Today we have a real treat!!! My friend, colleague and mentor Tim Kerin joins us today to share his thoughts around improving yourself in order to improve your business. In over 26 years Tim has owned 5 multimillion dollar businesses.
Take it from here Tim…
Years ago, while sitting at our kitchen table with no answers on how to keep the business going (due to cash flow problems), Tracey (my wife) took off her engagement ring, placed it on the kitchen table, and said “Sell it”. My eyes swelled up with tears, for this ring was a symbol of our endearing love and now, under the circumstance, was going to be used as a life raft to a business I wanted to start.
This is not the way I envisioned myself as an entrepreneur. I could have pointed out so many excuses on why we were in that situation, but it all came down to me. I needed to have a discussion with myself and figure out what I did wrong and what I need to do to correct this moving forward.
Is that last sentence “a discussion with myself to figure out what I did wrong” really happening in your business today?
Every challenge from that point on in our 26 years of owning 5 businesses comes down to us admitting where we made the mistakes and how to correct them.
Are you looking at your challenges, re-evaluating yourself during those situations, and examining the “cause and effect” these challenges have on your business?
Most common examples of these challenges / issues include the following:
- Time management
- Not scaling
- Delegation of tasks
- Cash flow
The first thing to remember is your business does not run you…you run your business.
Therefore, the challenges are yours and yours alone to admit and must be corrected by you if wished to be resolved. Admitting that these are your challenges and not the business is an important step in being successful.
The end goal here is to take positive steps moving forward to prevent or at very least be prepared for future challenges to arise with your business.
Picture yourself going up a staircase with each step being a challenge that you have to solve. The more you admit to and solve, the higher up you go on the staircase to success. Those who point fingers and play the “blame game” with others or those who can’t simply admit their own faults will be have difficult time climbing the stairs to success.
Even if they take a step up, they will eventually have to take step back down because they did not admit the fault or tackle the issue correctively.
Where is the reluctance coming from one admitting your own faults?
Are entrepreneurs that egotistical that they think they are not human?
We all make mistakes and the world is not perfect.
We raise our kids to admit when they made a mistake. So why is so hard as an entrepreneur to admit it?
I have seen so many businesses that have the potential to flourish but are floundering due to an owner that can’t see the mistakes they make and admit to it.
Being accountable and staying positive are two prime factors towards my own personal success that I express everyday to others. Take each task and look at it as a learning lesson and make a promise never to repeat it. In the end, you will feel better for yourself that you owned up to it and accomplished something of meaning.
My dad always used to ask me “How high is up?”. I did not know how to answer him. My dad just smiled at me and said “It is as high as you want it to be…..its all up to you!
If you have a thought or comment you want to add, please leave one below in the comment section as we would love to hear from you!
Tim Kerin is an author, national speaker, business consultant and serial entrepreneur owning 5 multi-million dollar businesses in the Washington DC metro area and a 2009 Top 100 CEO recipient in Washington DC from Smart CEO Magazine.. With 26 years of entrepreneurial experience, Tim is passionate about educating business owners on the challenges he and his wife Tracey faced together.
Together, Tim and Tracy own a commercial cleaning company, a commercial labor company, a commercial construction company, a speaking and consulting business and Tim is a partner in a networking organization. Some of his clients include the Washington Redksins, Boeing Mid Atlantic, and Chick-fil-A to name a few.
Learn more about Tim on his website at Learning Lessons in Business
Do you have a thought, idea or question for Tim? Please share with us in the comments section below.