny how the ones we think aren’t the greatest, everyone else thinks is the schiznel? 🙂
AGREED!
Charlie –
This is really great. I loved it and so many of these hugely resonated with me, or allowed me to breathe a huge sigh of relief.
Have you thought about writing full posts doing a deep dive on some of these? I’m curious to learn more about your thinking and experiences behind each one.
Bravo!
Tara
This has totally been my experience … “It takes most people at least 18 – 24 months to build a sustainable business where they have a clear idea of what they’re doing.”
It really does take that long for your business to figure out what it’s all about – it’s the reason that business plans are only ever a starting point and never the reality
[…] 20 Inconvenient Business Truths — The most important one? “It’s all about people.” Productive Flourishing […]
Wow, these are great tips! A few of them I could relate to.
For instance, I especially relate to when you say, “It takes most people at least 18 – 24 months to build a sustainable business where they have a clear idea of what they’re doing.”
I’ve had a few businesses up and running for a little over a year now. However, I was also all over the place and didn’t really know what I truly wanted with my business or where I wanted it to take me.
After speaking to another entrepreneur about my worries, she helped direct me to the right path and now I have a clearer view of what the heck I’m doing. I also have a detailed outline of how I’m going to make my businesses a success and which industries I’m truly passionate about.
18 – 24 months sounds just about right. It’s also comforting to know that I’m not the only entrepreneur who started off on the wrong foot, or, rather, flopped about before she could swim.
Christina
[…] post was inspired by Charlie Gilkey’s recent (genius) post 20 Inconvenient Business Truths. I read it and realized that, in career coaching, I share inconvenient truths with my clients on a […]
[…] Success in your new business can take a lot longer than you think. Most people wouldn’t spend 18-24 months interviewing for a job, but on average, that’s how long it takes to build a sustainable business (see point #5 in this article). […]
I see my shortcomings on a lot of these, especially #9. Maybe that’s why my income isn’t growing.
Amazing post Charlie! Number #4 made me think a lot about how opportunists in the corner of your house are waiting just take your money telling you how become rich overnight. I friend had a bad experience because of this.
Number #1 is the absolute truth for any business. It is always about our customers.
This is a no nonsense straight to the point post about business. My personal favourite was the second to the last one:
“When a business truth seems counter to a general truth of life, you should reevaluate the source of the “truth” or the motives that underlie it. Very rarely do they diverge.”
Thanks for sharing!
There was no more important book to me that provided me with essential inconvenient business truths than Dan Kennedy’s “No BS Business Success Book”.
It’s and OUTSTANDING overview I recommend to anyone who’s new to the game. I even recommend it to people who’ve been around the block a few times because they may still be beating their head against the brick wall not learning one of the lessons Dan points out.
Thanks for reminding me of the crucial importance of accurate based thinking!
Thanks for the book rec! I’ll have to check it out.
[…] that both limit decision fatigue and set the conditions for successful business growth. And while simple‰ easy, ask yourself whether you’d rather be fatigued by the effort of solving the problem or […]
[…] it can take 18 – 24 months for you to figure out what business you’re actually in and maybe another two or so years to really start rocking that business. Meantime, you’re […]
[…] 20 Inconvenient Business Truths […]
I know that this is an old post…but it’s still relevant today. I am sharing on my Facebook wall. Thanks for this!
Awesome list! I just had to drop in and say I really appreciate #12:
12. No one succeeds all by *herself*.
🙂 🙂