Every entrepreneur’s journey is unique, but there are a few key characteristics that can increase your chances of success at whatever business you choose to build.
In this episode, Monica Allen talks through some of those characteristics and shares the biggest lessons she’s learned throughout more than twenty years of entrepreneurship.
Monica is the owner of Monica Allen Interiors, host of the “Become Your Own Boss” podcast, and co-founder and COO of Zeus’ Closet. She discusses some of the common issues facing today’s entrepreneurs, shares a few of her favorite resources, and explains why she’s focused on calibration instead of balance.
Here are some takeaways she shared:
1. Instead of looking for work-life balance, focus on calibrating the different areas of your life.
As an entrepreneur, achieving work-life balance is challenging. Setting clear goals and breaking them down into achievable steps is essential for maintaining focus in both work and personal life.
Instead of aiming for traditional work-life balance, Monica advocates for "calibration" — aligning different aspects of life and adjusting as needed to maintain harmony. Here are some ideas on how to do that:
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- Clear communication with family during busy periods helps manage expectations and reduce stress.
- Building a supportive network of like-minded individuals and seeking mentorship are crucial parts of staying motivated and overcoming obstacles.
- Continuous learning through reading, podcasts, or courses is key for personal and professional growth. Books like Cumulative Advantage by Mark Schaefer offer valuable insights and strategies.
Achieving work-life balance requires intentional effort and flexibility. By setting goals, calibrating life areas, seeking support, and committing to lifelong learning, entrepreneurs can navigate their journey successfully.
2. Sometimes all you need is one person to believe in you.
Entrepreneurship can be lonely, but having someone who believes in you can make all the difference.
Their support and encouragement provide motivation and resilience during tough times, reminding you of your strengths and why you started. With their belief in your vision, you're empowered to persevere and succeed despite the challenges.
3. A successful entrepreneur is a teachable entrepreneur.
Never lose your willingness to learn more. And remember, persistence is the key to a long-lasting business.
Being open to learning is crucial for any entrepreneur. Every day presents new lessons, and no one knows everything. Embracing opportunities to learn from others—whether through books, podcasts or interactions with fellow entrepreneurs—is essential for growth.
Being teachable sets successful entrepreneurs apart which allows them to adapt and thrive in their journey.
Subscribe to Monica’s podcast, Become Your Own Boss, for more insight into launching, growing and scaling a business.
Now, sit down with a pen and paper and jot down your answers to these questions:
Is there a “bucket” or area of your life that needs to be recalibrated and prioritized?
Your business can’t make it on nickels and dimes; you must charge the right price. When was the last time you re-examined your prices? Do you need to charge for more?
Who is the one person in your life that you most want to learn from in this season?
What resources have helped you grow the most as a leader or as an employee?