The big temptation as a business owner is to keep “doing more”.
We hear about “Hustle” – you’ve gotta hustle to get ahead.
- Your business isn’t growing? – Hustle more – until it grows.
- A big paying client comes your way? – Hustle more – to take on the extra work.
- You’re not advertising in every marketing channel? – You’re should be hustling more.
It’s all about the hustle.
Because no matter what the problem is, everything can be solved by hustling a little more.
It’s “The Cult of the Hustle”
Don’t get me wrong.
Hustling can be OK – and I’m not suggesting you develop an allergy to hard work.
But there’s smart hustling, and dumb cult-like hustling.
The Hustling Fallacy
If you’re reading this, you’re probably not the average business owner, achieving average results from your business.
Given you’re subscribed to the Preneur Marketing newsletter, I expect you’re more knowledgeable and more effective than the average business owner – and you’re looking to achieve even better results.
But if we’re talking about “hustling”, you don’t have to look far to find stories of business owners who are working 60-100 hour weeks, and getting paid less than they would as employees – sometimes even earning less than minimum wage!
In the book The Founder’s Dilemmas the author, Associate Professor at Harvard Business School Noam Wasserman, writes:
“For the self-employed, initial earnings are lower and earning growth significantly slower than for those engaged in paid employment… All told, entrepreneurs earned 35% less over a 10-year period than they could have in a ‘paid job’.“
So if the key to “getting ahead” is to simply hustle more: Why don’t these hard-working business owners make more money?
The answer is obvious: Hustling is great – to an extent.
But at a certain point, more hustling doesn’t mean better results.
Hustling is the Accelerator
When we’re first starting out in business, hustling is our accelerator. It’s great for quickly building momentum while we’re still in First Gear.
But it’s ineffective to stay in First Gear for too long – and rely on the hustling accelerator alone.
In the same way that over-revving can put huge strain on your car, and risk permanent engine damage – over-hustling leads to burn-out and a tangled mess of business problems that need to be unpicked later.
So we need to move into Second Gear – and hire staff to help us to build momentum faster…
Then Third Gear – and invest in improving skills.
Then Fourth Gear – and invest into sales, marketing and lead-generation.
Then Fifth Gear – and invest into systems, processes and equipment.
Then Sixth Gear – and invest into multiplying our product lines and marketing channels.
If we forget to keep changing gear, and try to just push the accelerator pedal to the metal, we stop benefitting from hustling, and risk doing damage to ourselves and our business.
Instead of Hustling Your Way To Growth…
As I said at the beginning of this email – if you’ve hit a growth plateau in your business, the big temptation as a business owner is to “do more”.
To look for more marketing activities to be involved in; to run more ads to attract more leads; to find more hours in the day to make more sales; to build more product lines to sell more products; or to develop more promotional partnerships to attract more customers…
Instead of hustling your way to growth, I want to encourage you to change gear in your business.
This is how you can return to rapid growth without investing substantially more time, effort and money into your business.
Until next time,
(Taking over Pete Williams’ Desk)
P.S. – If you want to take a deeper look at how to “change gears” in your business – and act in a more deliberate way, to generate more income, take a look at the bonus white paper we’ve put together, The 7 Levers: Doubling Business Profit Through 7 Simple Marketing Tweaks.
It’s a practical handbook for kick-starting growth, in businesses where growth has plateaued – and you can get a copy via the link above.