Self Reflections for Entrepreneurs

Self-reflection can be a challenging process that is often overlooked by entrepreneurs and small business owners. However, it can be a key to understanding where you stand in your business and building a bridge between now and where you want to go. As we’re at the beginning of the year, it is essential to take the time to assess the results and facts about our businesses from the last year while understanding the decisions that we’ve done in the past and the ones we’re going to make in the future.

What is a self-reflective prompt?

A self-reflective prompt is a question or statement that invites you to pause and reflect on the past, present, and future. It encourages you to think deeply about your life and business in order to assess where it stands today.

Self-reflective prompts can help you assess the state of your business. They allow us to understand our strengths and weaknesses, keeping an eye on how we’re developing as future entrepreneurs. When we ask ourselves critical questions, we’ll be able to make more informed decisions that not only provide us with financial success but also personal fulfilment.

How we can integrate self-reflection into our business

Frequency

This can be done monthly, every 3 months, every 6 months or annually depending on the structure of the business. For some businesses that require more decision-making processes, it’s best to use the self-reflection process more often.

Routine

When integrating this self-reflection process, it’s necessary to commit specific time (e.g if monthly, when every month? How many hours will you spend?) to make it easier to build a habit & routine. Integrate it into your schedule to find what kind of routine is best for you.

Form

Don’t forget to always keep your self-reflection in a materialized form (e.g a document or voice notes) so it’s easier to follow up & build action items. This will act as an archive that you can then refer back to. A lot of times, this self-reflection routine uncovers new ideas. So it’s always best to keep it somewhere traceable.

What the results can tell us

Reflecting on your business can help you see the opportunities and threats that are taking place at this moment. It’s a good time to assess whether what you’re currently doing is still aligned with where the market is going, if your structure needs tweaking or changing completely. In addition, when we allow ourselves to go through an introspective process every so often, we will become more aware and intentional with our business strategy.

Depending on the results you see from your self-reflection process, the below actions may be taken:

  • You may need to change your business structure or strategy
  • You may want to change or tweak your offerings
  • You may want to expand your business or hire help
  • You may need to check in if the things you’re currently doing are bringing you happiness
  • You may like to explore other opportunities and collaborations
  • You may want to rebrand your business to align with your new visions
  • You may need to create new priorities
  • If everything is going well, then the results will tell you to just maintain your momentum and stay focused

Examples of reflective prompts for entrepreneurs

  • How am I feeling about my business right now?
  • What’s working well for me right now?
  • Are there things I feel challenging this past year?
  • Are there any new ideas or opportunities coming up that I’m excited about exploring further?
  • How do I want to use this coming year’s time and energy?
  • What would I do if I wasn’t afraid of failing?
  • What aspects of my business that make me feel empowered? How can I do more of that?
  • What kind of culture do I want to make in my business?
  • What weaknesses & strengths does my business have?
  • What have I accomplished this past year?
  • If I could fix one thing about my business, what would it be?
  • What desires do I have that I can implement right now to my business?

Self-reflection can be key to the growth of a small business. It’s important to take time each regularly and reflect on what you’ve done, where your strengths are, as well as things you want to change or improve upon for next year (or week, or month). By doing so, you can make sure that your business goes on the right path to growth.

Tip: Make use of your answers and adapt them to your business & brand strategy to align your vision for this year!

January 11, 2022

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