Guest: Chris Papin
Small business owners often focus on financial statements, strategic planning, and daily operations, but beneath these essential tasks lies something more fundamental: emotion. But beneath these essential tasks lies something more fundamental: emotion. In a recent podcast interview, Chris Papin, an attorney, CPA, and small business owner, emphasized that success is deeply rooted in understanding and managing the emotions that drive decision-making, especially when it comes to leading people and making tough financial choices.
The Overlooked Element: Emotions in Business
"Small business owners, we don’t talk about emotion," Papin states. "But all of that is driven by your people, which is driven by emotion." While business owners are often preoccupied with financials and logistics, it’s the emotional element that plays a critical role in determining the trajectory of a business. Understanding this can be the difference between flourishing and floundering.
At the core of Papin’s approach is the idea that emotion influences everything—from how entrepreneurs plan for the future to how they respond to challenges. This insight is especially relevant in times of uncertainty, as was the case during the COVID-19 pandemic. "Covid was a terrible experience that shocked a lot of people, and many business owners all over the world were shut down overnight. But they found a way. They adapted," he recalls. The resilience that entrepreneurs displayed during the pandemic was not just a result of savvy business acumen, but also the emotional determination to persevere.
Aligning Personal and Business Goals
A significant portion of the podcast discusses how personal goals should guide business strategy. Many people start their own businesses with a vision of achieving more flexibility, financial freedom, or a better lifestyle for their families. But these aspirations are often met with unexpected challenges. Papin stresses that defining a strong "why" is essential. "Why do you want to go out on your own? Why do you want to take on the risk and receive the reward?" These questions are vital to establishing a clear vision that ties business success to personal satisfaction.
Papin illustrates this with an example from the trades. Imagine a skilled carpenter deciding to start their own business. They might be confident in their craft, but running a business involves more than just technical skill—it’s about navigating financial uncertainties and managing relationships. According to Papin, the carpenter’s success will depend on aligning their craft with a clear understanding of why they decided to go solo. “You need to build an infrastructure and have a financial understanding of that infrastructure so that it translates to your personal life,” he advises.
Building Resilience and Finding Comfort in Discomfort
One of the key takeaways from Papin’s interview is the concept of finding "comfort in your financial discomfort." Running a small business often means dealing with uncertainties—whether it’s the fear of inconsistent revenue or the pressure of making payroll. Papin encourages business owners to embrace this discomfort as part of the process. "As a small business owner, when you go down a path of something new, there’s going to be a lot of unknowns. You can trust your gut instinct, but you’re going to need tools and resources around you," he says.
Papin highlights that resilience isn’t just about enduring tough times—it’s about equipping yourself with the right tools and building a support system that helps you stay on track. Whether it’s consulting with trusted advisors or refining your financial understanding, having the right resources in place can make a significant difference.
The Role of Trusted Advisors and Community
Another important aspect discussed in the podcast is the role of trusted advisors and community involvement in small business success. Papin credits much of his perspective to the values instilled by his parents, both educators and small business owners. He believes that sharing expertise and serving the community are integral to both personal fulfillment and business growth. "The success for me and my team revolves around the success for our clients, our community, those around us. We want to help people, we want to engage people, we want to grow their 'why,'" he shares.
Papin’s firms operate on a partnership model, where selecting clients is as much about alignment as it is about financial opportunity. "We’re not focused on volume; we’re focused on right-sizing for a long-term relationship together," Papin explains. This approach underscores the importance of trust, mutual goals, and shared values in building successful business relationships.
Key Takeaways and Action Steps
Understand the Emotional Drivers: Recognize that emotions are at the heart of business decisions. Whether it’s fear, excitement, or motivation, being aware of these emotions can guide better choices.
Define Your “Why”: Before diving into entrepreneurship, clearly define why you’re doing it. Your personal goals should drive your business strategy.
Embrace Discomfort: Financial uncertainty is part of the journey. Learn to find comfort in discomfort by preparing with the right tools and support systems.
Align with Trusted Advisors: Surround yourself with experts and advisors who share your values and goals. Long-term success is built on these relationships.
Give Back and Engage: Success in business isn’t just about profit. It’s also about contributing to your community and helping others achieve their goals.
Conclusion: Shaping Success Through Emotional Insight
Running a small business is as much about managing emotions as it is about balancing the books. By understanding and harnessing the emotional drivers behind decisions, aligning personal and business goals, and building resilience through discomfort, entrepreneurs can create a path to sustainable success. As Chris Papin reminds us, "Pick your why, determine your why, write it down, and then focus on your why." With a clear purpose and the right support, small business owners can achieve not just financial success, but also personal fulfillment.
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