AF318 - Fueling the Fire: 5 Ways to Stay Motivated as an Entrepreneur

As an entrepreneur, staying motivated can be a daunting task, especially when faced with challenges in business. 

In this podcast episode, host Kristin Ostrander discusses the challenges faced by entrepreneurs and offers tips on how to stay motivated. She emphasizes the importance of having a clear vision and purpose, setting goals, and celebrating small victories. Kristin encourages entrepreneurs to seek support from mentors, coaches, and like-minded individuals, and to continuously learn and adopt a growth mindset. She also highlights the significance of self-care and taking breaks to recharge. Overall, Kristin's message is to prioritize well-being, seek guidance when needed, and embrace the unique journey of entrepreneurship.

The Entrepreneurial Journey: Challenges and Motivation

Entrepreneurs are known for their inherent nature to do things their own way and take on the responsibility of being innovators and leaders. However, challenges are a regular part of the entrepreneurial journey. From the pandemic to inflation, supply chain issues, and changing landscapes, these hurdles can sometimes dampen our spirits.

Kristin emphasized the importance of focusing on the bigger picture and purpose of why we started our businesses. She encouraged us to ask ourselves why we are doing what we're doing and what our motivation is. This could be a desire for financial success, a need for change from a 9 to 5 job, or a passion for creating products that solve problems.

Crafting a Clear Vision and Purpose

Having a clear vision and purpose is crucial in running a business. Kristin shared her experience with the 10,000 Small Businesses program by Goldman Sachs, where she was required to draft a mission statement for her own company. She highlighted the value of refining and revisiting the mission statement to ensure it aligns with our goals and motivations.

Setting Goals: Short-term and Long-term

Kristin emphasized the need to set short and long-term goals to provide clarity and direction. She advised breaking down these goals into actionable steps and taking small consistent steps towards achieving them. She acknowledged that everyone's planning style is different, but it is important to find a balance between being too regimented and too spontaneous.

The Joy of Side Hustles: Kristin's eBay Experience

Kristin shared her personal experience with eBay as a side hustle and her passion for thrifting and flipping items. She explained that eBay is not her primary income stream, but it brings her joy and allows her to sell and teach others about it. Her long-term goal is to automate most of her eBay business, focusing only on the part she loves - finding treasures.

The SMART Goal Framework and the Importance of a Supportive Community

Kristin suggested using the SMART goal framework (specific, measurable, achievable, relevant, time-bound) to set goals. She encouraged celebrating small victories along the way and recommended surrounding yourself with a supportive community. She acknowledged that a supportive community can be found in Facebook groups, but also suggested seeking face-to-face interactions through meetups or local entrepreneur groups.

Seeking Guidance: Mentors, Coaches, and Continuous Learning

Kristin emphasized the importance of seeking out mentors and coaches for guidance and support. She mentioned SCORE, a group of retired business executives and entrepreneurs who offer free mentoring in various areas of business. She encouraged entrepreneurs to participate in discussions, join online workshops and conferences, and be open to asking for help.

Kristin also highlighted the significance of continuous learning and adopting a growth mindset. She advised entrepreneurs to focus on learning one new thing about their business and implementing it, rather than getting overwhelmed by trying to learn everything at once. She recommended using tools like Merchant Words and encouraged entrepreneurs to take online courses and attend training sessions to enhance their skills.

The Importance of Self-Care and Well-being

Lastly, Kristin emphasized the importance of self-care and well-being, reminding entrepreneurs to prioritize their own physical, mental, emotional, and spiritual health. She talked about the importance of taking breaks during the workday and suggested various activities that can be done during breaks, such as taking a walk, reading a book, watching funny cat videos, or engaging in hobbies.

She also highlighted the need for seeking support and talking to someone when feeling stressed or overwhelmed. Kristin mentioned the availability of mentors, coaches, and therapists to provide guidance and clarity.

Conclusion

In conclusion, Kristin's message is to have a clear vision, set goals, celebrate progress, and find support to stay motivated and achieve success as an entrepreneur. She encourages entrepreneurs to prioritize their well-being and not to sacrifice it for the sake of work. She reminds us that everyone's entrepreneurial journey is unique and it's okay to ask for help and redefine one's path.

 WATCH:

 LISTEN:

"We live in our hustle culture. It's like do more, be more, stay up late, get up early. Okay, that might be for a short season, but that doesn't mean you don't deserve a break, an actual break." - Kristin Ostrander

TIMESTAMPS:

Staying Motivated as an Entrepreneur [00:01:15]

Kristin discusses the challenges faced by entrepreneurs and the importance of staying motivated.

Re-evaluating Vision and Purpose [00:04:29]

Kristin emphasizes the need to re-evaluate one's vision and purpose in order to stay motivated during challenging times.

Finding Motivation through Making a Difference [00:08:57]

Kristin explores the motivation that comes from making a difference and solving problems through entrepreneurship.

Re-evaluating your vision and purpose [00:10:19]

Kristin discusses the importance of re-evaluating one's vision and purpose in business and crafting a mission statement.

Understanding your motivation [00:11:21]

Kristin prompts entrepreneurs to reflect on their motivations for running an Amazon business and encourages them to be honest with themselves.

Setting short and long term goals [00:15:07]

Kristin emphasizes the importance of setting short and long term goals to stay motivated and provides guidance on breaking them down into actionable steps.

Setting Short and Long Term Goals [00:20:39]

Kristin discusses the importance of setting short and long term goals in order to achieve success in business and explains her own goals for her eBay store.

Surrounding Yourself with a Supportive Community [00:25:53]

Kristin emphasizes the significance of having a supportive community of like-minded individuals who understand the challenges of being an Amazon seller and offers suggestions on how to find such a community.

The Importance of Celebrating Small Victories [00:23:14]

Kristin highlights the need to celebrate small victories along the entrepreneurial journey and encourages entrepreneurs to reflect on their progress and accomplishments.

Seeking Mentors and Coaches [00:29:31]

Importance of finding mentors and coaches to provide guidance and support in different areas of business.

Joining Workshops and Conferences [00:30:36]

Participating in online workshops and conferences to learn and connect with others in the business community.

Surrounding Yourself with Like-Minded People [00:31:45]

Creating a community of entrepreneurs who can offer advice, support, and input into each other's lives.

Taking Breaks as an Entrepreneur [00:40:17]

Importance of taking breaks during the workday and not working through lunch hours.

Prioritizing Self-Care and Well-Being [00:42:09]

The significance of self-care and engaging in activities outside of work for personal well-being.

Fueling Motivation and Setting Goals [00:46:47]

Tips on staying motivated, redefining vision and purpose, setting goals, and continuous learning.

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