Lessons Learned as a Business Owner

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Written by Mandy Krickhahn // January 27, 2023

As I go into my eighth year of entrepreneurship and the sixth year of The Collective, I can’t help but reflect on some of the hard - but extremely valuable - lessons I’ve learned. In 2019, when we started The Collective, I was a stay-at-home-mom with an artisan business that I created and ran solo as a side hustle. Five years later, The Collective is my full-time gig that supports my family, and I am lucky enough to have a team of five badass part-time employees. 

As the business has grown, I’ve had to learn to have difficult conversations that would’ve scared the crap out of me five years ago, navigate situations that could greatly impact the business both positively and negatively, read people and their motives, become organized, become a leader, manage projects and my team (delegating is hard, ya’ll), plus so many other things. I want to share some of the biggest lessons I’ve learned along my journey.

Take care of yourself

When I started working for my business full time, I was going through a huge (and stressful) life change. I’ve been very open with the fact that I have struggled with anxiety and depression my whole adult life, then was also diagnosed with ADHD the same time I was going through all of this. Since my ADHD was undiagnosed and not being treated at that time, it created a cycle where it was making my anxiety and depression worse, which, in turn, made my ADHD unbearable. I was constantly overwhelmed and couldn’t get work done because I couldn’t focus. I had so much to do but couldn’t even decide where to start, so nothing would get done. I felt like a complete failure but am so thankful I was attending therapy at the time to take care of my mental health. 

I honestly never considered that I had ADHD, and receiving that diagnosis has helped me in so many ways. Had I not been actively working on my mental health through therapy, I probably would’ve never known I had it. Knowing that my brain just works differently took a weight off of me from thinking, “I wasn’t good enough or smart enough” to do my job, and also allowed me to take a step back to evaluate how my brain functions best. I was then able to put systems in place so my workflow creates an environment where my brain functions best and sets me up for productive work sessions. We are driving the ship as owners, and if we aren’t in a positive place (mentally or physically), our business will suffer. 

Roll with the punches

Running a business is not easy, and you never know what is going to be thrown at you. On the same day, I’ve gone from thinking I’m a genius to crying and wondering if I should throw in the towel. It is like a rollercoaster, but shifting your perception and changing your mindset can help significantly. Believe me, I’ve felt so many emotions from being tossed to the side, stabbed in the back, told no over and over, etc. It’s not easy. There are times I’ve broken down and many times I’ve felt betrayed, but once the dust settles, I know I can either learn and grow from it or let it take down me and my business. 

When things like this happen, I let myself feel it, then I step back and reevaluate (asking for feedback always helps me). I then decide how we will pivot and if we can put systems in place to help protect us from these things in the future. Does this mean these things won’t happen again? Absolutely not. I am fully aware there are TONS of lessons left for me to learn, and as the business grows, so will the problems. I also know that having the mindset that everything is a learning experience helps me not feel defeated and allows me to jump back in with a positive attitude. It’s not easy, but having that mindset has helped me get through those hard times. 

I’ve also found that a lot of times, the situations that hurt us the most and seem like you’ll never recover from lead to the best opportunities that otherwise wouldn’t happen. Not one, but two doors closing for us opened another door for us to create Farmed & Forged, which has been one of my favorite projects to date (and something I wouldn’t have taken on if the other two doors didn’t close!) Farmed & Forged then parlayed into starting The Collective Events, Inc., the nonprofit we will be running our public events under in the future. All this happened from two doors being slammed shut and not letting it break me or my business. I am so proud that, as a team, we rolled with it and came out on top. Mindset, y’all - not always easy, but so, so important! 

Contracts

ALWAYS have a signed contract when working with someone - even people you know. It may seem silly at the time, or you may think your business is “too small” to ask a client to sign something (I’ve been there). Things in business can change in the blink of an eye, and a contract will protect the agreement you made at the time. If it’s not in writing, it’s not true...remember that! 

Community

This is one I am so thankful I learned early on (and was the reason for starting The Collective). Creating a supportive community and surrounding yourself with people who want to see you succeed is one of the best things you can do for yourself as an entrepreneur. I am a part of the most amazing community that has helped me so much in so many ways, from brainstorming ideas, to giving honest feedback, to helping me make connections, to just being there cheering me on. 

At the end of the day, we are all just trying to figure it out as we go. For me, knowing I’m not alone and everyone (even the people I view as very successful business owners) is going through similar struggles helps take off some of the pressure I put on myself to have it all figured out (spoiler...no one does).  

Have fun

Running a business is stressful - there is no way around that. But, as business owners, we can get in our hamster wheel of the day to day. Be sure to take time to step back and look where you are and how far you’ve come. The journey is part of the fun, so do your best to enjoy it all and recognize your progress so far. 

Have lessons you want to share!? Feel free to email me at mandy@thecollectivein.com 🖤

Mandy Krickhahn
The Collective
Owner / Founder / CEO