Episode 277: 5 Things Successful Entrepreneurs Manage That Nobody Warned You About

We all want to be successful entrepreneurs. But most of the time, what drives us up to the pinnacle of success differs from what we’ve learned from school. 

In this week’s episode, I reveal the five most important things that successful entrepreneurs manage that nobody warned us about. And I wish I had known these earlier when I started my career.

So let’s jump in!

What We Learn In School

Knowledge is for going somewhere. And we’ve entrusted the schools to do the part of teaching us that knowledge. However, far more important things are often not taught in school. 

When I was in school studying engineering and construction management, I was taught how to manage time, money/capital, and labor. 

I was also taught how to manage the flow of material, equipment, information and technology, and the like.

Although these contributed to my career’s success, I still wished that the school had taught me things beyond what I mentioned earlier, which are crucial to becoming a successful entrepreneur.

What Successful Entrepreneurs Learn

You can sulk in the corner and blame schools for not teaching you the crucial one, OR you can learn from those who’ve already made it. After all, success leaves footprints, and there’s no need for you to reinvent the wheel.

So for all of you construction business owners, who want to be successful entrepreneurs, here are the five things that successful entrepreneurs manage that nobody warned you about.

1. Managing Fears

After being an entrepreneur for several years, coaching, training, and talking to hundreds of people, one of the biggest things that entrepreneurs need to manage are their fears.

One of the most common fear is imposter syndrome. Imposter syndrome is a fear that somebody will walk into your office, point their fingers, and say…

“You’re a fraud!”

“You have no idea what you’re doing!”

“You don’t deserve to own a business.”

“Why would anybody want to work with you?”

Another interesting fear is the fear that new employees are a threat. This becomes apparent as business owners are often hesitant to hire top-quality talent.

Their reasoning would be…

“What if I hire this person, and he/she becomes a competitor?”

“What if I hire them, and they come to look at my books and point out I’m a fraud?”

“What if they mess up my relationship with my team?”

“What if my customers like them better than me?”

“What if they’re a better project manager or estimator?”

And what happens when you latch on to this fear? You end up not hiring quality people to help you scale your business.

2. Managing Inner Critic

The inner critic is something that we all have. And this causes many people to get stuck in their careers or lives and have many regrets.

As psychologists say, our inner critic can be a cruel and deeply damaging force. Moreover, its strength and impact could determine our overall mental well-being.

The inner critic may say things like…

“You’re a big fat loser!”

“Nobody likes you.”

In addition, the inner critic also has the power to make us feel constantly anxious and hyper-vigilant – always scanning the horizon for dangers or focusing on what could go wrong.

3. Managing mental energy

Let’s face it; you only have so much mental energy in a day. And there are a lot of things that could ruin your energy.

For example, many construction business owners waste their peak mental energy hours by doing low-energy tasks like responding to emails, doing job site visits, and driving around, to name a few.

And when it’s time to do high-level tasks that require high mental energy, like strategizing, you end up not getting them done or not doing very well because you’ve already wasted your mental energy.

4. Managing emotions

Chances are nobody ever told you how important it is to learn how to manage your emotional state. If you’re an entrepreneur, your emotional state can either make or break you.

Your emotional state affects a lot of things. It will affect your ability to sell, lead your team, plan and strategize, manage your finances, and certainly your ability to deal with problems.

5. Managing your strengths

Most people will tell you to manage your weaknesses. But I’m telling you that you need to manage your strengths instead because your strengths can get you in more trouble than your weaknesses.

A study showed why successful contractors who seem too large to fail went bankrupt. And they said that the root cause of poor decision-making is the leader who exhibits an excessive ego and extreme confidence. 

Leaders who show extremities for these types of strengths often end up unwilling to listen to the suggestions of others. And that’s how companies would go down.

To know more on how to manage these five things properly, listen to or watch this episode HERE. You’d regret missing this!

Additional Resources:

– Join the Move the Needle 28-Day Challenge HERE

– Register for The ADVANCE Live Meetup | March 30-31, 2023 | Austin, TX HERE

– Schedule a Breakthrough Session with our team HERE

The Construction Leading Edge Podcast helps construction business owners maximize their revenue, eliminate chaos, systematize their work, and win back their time.

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