Podcast Summary
Delayed gratification: Successful business owners in 2024 practice delayed gratification by putting in hard work without expecting immediate results, pushing through setbacks, and seeking advice when needed.
Being a successful business owner in 2024 goes beyond the aesthetic image of having everything together on the outside. Instead, it requires developing the habit of delayed gratification, which means putting in hard work and not expecting immediate results. This is crucial in today's instant-gratification generation where it's easy to give up when things don't go as planned. Successful business owners understand that setbacks are a normal part of the journey and keep pushing forward. Additionally, they may not have all the answers and seek advice from others when needed. It's important to remember that the external appearance of success doesn't always reflect the internal turmoil and uncertainty that comes with building a business.
Hard work and consistency: Hard work and consistency in creating valuable content can lead to significant opportunities and success in business, even without immediate rewards. Building a personal brand and being known for specific qualities or expertise can attract opportunities and build a loyal following.
Hard work and consistency in putting out valuable content, even without immediate rewards, can lead to significant opportunities and success in business. The speaker shares her personal experience of growing her online community and business through persistence and trust in the process, even when the end goal wasn't clear. She emphasizes the importance of having a personal brand and being known for specific qualities or expertise, which can attract opportunities and build a loyal following. The speaker's grandfather's advice of "hard work never goes to waste" inspires her to keep going, even when progress seems slow. Overall, the message is to stay focused on providing value and building a personal brand, trusting that the hard work will eventually pay off.
Personal branding and authenticity: Building a strong personal brand through authenticity and relatability can lead to long-term loyal customers and followers. However, it's crucial to pivot quickly when something isn't working and maintain the ability to delay gratification for long-term success.
Having a strong personal brand is essential for building long-term loyal customers and followers. When people feel a connection to a brand and its creator, they are more invested in the content and the journey. Representation and relatability play a significant role in this connection. The Kardashians are an excellent example of the power of a personal brand. They built a massive following by being authentic and relatable to their audience. However, as they strayed from their authentic selves, their audience's interest waned. As a business owner, it's crucial to be able to pivot quickly when something isn't working. Hire slowly and fire fast is a saying that can be applied to various aspects of business. If a hire or an idea isn't working out, don't hesitate to make a change to keep your business moving forward. Delayed gratification, a strong personal brand, and the ability to pivot quickly are essential habits for success in business.
Pivoting in Business: Be open to feedback and adapt quickly to changing business environments to stay competitive. Letting go of attachment to past decisions and being willing to innovate can help businesses grow and avoid being perceived as outdated.
Being able to pivot quickly and adapt to changing business environments is crucial for success. This means letting go of attachment to past decisions and being open to feedback, even if it's harsh. It's important to remember that business decisions are separate from personal identity and that taking things personally can hinder growth. Additionally, being innovative and willing to switch things up can help businesses stay relevant and competitive. As the speaker mentioned, failing to pivot can leave a business behind and perceived as outdated. So, being flexible and open to change is a valuable trait for any business owner.
Financial separation, handling criticism: Separate business and personal finances for clarity, and don't let negative feedback derail you; focus on delayed gratification, process, network, and learning from failures for success
Running a business and maintaining a personal life can benefit from financial separation, and it's essential to learn not to take negative feedback too personally. Separating business and personal finances is a wise decision as it allows for a clear distinction between the two. Moreover, it's crucial to remember that harsh criticism should not be inflated or catastrophized. Instead, it's helpful to contextualize the feedback and keep things in perspective. Four habits have contributed significantly to becoming a successful business owner: delayed gratification, focusing on the process, building a strong network, and learning from failures. Delayed gratification, although surprising, is essential, as it's important to remember that success doesn't come overnight. Lastly, if you've enjoyed this episode, share it on social media to help spread the word and inspire others to grow their businesses and invest in their financial future. Remember, Girls That Invest does not offer personalized investing advice, and it's crucial to do thorough research before making any investment decisions.