Motivation for First Time Entrepreneurs

By QuickBooks UK

3 min read

Whether a business succeeds or fails depends on a number of factors which vary between industries. But one thing that is important to owners of all SME’s in whichever industry they may be in, is motivation. If your heart isn’t in it and your passion is not driving you to put all of your energy and skills into the success of your business, then it doesn’t stand much of a chance. In business, as in other areas of life, failure is imminent when you acquiesce defeat.

So how can you keep that inner fire burning which will inspire you and your employees to do their very best? We’ve compiled these helpful tips for first time entrepreneurs to stay motivated.

Look for Inspiration

If you find it difficult to stay motivated and negativity is always knocking on your door, then you need to surround yourself with inspiring people. These can come in all shapes and sizes; they may be your employees, a business partner, personal friends, or authors, athletes and exceptional individuals you admire from afar. If you have identified someone whose conduct and achievements inspire you and bring out your best qualities, then keep that inspiration close. Conversely, you should avoid the opposite kind of people; those who sap your energy and leave you demotivated.

Set Goals

Every business needs a clear mission statement, with realistic but ambitious goals. These should be written down and referred to frequently, putting all decisions into context and motivating you to meet the targets. Whether the goals concern partnerships, online communities or financial targets, they should all be based on measurable data so that you can conclusively determine when you are succeeding.
All of the small goals should be part of a larger strategy and you must always keep the bigger picture in mind. That being said, it is easier to stay motivated if you take things step by step.

Reward Yourself

The human brain can be trained most effectively with incentives based on punishment and reward. If you are achieving your goals, then don’t forget to reward yourself. Whether this is with some time off or just a celebratory meal with colleagues, the point is that the reward will help to motivate you to keep on succeeding in future. When you don’t distinguish success with rewards, then failures can seem more prominent and an insidious, negative mindset can creep in. Learning to love winning is a big part of staying motivated.

Use Apps for Help

There’s an app for almost everything these days, and plenty of them can help a first time entrepreneur. Wonderful Day (http://www.wonderfuldayapp.com/) is a calendar app which lets you track the days on which your targets are met so you can easily see how you are progressing over time. Make Me (http://www.make.me/) allows you to collaborate with friends or colleagues on projects and motivate each other to progress and achieve more. The app itself motivates you with a combination of social pressure (from project collaborators) and fun app features such as “photo consequences” for failing to engage or meet targets.

PMA

Maintaining a Positive Mental Attitude (PMA) depends on self-discipline and an ability to see the bigger picture. All of the aforementioned tips can help first time entrepreneurs to maintain a PMA but sometimes you just need a simple reminder. Remind yourself why you do what you do by keeping a visual stimulus on your desk or somewhere else prominent so you won’t forget. You should also develop a psychologically motivating mantra to help you overcome stressful situations. When faced with a problem, ask yourself, “Can I fix it?” If you can, then fix it! If you can’t, then move on and don’t waste any more time on it.

QuickBooks work with hundreds of first time entrepreneurs so we understand how difficult it can be for them. Our finance management software makes the challenge of running a small business that bit easier. It not only helps you deal with accounting, but also includes organisational tools, to help you meet targets and stay motivated.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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