Episode 125: Is your business a Baby or Teenager?

Hi Listener! If you've been around here awhile you have caught on that I'm not always straight laced and professional. I was getting ready to speak once and had to describe my target audience. The best I came up with was like, a teenager business, you know? You can't be a little baby business, you have to know some things. This totally clicked and was such a great way to describe those growing pains we all experience in business. Today's podcast is just me sharing the stages of business with this child development analogy. I hope it helps you to be kind to yourself and find support for whatever stage you find yourself in. It's not super in-depth, just a loose framework, but I think you'll see yourself in one of these stages. Key Takeaways Baby Business

• These are those survival years! It's time to learn the very basics. If you've seen a baby learn to walk, you know they're going to fall flat on their face a few times. But they pick themselves up and keep trying!
• I spent a long time in the baby stage as an accidental, even reluctant, entrepreneur. I had a lot of time to play and try new things. I was able to learn from my mistakes and try new things.
• My journey seeking supplemental income is going to look a lot different from someone seeking startup funding or already working with a team! If you can't spend too much time learning from mistakes, consider getting a coach on board to guide you through.

Teenage Business

• "Okay, I have all of these things that equip me but who am I really? What is the identity that I want to hold?"
• You are a little more established and confident and it's time to make big life decisions.
• You're finding boundaries and pushing limits.

Young Adults

• This is me: "I've tested things. I've broken a lot of shit."
• I've learned that I can't stay out all night without paying for it the next day. There are consequences for my actions and I have to do some un-fun stuff too.
• According to LendingTree.com, 18.4% of private sector businesses fail in the first year, 49.7% after five years, and 65.5% after 10.
• It's ok if businesses grow and change! Maybe they took a "gap year" or retrained for a new career. Growth keeps happening.
• Think of businesses you admire: They all went through tough phases too, we just might not have been paying attention.

Connect with Molly Reach out to me, Molly Knuth, on Instagram and Facebook if your young business could use some caregiving (aka mentoring!) through those younger years. Follow Molly Knuth Media on Facebook and Instagram.