On this week’s podcast, I had the pleasure of speaking with Sigi Loya, owner of The Alternative Board (TAB) in Pittsburgh. Our conversation focused on navigating the challenges of business ownership, maintaining resilience during tough times, and the power of peer advisory in entrepreneurship.
The Value of Peer Advisory in Business
Sigi shared his personal journey of joining TAB during a difficult period in his own business. He emphasized the unique value of peer advisory groups, stating, “No one knows what it’s like to be a business owner like another business owner.” This insight underscores the importance of having a support network of fellow entrepreneurs who can offer unbiased advice and share experiences.
Navigating Tough Times in Business
When discussing how to handle difficult periods, Sigi offered powerful advice: “Just keep punching, keep fighting.” He stressed the importance of maintaining focus and determination during challenging times. Sigi also highlighted the need to make hard decisions quickly, particularly when it comes to aligning expenses with revenue. His mantra, “Align your expenses with your revenue as quickly as possible,” serves as a crucial reminder for business owners facing financial struggles.
The Mindset Shift: Seeing Obstacles as Opportunities
Drawing inspiration from stoic philosophy, Sigi introduced the concept of “The Obstacle is the Way.” He encouraged entrepreneurs to view challenges not as insurmountable barriers but as opportunities for growth and learning. “In going through the mountain, you will learn things about yourself, about your business, about those around you that you will come out a different person on the other side,” he explained.
Prioritizing Self-Care and Enjoyment in Business
Sigi emphasized the importance of enjoying the entrepreneurial journey. “This is supposed to be fun last time I checked,” he reminded us. He cautioned against the common pitfall of working excessive hours, stating, “I’m not impressed by someone who makes a million dollars a year and works eighty hours a week. Anybody can do that. I’m impressed by a person who makes a million dollars a year and hardly works at all because they figured it out.”
Key Takeaways
Our conversation with Sigi reinforced several valuable lessons for business owners:
- Leverage peer advisory groups for unbiased advice and support
- Make tough decisions quickly, especially regarding aligning expenses with revenue
- View obstacles as opportunities for growth and learning
- Prioritize enjoyment and work-life balance in your entrepreneurial journey
- Don’t be afraid to make changes if you’re not finding fulfillment in your current situation
The overall message is to approach business ownership with resilience, strategic thinking, and a focus on personal growth and enjoyment. By embracing challenges, seeking support from peers, and prioritizing both business success and personal fulfillment, entrepreneurs can navigate the ups and downs of business ownership more effectively.l in our journey towards personal transformation and living a more fulfilling life.
Book recommendations from the podcast:
Learn more about Sigi:
Sigi is the owner of The Alternative Board in Pittsburgh, Pa. TAB helps growth minded companies come together to form a quasi board of directors where business owners can run ideas and problems past each other to obtain different perspectives. He is originally from Brownsville,Tx, is married to his beautiful wife Lauren and has three children.
