Here’s the situation: you only have 24 hours to start a private jet taxi service. Chances are that you’re thinking to yourself, “That’s crazy!” While getting everything in place in 24 hours might sound absolutely ridiculous, using the first 24 hours of your business to establish the right attitude, understanding, and blueprint can make all the difference when it comes to your success. We’ve put together a few pointers to make sure that you’re ready to establish a successful business from the start:
- Think big
- Work on your business, not in your business
- Make the most of your time
A business can fail in many ways, but not making it off the launch pad and not reaching its full potential are two of the most difficult to watch.
The unfortunate truth in the matter is that many businesses fail. Measuring and understanding why so many of them fail in the traditional sense is relatively easy; we have plenty of data to point us to where things went wrong. Organizations such as the Kauffman Foundation and the U.S. Chamber of Commerce have analyzed years of statistics, giving us a solid idea as to why almost 75% of businesses don’t make it past the 15-year mark. Some of the biggest reasons for failure include undercapitalization, overexpansion, poor-planning, and a declining market.
So we know why so many businesses tend to sputter and fade, but that doesn’t tell the whole story. Many businesses fail in a much quieter sense. One mistake that business owners often make is thinking that staying in business, keeping their doors open, makes them successful. Yes, lasting for five years is impressive, but it’s not really an indication of success. Instead, what you can do from the get-go is plan ahead, be ambitious, and think big! Pushing yourself to be all you can be is the difference between scraping by and running a truly successful business.
Work on your business, not in your business
From day one, you should make sure not to fall into the trap of doing everything in the business yourself. Instead, choose to work on improving and developing it to be the project you’ve always dreamt of. A successful business runs on processes while a successful agency runs on people.
The unfortunate reality for millions of entrepreneurs around the world is that their businesses depend on them way too much. You know the type: they’re overwhelmed with their business and are in charge of everything from taxes to taking out the trash. They work nonstop, not because they want to, but because they have to.
If you don’t think you’ll have the revenue to hire a team to complete all of the various tasks required to run a private jet taxi service, your business may not end up being profitable. This is the best time to take a good, long look at your vision and consider a different approach. Making yourself responsible for everything in your business leads to quick burnout. Not only that, but it prevents you from properly operating in your role as an entrepreneur. Again, make sure you’re working on your business, not in it!
Make the most of your time
Short deadlines are extremely stressful, but they may be just the motivation you need. The best entrepreneurs deliberately create an atmosphere of urgency because they know that people are not as likely to get much done in a relaxed environment. Just take a look at Steve Jobs, the cofounder of Apple. He was notorious for pushing his team beyond its limits by setting seemingly unrealistic timelines. But, as a result, his company created products quicker than they ever thought possible and gained a huge competitive advantage over their rivals.
Doctors and psychologists believe that stress caused by urgent deadlines has its upsides. They argue that we need stress to make sure we carry out essential tasks at a high level, ranging from avoiding car accidents to finishing an urgent work report. An MSNBC.com article on the subject explored the benefits of stress and said that: “When the brain perceives physical or psychological stress, it starts pumping the chemicals cortisol, epinephrine (adrenaline) and norepinephrine into the body. Instantly, the heart beats faster, blood pressure increases, senses sharpen, a rise in blood glucose invigorates us and we’re ready to rock.”
The article also quoted Janet DiPietro, a developmental psychologist at the Johns Hopkins Bloomberg School of Public Health: “When you have a deadline, when you have to perform, you want some stress to help you do your best.”
So, there you have it. Dream big, work on your business, and make the most of your time! It looks like giving yourself a 24-hour deadline to start your own private jet taxi service might not be such a bad idea after all!