Learn key strategies for entrepreneurial success: embracing failure, overcoming money fears, focusing on joy for productivity, and innovating for growth.
In the fast-paced world of entrepreneurship, success is often seen as the culmination of hard work, discipline, and perseverance. However, for many entrepreneurs, the journey is much more nuanced. During a recent episode of the Boostly podcast, business coach Robin Waite shared valuable insights on embracing failure, the importance of joy over discipline for productivity, and innovative strategies for hospitality entrepreneurs looking to grow their businesses.
Mark Simpson is a globally recognised authority in the hospitality industry, renowned for equipping hosts with the essential tools, strategies, and training needed to elevate their direct bookings and maximise profits. With his practical, results-driven approach, Mark ensures that his advice can be implemented immediately, empowering hospitality professionals to take control of their businesses and see measurable improvements.
One of the most powerful lessons Robin shared was about the concept of "failing fast" and "failing forward." Too many entrepreneurs fall into the trap of overthinking and holding back on their ideas, afraid of failure. According to Robin, this fear is a significant barrier to success. He encourages business owners to get started as soon as possible, even if it means launching with an imperfect product or service.
Robin emphasised the value of a "minimum viable version" of an idea. For example, instead of spending months perfecting a business plan or developing a product, entrepreneurs should aim to test their idea within 48 hours. Whether it’s a new service offering or a change in business model, testing early will give valuable feedback without the risk of wasting months or years on something that might not work.
He also provided an example of how this strategy could work for a hospitality business owner. If you’re thinking of adding a new service, like cleaning, to your offering, don’t wait until you have a whole new cleaning business in place. Instead, start by cleaning the properties yourself for a few weeks to see if the model works and if it’s something that can generate profit. This hands-on approach not only allows you to understand the intricacies of the process but also helps you build the knowledge necessary to scale the service later.
A key topic in the conversation was the fear many entrepreneurs face, particularly around pricing and money. Robin shared a powerful example from his coaching experience with Russ, a golf pro who struggled with raising his prices.
Russ, like many entrepreneurs, had a deep-rooted "scarcity mindset" instilled by his upbringing. He had learned from an early age that money was always in short supply, which led him to undervalue his own services. For years, he worked long hours with multiple clients, exhausted but afraid to charge more because of his fear of rejection.
Robin explained that this fear is common in many entrepreneurs, and it’s deeply tied to how we perceive rejection. Raising prices, asking for more, and putting a value on your work can feel like a personal rejection when clients say no. Robin’s advice was clear: rejection of your price is not a rejection of you as a person. Instead, it’s a sign that your offering might not align with the potential client’s needs or mindset.
Overcoming these money stories can be a game-changer for entrepreneurs. By working through these fears, Russ was able to raise his prices, freeing up more time for his family and increasing his overall business profitability.
When it comes to productivity, Robin shared an insightful perspective: joy is a far more powerful motivator than discipline alone. While many entrepreneurs strive for the kind of extreme discipline seen in figures like David Goggins, Robin argued that most people lean toward comfort rather than discomfort.
Robin shared a personal story from his experience as a cyclist. When he first started cycling, it felt incredibly difficult, and he often wondered why he was pushing himself so hard. However, with practice, cycling became more enjoyable. As he grew fitter, he began to appreciate the scenery and the freedom of cycling, moving faster without the same struggle. This shift from discipline to enjoyment was the key to his long-term success in the sport.
This lesson applies to business as well. Entrepreneurs often try to juggle too many tasks, leaving them feeling drained and overburdened. By focusing on fewer activities and mastering them, rather than constantly dipping into the "discipline reserves," entrepreneurs can find greater joy and efficiency in their work. As Robin put it, "When I focus on the things I enjoy, it becomes easier, and I can do them better."
Robin also spoke about the danger of taking on too much. Many entrepreneurs suffer from the “shiny object syndrome,” constantly jumping from one idea to the next. This approach depletes their energy reserves, forcing them to rely more on discipline than joy. By saying no to less important tasks and focusing on what truly matters, business owners can preserve their energy and grow their businesses more sustainably.
As the conversation turned to hospitality, Robin was asked about strategies for entrepreneurs in this industry to innovate and stay competitive. While he confessed that hospitality wasn’t his area of expertise, his advice was still incredibly valuable.
Robin’s approach to innovation in hospitality was rooted in experimentation and testing. Entrepreneurs should be willing to embrace change and try new things, even if it means starting small and learning as they go. He suggested using the "fail fast, fail forward" mentality and implementing new ideas on a smaller scale before fully committing to them.
For example, if a hospitality business owner is considering expanding their services, like adding cleaning or maintenance, they should first try doing it themselves. By working hands-on and understanding the nuances of the service, business owners can make more informed decisions about whether to build a business model around it.
Robin also stressed the importance of understanding the intricacies of a new service before delegating it to others. Entrepreneurs often make the mistake of delegating responsibilities without fully understanding the task. To run a successful business, it’s crucial to know the inner workings of every service you offer. This hands-on knowledge will help ensure that your business operates smoothly and efficiently, even when you’re not directly involved.
For those interested in diving deeper into Robin’s philosophy, his book Take Your Shot offers a short and insightful read, especially designed for busy entrepreneurs. The book provides practical advice on business topics like goal setting, pricing, and understanding your numbers.
To grab a free copy of the book, listeners can visit the Fearless Business website. The book is designed to be a quick read, perfect for entrepreneurs who want to gain actionable insights without spending hours on a lengthy business manual.
The insights shared by Robin Waite during his appearance on the Boostly podcast are invaluable for any entrepreneur looking to grow and succeed. Whether you're just starting out or have been in business for years, the key takeaways are clear:
By incorporating these principles, entrepreneurs can navigate the complexities of running a business with more confidence, creativity, and success.
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This Scorecard has been designed to show Coaches, Consultants and Freelancers their blind spots and provide instant, actionable steps on how to increase their prices.
