Growing up, my family was poor, and we struggled to pay the bills on time. I didn't understand why, but I wanted to help any way I could. So I started a car-washing business with my brother when I was nine years old.
From that experience, I learned three simple yet powerful lessons that I've applied throughout my career. In fact, they helped shape my business today into a successful private company that employs more than 600 people. More importantly, these lessons have helped me persevere through periods of uncertainty. My co-founders and I founded our company two weeks after 9/11. We went through the Great Recession during the company's infancy, and now we are navigating the coronavirus.
By implementing the lessons below, we have been able to build our company's infrastructure and create a culture of grit and resilience. As a result, we're able to thrive in challenging economic times when other companies in our industry might otherwise need to close. It's because of these key lessons that we have been able to survive and grow:
1. Know your purpose.
When I started my car-washing gig, my purpose was simple: Help my mom pay the power bill. As an entrepreneur, it's critical to know why you exist, what need you fill in the market and how you stand out from the competition.
I see many people get stuck by overthinking this part. You don't need to define your purpose in life; that's too big. Start small, and let it grow. Without a compelling purpose, you risk becoming stuck, disorganized and distracted. With purpose, you can be focused, motivated and driven.
In critical situations and when dealing with challenging times, it's important to break down your purpose into smaller chunks and keep it simple. A good example might be just getting through the day or week.
2. Take action.
I didn't spend too much time researching the best soap or sponges for washing cars; I took what I knew we used at home and went out the door. Once you know your purpose, it's time to act. It doesn't have to be perfect execution; you can measure, adjust and refine as needed. What's important is that you just get started.
It's common to overthink the details, but that only delays getting your idea off the ground. There's an overabundance of information out there today, and while having the knowledge you need to succeed is important, I believe constantly "doing more research" creates the perfect excuse to stall action.
As an entrepreneur, you can't underestimate the impact of immediate action; it creates a spark that builds a fire of ongoing action that drives forward momentum. Sometimes taking action in tougher times might mean just moving forward. It's important to keep going and remember that any action is often better than no action.
3. Develop the right mindset.
When I knocked on the first door to offer a car wash, I pushed out any doubts that I would fail because I was just a kid. To succeed with action, you have to knock out your limiting beliefs that are driven by things such as insecurity, fear or blame.
I believe that a person's potential is influenced by their mindset, and I've seen people get stuck because they have limiting beliefs about themselves. It's painful because they fail to see that their beliefs are the very obstacles that prevent them from succeeding.
Take funding, for example. You might say: "If I can't get a loan, then I can't pursue my dream and start my business." That's a limited belief because you could potentially raise or acquire the capital you need in other ways.
Avoid and push out negativity so you can effectively work toward your goals and build your confidence. When life's challenges show up, your attitude is everything; strive to keep it positive and focused. Make sure you stay aware of both your and your team's mindsets, and be resilient. As author Gary John Bishop said: "In simple terms, the language you use to describe your circumstances determines how you see, experience, and participate in them and dramatically affects how you deal with your life and confront problems both big and small."
Achieving Success
When my partners and I founded our financial solutions company in 2001, we didn't have a business plan, investors, customers or equity. We did, however, have an idea we believed in.
Our purpose was to create a better lending experience. We worked from the ground up to build our customer network by going door to door, handshake by handshake. It would have been easy to see our lack of experience and funding as roadblocks, but we chose to focus on the potential of what our dream could become.
As an entrepreneur, you have to think ahead. Learn from what's happening today to help prepare yourself for what could happen in the future. Purpose, action and mindset: It's a simple recipe that can help entrepreneurs work toward achieving success. Opportunities are out there; you just have to be willing to spot them, act on them and refuse to limit your thinking about what is possible to achieve.
