Lessons Learned in my Second Decade

The first 10 years of running my business in all transparency was chiefly about driving enough revenue to pay myself consistently and predictably.  I was trying to “do it all
– raise a family, have a good marriage and figure out all of the HOW’s of being an entrepreneur.

How to sell. How to grow a business. How to determine what would sell and who would buy what I was selling. Educating myself on the “business of business”. 😊

As I learned and applied (and sometimes failed) the second decade became more strategic.  I took time to reflect and talk with clients, peers and potential clients, considered and weighed my own capabilities and competencies and figured out how they intersected with what the market needed – and was willing to pay for. In other words, what were the right offerings and services that would ensure I had reliable and predictable revenue. And the Lessons I learned were very different.

 

💡 Lesson 11: Figure out what offering will give you some form of “recurring” income.

When I made the decision to not go back “inside” and stay in the game of consulting, I knew that I needed a reliable stream of money coming in that I could count on. I don’t do well with ambiguity and uncertainty – the biggest challenge of “consulting”.  That was one of the biggest drivers for starting a CEO Roundtable. First, it was a very good use of my skill set. Second, the average length of time someone stays in a group is about 7 years. That model gave me a foundation for steady revenue.

My initial goal was just being able to count on a paycheck.  I realized, however, as I practiced and started running groups, I had a lot of core competencies around community building and connecting people that I could leverage to make a better offering and differentiate in a very crowded market. Lesson from that? Have some type of recurring revenue – or close to recurring revenue as you can in your business model.

 

💡 Lesson 12: Choose your Industry and Growth Strategy Wisely.

Consulting in any form is an incredibly challenging business to scale. It certainly helps if you have an offering or are providing a service that people NEED and is NECESSARY but it’s still hard work.  I very much wanted to have an impact on the entrepreneurial community and thought that if I grew the business initially through licensing and then by leveraging subcontractors, I could grow. But I lacked a true understanding of “scaleability”.  I also lacked advisors who understood my industry and the competitive pressures in the region. If you want to grow, choose your industry and focus wisely.

 

💡 Lesson 13: Advisors are Human Too. Seek Perspective but Think Critically – Always.

It wasn’t until 7 or 8 years after launching CEO Think Tank® that a business colleague shared with me a “brutal reality”: consulting is one of the most challenging business models to scale. It was the insight I needed—yet hadn’t heard from any of the advisors I’d leaned on early in my journey.

Advisors can be valuable, but they’re also human. They bring experience, but they also bring bias, blind spots, and limitations. Whether or not I would have listened earlier is debatable—but the experience taught me to curate my counsel carefully. Build your circle of advisors thoughtfully. Ask hard questions. And always retain your own discernment.

 

So I’m wondering, what lessons have you learned in your own entrepreneurial journey?

 

Tags: Enlightened Leaders, Entrepreneurial Excellence, Leadership Development for Small Business, Leadership Development in New Jersey