Lessons Learnt From Starting a Business: Part 2
Prioritize Self-Development.
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Last week, I posted Part 1 of Lessons Learn from Starting a Business, where I discussed the importance of selling. In Part 2, I want to reflect on the significance of self-development. As I intend for this piece to serve as a reminder to myself and to be useful to the readers, I will present this lesson and the ensuing sub-lessons in terms of verbs.
The second lesson I have learnt from starting a business is I must prioritize self-development above everything else. As Alex Hormozi has rightly suggested, to improve the business, one should first improve the man running the business.
Self-development refers to expanding or reinforcing one’s skillset. Often, we consider the term in the context of work—how one can improve his critical thinking skills when tackling tricky projects, or how one can improve one’s speaking skills in the face of crucial stakeholders. I think this line of thinking is not helpful. This is because it focuses only on specific cases, underestimating the prerequisites for a genuine shift. A genuine shift often requires fundamental changes in one’s worldview, the sustenance of which is continually effortful and the desirable outcome latent.
I have learnt that self-development is beyond what you do inside the office. It should be how you live your life fundamentally. This pertains to one’s sleep schedule, diet, exercise regimen, intellectual pursuits, thought processes, amongst others. It is only when one commits to cardinal changes—which I like to think of as everyday mindsets, actions and habits that are often observable—that one truly develops his skillset(s). For the changes to be effective (or, real), they should extend beyond any singular context. To illustrate, a person who struggles with critical thinking may learn to think in terms of questions in his work and personal life, even when it feels counterintuitive. Or, a person who has stage fright transforms his identity such that he volunteers to speak up in most situations he is in. Most aptly and perhaps relatably, a person who wants to be fit exercises regularly and significantly but gradually transforms his eating habits.
Having defined self-development, I state that the first sub-lesson is that self-development impacts your presence. The premise of “You are what you eat” conveys that what you spend a large part of your life doing, i.e. eating, is associated with your state as an individual. In the case of consumption of calories and weight, there is a causal relationship, reinforcing the idea that what you do can cause how you appear. If the aforementioned holds true, the regulation of one’s sleep schedule, diet, exercise regimen and intellectual pursuits would polish one’s presence. This refers not just to physical appearance (it does matter anyhow), but also the presentation of one’s confidence, level-headedness and intellect, amongst others.
Put simply, a business owner who exercises regularly will be in better shape and assume a more confident posture, which are signs of health and physical attractiveness—not a bad start in a pitch. If he is also articulate and presents intellect in solving complex problems and handling difficult questions, there is not only a higher probability of convincing the client, but also of delivering a more sophisticated product or service, given that such a skillset can be applied both in handling clients and company operations.
On the contrary, an owner who is out of shape, unsophisticated in solving problems and lethargic may possess only his life experience to assist him and his brand. I am not sure if this would be sufficient, but from my observation, it hardly is.
The second sub-lesson is somewhat an extension and a specific example of the first, which is that your self-development is you. This also is reflective of Jordan Peterson’s idea that “Opportunity lurks when responsibility has been abdicated”. Or, more simply phrased by Hormozi: “You are your niche”. The more time you spend on self-development, the more niches you will be able to put your foot in, and ultimately unify them, or discover how they contribute to your brand. For example, by continually enhancing his skills in conveying information in an educational and entertaining manner while managing his expertise as a coach and athlete, Greg Doucette has managed to establish himself as unique and valuable in the fitness, fashion and entertainment industries.
Evidently, the examples of niches provided above (and the ones provided by Hormozi, as linked) are productive activities that often require effort and time, hence deserving to be categorized as self-development. Given this, it seems evident that if we commit to responsibilities and niches, we will overtime be able to establish our brand as outstanding, rather than singular and dull, characterizing most brands in the market.
I go so far as to hypothesize that there is a positive correlation between company scaling feasibility and self-development; for the more time one devotes to self-development, which contributes to a more mature worldview, sophisticated mindset and astute judgment, the more likely that one is able to conceptualize and execute feasible plans that scale. In first-person terms, the more I improve, the more and better I can offer.
On the other hand, if one spends most of their time on indulgence and hedonistic entertainment, they are unlikely to maximize their intellect as their drawer is not filled with any sharp knives that they can utilize whatsoever. They have no additional niches, if any at all, and hence are unable to scale.
The third sub-lesson is that self-development can stave off anxiety. It should be quite obvious that being immersed in our interests and responsibilities intentionally and dutifully, we are more likely to possess higher levels of self-efficacy. In layman parlance, the more time we spend on self-development, which will consist of overcoming challenges and raising our perceived and actual abilities, the more confident we feel across the board. Given that starting a business is anxiety-provoking as it is laden with uncertainty and often accompanied by tremendous financial and emotional responsibilities, it’s crucial for us to be confident in most cases, the achievement of which depends upon our self-development. With consistent self-development, we will be more competent and hence more calm in the face of unexpected barriers and circumstances.
Final Words
The second most important lesson learnt from starting a business is to prioritize self-development. This is because
Self-development impacts your presence
Your self-development is you
Self-development can stave off anxiety.
An Analogy to Remember
Back to the lemonade business analogy: I want to set up a lemonade business. If I prioritize self-development by regulating my sleep schedule, diet, exercise regimen, intellectual pursuits, I will show up at my lemonade stall every day having a welcoming and fresh presence.
Because I devote myself to improving intellectually, I spend time reading, understanding the industry and market, and practicing eloquent articulation. Hence, I am likely to be more competent at brainstorming various ways to innovate and then market new products that can scale. Perhaps I also add a personal flavor by embedding my interest in fitness in my lemonade brand image, resulting in my brand reflecting me.
Also, because I spend time enhancing my knowledge and experimenting various ideas in a manner that is within reason, I have failed, learnt and grown many times. Hence I am more confident and experience less anxiety in the face of unforeseen circumstances.