Before SXSW, I wrote a preview for the panel, How Minimalism is Changing Entrepreneurship. Monday at the Omni Downtown, I had the opportunity to hear panelists Joshua Becker, Ryan Nicodemus, Courtney Carver and Joshua Fields-Millburn share various aspects of their journeys to minimalism and how it has helped them cultivate their passions, overcome the fear of money, and successfully move to self-employment.
Cultivating your passion
Millburn discussed his path to cultivating his passion. He worked a “successful,” high-paying job but wasn’t fulfilled.
People often offer the advice to “follow your passion,” but Millburn dismissed this advice. “First you need to cultivate your passion,” he said. Millburn spent most of his 20’s climbing the corporate ladder, but in challenging circumstances, asked himself if this was what he was waiting for all his life.
He decided it wasn’t and chose to pursue writing. He quoted Lincoln, reminding the audience, “Whatever you are, be a good one.” He encouraged people to focus on doing one thing very well, which requires choosing to set aside other things that aren’t a priority.
- Make a plan, and it has to include a budget.
- Cut out all unnecessary expenses – Make a list of your wants, likes and needs to do this.
- Set expectations – First with yourself, then with the others in your life.
- Pay off your debt and have an emergency fund.
He recognized that it takes hard work and sacrifices, but guaranteed that once you take these steps, it you will begin to grow toward overcoming the fear of money.
Strategies for successful business management
Courtney Carver spoke last, sharing her experience owning her own business. She offered several pieces of advice to successfully managing time and remaining focused.
First, she said you must understand the “why’s” of your business before you focus on the “how’s.” “Identify your purpose for why you do what you do,” said Carver.
Next, she warned, “You run the day or the day runs you.” She encouraged putting the most important work first, which means avoiding things like checking email first thing in the morning. When you do that, “You’re putting others’ work first.”
Carver also cautioned that social media can run you over if you’re not careful. She recommended starting with one platform. “Spending time developing an unengaged platform is a waste of your time,” Carver stated.
Her parting advice was simple: “Be nice, support good people.” She encouraged losing the fear and drama of competition, and to instead focus on doing work you love.
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I think this is a great panel with some great advice. I especially enjoy her parting words of “Be nice, support good people.” I think that along figuring out why you are starting your own company are solid jumping off points. If the reason you are starting a company is to make a lot of money and plow over the competition, you’d better be sure to have that security fund Millburn talked about set up fast because you’ll fizzle out as soon as you start. Great information!
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Thanks for the comment Katie! The “support good people” comment really stuck with me. We focus on competition a lot, but what would it be like if we genuinely supported others’ good work and vice versa? I think the outcome would be more collaborative and less cut-throat.