Don’t let desperation lead to miscalculation

Monday, July 31, 2017

Recently, while talking with a friend/business adviser about expanding my business, we discussed some areas that I had ventured into in the last year. The topic of the conversation revolved around budget allocation for this expansion. I know what you are thinking, “yawn.” During our conversation, he asked me my thoughts on the marketplace in which I was making my move. I knew I could do what needed to be done to make it successful, but as we continued to talk about the costs and steps required to make it happen, I said, “I know I can do it, but I’m just not passionate about it.” At that moment he said, “Stop right there. If you don’t have the passion, it’s not worth pursuing.”
He was right. You have to have passion to be successful. So I took a step back and asked some important questions: What excites me in business; where can I find my passion in my expansion; what is holding me back and how can I overcome that?
I have to say, I still have passion when it comes to my current book of business in health care. At this point, you may be thinking I’m crazy. I don’t blame you, as it’s hard to imagine still having that enthusiasm with all the challenges we face in the current marketplace, but God help me, I’m still passionate about it. That being said, to stay relevant and grow, you have to look at areas that ignite in you a hunger for more.
This conversation with my trusted friend was a pivotal moment for me. I had been feeling a burden about my thoughts on the expansion and when he pointed out what I knew but didn’t want to admit, I found my load lift and ideas flow. In these days of uncertainty about the healthcare arena, many owners look desperately for a new way to increase revenues. Desperation can lead to miscalculations and lost profitability.
We forget that we are entrepreneurs who began many years ago with a passion and a purpose that led us to start our businesses. Over time, some may lose that entrepreneurial spirit as work experiences, reimbursement cuts and maybe age takes its toll. Why should we not move forward with the same vigor and optimistic fortitude that got us into our businesses? The only thing stopping us is ourselves.
My son graduated from college recently and he is so enthusiastic about his future. He listens to podcasts, reads books and sits in on lectures from some of the most successful and wealthy entrepreneurs. He found them so interesting that he told me about them. I began listening to the same speakers and reading the same authors, and I have to say, I found myself getting excited again. So when my friend told me I needed to do something that gave me passion, it all hit me at once. Everything that I had been reading, listening to and thinking about settled in and I knew that I could find my new passion in business and I am an entrepreneur. That spirit needs to feed our minds and ideas for new revenue streams, opportunities and increased potential for success.
People always say, hindsight is 20/20. Guess what: As more experienced (not older?) entrepreneurs, we do have the insight and experience that we didn’t have in our 20s and 30s. We can use that knowledge to spur on new ideas, experiences and yes, even new businesses. We can keep our current companies moving forward by reviving our sense of spirit, and if we want, venture into new business expansions, too.
You don’t have to be a millennial to find your revived entrepreneurial spirit and make the jump to increased success. You just have to have the passion to take the leap again. And if you need a little extra courage, there’s always wine.
—Sarah Hanna is CEO
of ECS North in Tiffin, Ohio