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The Personal Evolution: Why Business Owners Need to Work on Themselves

Danny Pritchard
In the tough world of being an entrepreneur, the spotlight often falls on strategies, innovation, and profit margins. While these are all crucial, one element that often takes a back seat is personal growth. Kiwi grit alone will only get you so far. Becoming a better business owner by focusing on your well-being will always result in a better business. Better business = better wins. Just like a pilot or captain, the owner is responsible for the outcomes of the business. You wouldn’t trust a novice pilot to guide you through a storm now would you?

Leading by Example:

A business owner is like the Captain Cook of the HMS Endeavour, steering the business through the stormy seas of challenges and uncertainties. Employees look up to their leaders for inspiration and guidance. When a business owner actively works on self-improvement they set the standard for the entire team, encouraging a culture of continuous improvement.

Adaptability in a Changing Landscape:

The business world is in a constant state of flux, with technological advancements (cheers AI), market trends, and economic shifts shaping the playing field, we must learn and adapt. Those who invest in their personal development are better equipped to adapt to these changes. Continuous learning and self-improvement enable them to stay ahead of industry trends, make informed decisions, and lead their businesses through evolving landscapes.

Enhanced Decision-Making Skills:

Effective decision-making is crucial for success, but is often overlooked. A bad decision = a bad outcome; like when the nation stripped the supermarket shelves of Marmite with our “she’ll be right” attitude instead of rationing, and ended up with a Marmageddon. On the flip side, if Sanitarium had chosen to produce their Marmite in more than one factory, Marmageddon could’ve been avoided.

Quite often we blame external factors for our outcomes (i.e. government, market, earthquakes, and economy) but don’t learn from our choices. Taking action to engage in personal growth activities such as reading or listening to podcasts, attending events, or getting a mentor or advisor, will all contribute to the development of critical thinking skills. Business owners who are committed to self-improvement are more likely to make well-informed decisions, leading to positive outcomes for their businesses.

Resilience in the Face of Challenges:

Running a business is not always as smooth as sailing across the Bay of Islands. Challenges and setbacks are inevitable. Personal development encourages resilience and arms you with the ability to bounce back from adversity. Business owners who have developed resilience through their own self-improvement are better equipped to navigate tough times, learn from failures, and emerge stronger on the other side.

Effective Communication and Leadership:

Just like in any relationship, communication is key to running a successful business. Business owners who work on improving their communication skills can create a more positive and productive work environment. Whether it's addressing a team, negotiating with clients, or collaborating with partners, effective communication is a powerful tool achieved through personal development.

Maintaining Work-Life Balance:

The demands of running a business can be overwhelming and often lead to burnout - a word many Kiwis know all too well. Personal development encourages business owners to prioritise their well-being, fostering a healthier work-life balance (yes, that does mean more time to catch those waves when the surf’s up or enjoy that 5pm drink at the local pub). This, in turn, positively impacts decision-making, creativity, and overall business performance, not to mention dramatically improving your personal life.

Long-Term Vision and Goal Setting:

Business owners who engage in self-improvement are more likely to have a clear vision for their business. Setting and achieving personal goals enhances the ability to envision and work towards long-term business objectives. This forward-thinking approach is instrumental in building a sustainable and successful business.

It’s a Journey Worth Taking:

In the fast-paced world of business, the journey of self-improvement is not a luxury but a necessity. Business owners who recognise the relationship between personal development and business success are better positioned to lead, adapt, and thrive in an ever-changing landscape. As the saying goes, "Investing in yourself is the best investment you will ever make."

By prioritising personal growth, business owners pave the way for success across every venture they are involved in. If you’re ready for better wins, let’s chat!

Danny Pritchard

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