The Secret sauce top Entrepreneurs Know and Do, Focus on ROE.

One of the greatest aspects of a journey to entrepreneurship is the opportunity to meet and interact with other entrepreneurs.

During my time at Strategic Coach, I have met several entrepreneurs at different stages of their journeys. Some are like me, beginning to figure it out, some are now making signficant money and some have a self managing operation where they can leave for several days or weeks and the business thrives.

I’ve asked each group of entrepreneurs questions about their journeys and found consistent themes in their mindsets.

One is they understand as I wrote last week, you have to get through the messy to get to the great. At some point, you need to move from focusing on your products to your culture and understand the moments that matter for your business or your family, speak with your associates or family about your culture and identify your top five ground rules for your company or your family, the non-negotiables.

Next, I have found that entrepreneurs understand the difference between facts and problems.

In our world of social media and divisiveness, facts get blurred. One side says this is a fact and another side has another version. One thing I learned when I was young was a fact is a fact and a fact cannot be changed.

The entrepreneurs I have spoken with have gotten very good at understanding the facts about their businesses and how to take action on them. They know what the fact of the situation is and can make a rational decision on how to either respond or not. Be more discerning.

On the personal front, one thing I have learned is when I understand a fact and someone who I am close to is involved, learn to forgive and don’t get upset as you cannot change the fact. The fact is the fact and if I forgive, everybody walks away feeling good.

Problems are something that every business and individual has. Fortunately, when you have a problem, it is based in the future and if it’s in the future, there is a solution that can be applied to it. The best entrepreneurs understand this and don’t get emotional as they know every problem has a solution and there is probably someone in their world that has confronted it in the past.

I had a problem where an associate accepted money on my behalf and used it for her personal situation. At first, I was disillusioned. But used this model that this problem is in the future and I’m sure one of my entrepreneurial friends has had this happen to them. I counseled with them and they gave me great feedback and choices on how to handle it.

No emotion, employed logic and it is being handled.

Entrepreneurs learn the difference between facts and problems which gives them the strength to keep growing and not get distracted.

Third, top entrepreneurs focus on ROE, Return on Energy.

What is ROE? It’s the difference on what habits you are doing.

If you have read some of my recent blogs, I write about the power of habits and how habits control your flow of thought.

The reason why is I understand that since my habits control my flow of thought, I need to constantly work on which habits I have AND the ones I need to rid myself of.

This has been the game changer for how we are growing. I have a habit tracker which allows me to track which habits are most important to install each quarter. At the end of the quarter, I evaluate each to see what my ROE was on each, keep the ones that are paying off, eliminate the ones that are not helping me progress and look for additional habits that may take me over the top.

After speaking with fellow entrepreneurs, I have found the ones who can leave for several days or weeks and the business thrives are the ones with the habits I need to install if I don’t already have them.

My energy needs to be focused on habits that are moving me forward. One is the massive reduction of sugar. Once I instilled this habit of massively reducing daily sugar intake, I have more energy, lost 35 pounds and now making tremendous strides, not only in my business but in preparation to swim with Special Operations again across Coronado Bay to the USS Midway.

I’ve realized that the top entrepreneurs who look at which habits are giving the highest ROE are the ones that I need to focus on and let my team members focus on the key habits in each of their respective areas, handling the present company goals, giving me the bandwidth to focus on the future of my company.

When you are starting out as an entrepreneur remember

  1. You have to go through the messy to get to the great
  2. Understand the difference between facts and problems
  3. Focus on ROE, the difference in what habits you are doing

Find a mentor or coach who has built their own business from scratch. Network with other entrepreneurs who are in different stages of building their companies and document the habits that are moving you forward, backward and what habits you need to employ to have the highest ROE.

Embrace the UNCERTAINTY this will give you. Know you are not the first to go through it. Find OPPORTUNITIES and your life and business will start to transform and

begin creating your own flight plan for your future!