So, you want to be a successful entrepreneur? You need to know that the road to success is winding and fraught with challenges.
One of the challenges that stand in the way of many entrepreneurs is one that is so close to home it is often overlooked. Yourself.
Your way of thinking can severely impact your personal success and the success of your business. Read on to find out how you can get out of your own way and walk the path to success.
Here goes…
Comparing Yourself to Others
This is probably one of the biggest issues that many people face and it keeps them locked in a position they can never move from.
Concentrating too much on the successes of your peers or competition keeps you locked in a scarcity mindset. You end up constantly chasing someone else’s game plan, leading to frustration and depression.
Setting your goals to grab success from your competition or worse still being envious of others’ success will not lead you or your business to growth.
If someone is more ‘successful’ than you, do not aim to degrade their success to make yourself feel better.
Do not try to copy or emulate other’s successes. Everyone has their own path in life. As an entrepreneur, your goal is to find where your path lies and to leverage it in the marketplace for success.
When you find yourself comparing yourself to others, make sure you have your own set of goals in place and reward yourself as you move along your own pathway to success.
Do not wait for the final destination to reward yourself. By rewarding yourself along the way you will be building stamina for the future and will avoid the trap of concentrating too much on the successes of others.
Fear of Failure
This is a big one. The fear of failure is often deep-rooted and can become a self-fulfilling prophecy, i.e. You are scared of failing. You don’t try. You end up failing anyway.
The way to handle this fear is to reframe ‘failing’ as a route to learning. If you fail at something try to look at it as an opportunity for learning. Work out what you need to do to turn the situation around or to improve yourself.
Most of us cannot be great at everything, so consider getting outside help if you’re really struggling with a business or personal issue that is holding you back.
Yes, failure is disappointing but use that disappointment to refine your ideas and make them even better. Use the information you obtained from the failure to drive future success.
Overconfidence
This is one that plagues many entrepreneurs who believe they have a ground-breaking idea.
Yes, the idea may be fantastic but having a great idea is only one element of the entrepreneurial journey. You also need sales, marketing, execution plan, finances etc.
The mindset of, “if you have a good idea people will come”, is false. The harsh reality is no one cares about your ideas. The market is ruthless and competitive.
People are only interested in offerings that will make their lives better in some way.
It’s important for entrepreneurs to be open to feedback and be willing to adjust their ideas based on customer information and feedback.
Lack of Self-Discipline
This is an issue that is incredibly hard for all of us. As human beings, we have natural impulses and tendencies that can clash with our long-term goals.
Success is not one-dimensional. In order to obtain true success we need to operate in four dimensions. Dimension one is we need to be healthy. During your entrepreneurial journey ensure you focus some time on your health. Eat well and exercise.
Dimension two is relationships. While on your pathway to success, you need to cultivate meaningful relationships. You should take care of existing relationships and build new ones. You may also need to rid yourself of negative relationships.
Dimension three is finances. Ensure you start the process to sort out any financial issues you may have. Financial issues can cause personal stress and stall any entrepreneurial dreams you may have.
Dimension four is spiritual. Why are you doing what you are doing? Are you helping others? What are your beliefs and how are you doing good in the wider community with your venture?
This does not have to be about religion but you should be clear on your purpose and your mission in life. Your venture’s only objective should not be just to enrich yourself or only your loved ones.
As we have said before the most successful innovations enrich other’s lives in such an amazing way people are willing to pay over the odds for these innovations.
To keep on track and disciplined, write a list of tasks you need to complete to take yourself one step at a time closer to your goals. Break down the steps needed for success and aim to stick to the plan, no matter what.
Lack of Resilience
Resilience is the ability to bounce back from setbacks and adapt to challenging circumstances. Unfortunately, life and entrepreneurship are hard.
Life will sometimes throw up unexpected challenges and roadblocks that will cause 95% of people to give up and change direction.
When you come to one of these moments in your journey it’s important to detach yourself from the situation and look at the bigger picture.
You need to ask yourself the simple question, “By continuing my plan, will it make the situation worse?”. If the answer is no, then you probably need to continue despite the new challenge.
Often these challenges appear when your future success is just around the corner. You will need resilience to overcome challenges along the way and to continue with your plan for success no matter what the oncoming challenge.
Strangely, the more obstacles and challenges you face the more resilient you will become.
Impatience
Everyone these days wants results quickly. Unfortunately, anything worthwhile takes time to build. Impatience can lead to frustration, poor decision-making, and strained relationships.
The inability to wait for desired outcomes can cause individuals to miss out on the joy of the present moment and make hasty decisions that are not well thought out.
Impatience can lead to you hopping from opportunity to opportunity hoping to ‘win big’ on the latest hot new trend.
Entrepreneurs should ensure they have a vision and a plan and stick to it. Your plan should not be based on wishful thinking but on tangible research or even better, customer feedback.
Understand that overnight success does not exist. Regardless of how great your venture is, it will take time to execute.
Be realistic with your expectations and stick to the game plan unless the data tells you otherwise.
Perfectionism
Providing excellent products or services for your potential customers is a good thing. But you should not be aiming to be perfect before launching your idea.
The idea of perfection can cause unnecessary delay and expense in launching your business and can cause you to be unable to react quickly when the market changes or your customer does not relate to the perfect product you have created.
Entrepreneurs need to gradually improve their products over time rather than aiming for perfection from the get-go.
Doing this will ensure you can include real-life data and customer feedback in your decision-making, ensuring you build and provide products that your customers adore.
Final thoughts
Our mind is our greatest asset and also often our greatest obstacle. As entrepreneurs, it’s important to understand that not every thought in our head is for the benefit of our long-term goals.
It’s important to take a step back and analyse your thoughts to ensure you are not following the negative thought process highlighted in this article.
Your journey to success will be much more fulfilling if you can include these ideas into your game plan.
All the best!
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