Entrepreneurial Strength and Diligence

Everyone enters into self employment for different reasons. It is a tough but rewarding road to travel. There are numerous challenges along the way. If you have ever written a business plan or run a business for a long time, you know there are days that are just plain depressing. Do not lose heart! There is light at the end of the tunnel. In the meantime, you will need a full measure of entrepreneurial strength and diligence.

The Merriam – Webster's Collegiate Dictionary states that diligence is:

  • the attention and care legally expected or required of a person (as a party to a contract)

No doubt you will enter into a number of contracts over the life of your business, so this is an important concept. I have to admit that there are days when I do not 'feel diligent' and it is tempting to take a short cut. I have found that the shortcuts are really the longest trips, sometimes.

The above definition states 'the attention and care legally expected or required' which infers compliance with a set of standards of corporate behavior. Here is a short list of areas that have an expectation of diligence from business owners:

  • accounting records.

  • paying your taxes.

  • paying your bills.

  • hiring and firing of staff.

  • partners or shareholders.

I am sure that this list is actually much longer; however, the principle is the same. Owning and running a business is an endurance race not a sprint! You have to be in good shape and be willing to work hard.

All of your customers and prospects have expectations of performance. At a minimum they have certain things they require in order to feel they are getting value and being well treated. In my opinion, diligence is always thinking and working in your customer's best interest. It is always easier to keep a customer's trust and confidence than it is to try to earn it back after you falter or disappoint.

So how can an entrepreneur be diligent?

  • Avoid laziness and needless shortcuts.

  • Improve your skills: be willing to learn what you do not understand or know.

  • Be accountable: avoid blaming others.

  • Even when you feel tired or have conflicting priorities always do the right thing.

  • Invest in people, sow seeds of hard work and honesty.

  • Be a good manager: would you hire yourself to run your business? If not, shape up and hold yourself to the same standards as you expect of an employee.

  • Work hard.

The reward is a good nights sleep, satisfaction, Pride and the knowledge that you are making a difference by being diligent. You just might be a great mentor or coach for someone else; be open to it!