Expert tips on starting a new business with Pat Flynn
Starting a new business can be overwhelming, and no one knows what it’s like more than entrepreneurial success Pat Flynn. I was able to catch up with Pat at the Social Media Shenanigans Meetup in Denver, Colorado, and get some insights from him about starting a business. In this video, Pat shares his expert advice on being a new entrepreneur.
The first thing Pat recommends if you’re starting a new business is to take it one step at a time. He says “A lot of people have great, big goals they want to accomplish, and they just seem so far out of reach that it’s often overwhelming. It often just stops people in their tracks”.
According to Pat, the number one thing you want to do to avoid this happening to you is to know what the next task is. “Take your big goal, chop it up into mini goals, reach those milestones and be proud of yourself for doing that next step.”
Pat recommends “The One Thing” by Jay Papasan and Gary Keller as required reading for all entrepreneurs. In this book, they discuss something called the ‘domino effect’. If you figure out what the first task is, it motivates you to keep going bigger, and you start to see results quite fast.
Pat also recommends working with other people and getting inspiration from them. This includes learning from video, audio, and reading. When you first start out, there’s so much information out there it can be overwhelming. Pat’s tip is to focus on the information you need right now. “I make sure anything I learn about [always relates] to that next one small little task I need to do. If not, I put them away for later. I don’t ignore them because there’s great stuff out there, but it just might not be stuff I need right now.” You can only take in so much information, and following Pat’s method can help you focus on what you need.
One tip Pat gave that really resonated with me was to celebrate your success. As entrepreneurs, a lot of us get in our own head, and don’t recognize all the good we are doing. You can be your best asset, but you can also be your worst enemy. Pat’s advice on how to overcome this was to get involved with other people. He says, “A lot of what has helped me motivate myself to move forward is actually getting involved with other people to hold me accountable, to tell me when I’m doing something right, to encourage me, but also be brutally honest with me when I need to be doing something I’m not.”
Pat highly recommends being involved in masterminds. Masterminds work because you help each other out. I am involved in multiple masterminds, some of which are comprised of people in my field, and some with people from multiple lines of entrepreneurship. This way I gather insight from people who are not exactly in the same field. Pat says, “Two brains are much more powerful than just one”.
If you are focused on one task at a time, congratulate yourself for your accomplishments, and get involved with other entrepreneurs, you will be surprised at the progress you can make on your business. For more great advice from Pat Flynn, subscribe to his Smart Passive Income podcast on iTunes.
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