Five Ways to Reignite Your Entrepreneurial Spark

Most entrepreneurs would agree that owning a business is an incredible privilege, and they would likely never want to go back to working for someone else. However, we all have our days! Sometimes, those rough days can turn into weeks.

With 17 million new entrepreneurs predicted to enter the small business economy in 2022, we thought now would be a great time to ensure you’ve got the tools to weather the days that challenge your entrepreneurial passion. Here are our tips to rekindle that spark. 

Customer Reviews

If you read customer reviews with one eye closed, it’s time to reframe your perspective. Whether positive or constructive, customer feedback is an asset you want to harvest as much as possible. Since it’s easy to fall victim to impostor syndrome as an entrepreneur, positive feedback can help you gain perspective from a credible source about your performance.

No review is a negative review; any feedback left by a customer will help you succeed moving forward. Constructive reviews can help you pivot to success and provide better customer service in the future. Even a nasty review serves a purpose: you now know that this personality is not your target client, and you can shift your marketing and sales efforts in a more positive direction.

One of the best ways to garner customer reviews is via a Net Promoter Score survey, or NPS. The super-short survey was invented by Fred Reichheld, a partner at Bain & Company, during his search for the best one-question indicator of customer lifetime value. Customers are asked, on a scale of 0 to 10, how likely they are to recommend your services to another individual. Depending on their results, they fall into one of three categories: promoter (if they score 9 or above), passive (if they score 7 to 8), or detractor (if they score a 6 or lower). The feedback they leave in their follow-up question, “What is the primary reason for your score?” will tell you where your strengths and opportunities for improvement are.

Your overall NPS is calculated as follows: NPS = (% of Promoters) – (% of Detractors). Wondering where you fall among competitors? The average score across all industries is +32, and you can find more information about your specific industry here. If your customers aren’t leaving reviews online, it’s time to ask for them, and a Net Promoter Score survey is a great place to start. Follow up with your Promoters and ask them to leave a review on Google or Yelp.

Personal Self-Care  

Make sure to allocate enough time for personal care. No one can work 24/7 and survive without burning out. Self-care can look like a yoga class or an indulgent spa day, but it’s what we do week to week and day to day that matters most. Surprisingly radical steps toward self-care can include:

• Working toward a daily lunch break that’s at least 30 minutes long.
• Turning off email notifications after hours.
• Outsourcing household chores during a busy week 

Make self-care a regular habit, and you’ll be better balanced when you go to work.

Goal Reset

If you’ve been skirting by the last few years on incremental or unchallenging goals, it might be time to give yourself a BHAG – that is, a Big Hairy Audacious Goal – as outlined in the book Built to Last. A BHAG is an ambitious, long-term goal that can help propel your entire company past the hamster wheel toward a mission for a better future.

If you feel your employees could use some rejuvenation, too, schedule an empowering goal-setting retreat for the entire company to help team members feel heard, valued, and motivated. 

Education

As an entrepreneur, you’ll never stop learning. New skills are required every time you reach a new level in your business. Changes in technology, science, and government compliance trickle down to small businesses, requiring changes to your business processes constantly.

Take a new class or read a book to learn something that will improve your business. If you’re short on time or low on capital to invest in expensive education courses, try starting with Coursera for go-at-your-own pace education or downloading a business book like Built to Last or The Four Disciplines of Execution on Audible.com. You’ll be full of ideas that you can implement to make your business better.

Delegation

We all have tasks that we love to do and those we would love not to do. If you’re spending too much time on the tasks that don’t fulfill or inspire you, it’s time for a change! If you have a team, delegate the things you don’t love – and find employees that really love to do them. Not in a position to bring on more personnel? Augmented Intelligence can add automation to any process, from converting prospects to customers, completing daily bookkeeping tasks, and more.

New Project

Is there a project that you’d love to pursue but has been on the back burner forever? Making it a priority may just be the reset button you need. Oftentimes, urgent but less important tasks take priority over things that are also important but less urgent. Carving out time each week to progress an important “back burner” project can be a great way to commit to your priorities and suppress the tyranny of the urgent.

Vacation

Last but not least, while it might sound terrifying and counterproductive, it may be time to take a good old-fashioned vacation. Especially after two years of working remotely, you might benefit from some time looking at four different walls. 

If the idea of taking a step away from your business for a few days sounds scary, consider starting with something small, like a weekend getaway. Alternatively, for longer trips, you could allow yourself 1-2 hours each day to progress the things in your business that keep nagging at the back of your mind.

Remember, the only way to find out what works for you and nourishes your entrepreneurial spirit is to experiment! Try to implement any of the tips above before you reach burnout, especially if you’ve been working hard and it’s been grinding you down lately. You deserve time to relax, refresh, and rejuvenate your passion for your business.