As an entrepreneur, and especially if you are a solo-preneur, there are dangerous areas that can lead to business paralysis which can lead quickly to business failure.
In my business coaching practice, I see my clients facing issues that can be fatal if not addressed.
I am talking about things like:
- Fear – The fear of screwing up or taking the wrong step or the fear of being found out as a fraud.
- Perfectionism – I call it the “killer of the entrepreneurial spirit”.
- Over Analysis – This can quickly lead to “analysis paralysis”.
- Small Thinking – This is usually coming from self doubt.
- Setting Unrealistic Goals – This is a big one. Entrepreneurs are by nature optimistic but to be unrealistic can kill a business.
- Shiny Object Syndrome – You might know this one personally. Are you constantly trying the newest marketing method, buying the next big thing, changing what you offer or worse yet changing your entire business model?
- Procrastination – This comes from uncertainty and often lack of confidence. Your business will NEVER grow if you don't actually implement some of those great ideas you've learned about.
First it is important for you to understand that we all go through this in business (and in life for that matter). I can tell you from my own experience that I have pretty much dealt with all of these since I began Decisive Minds in January of 2010. I can also tell you that as someone who is actively working with a business coach and participating in masterminds, these issues are being dealt with by business owners of from the beginner level to the 7 figure level.
Each of these on their own could be deadly to a business but combine them and you have a lethal weapon. We can’t go into great detail here but I think it is important to understand what is going on, acknowledge it and make an effort to change it. That might be through working with a coach in a particular area. For some, it will simply mean making a decision to change something and implementing that change.
A great example for me would be perfectionism. When I started Decisive Minds, my business coach made it very clear that my perfectionism was going to slow me down.
If I wanted to build a 6 figure business quickly and then move on to 7 figures, there was no room for perfectionism. I have to tell you it was a hard pill to swallow but I did it. I put my perfectionism on the shelf. Yes, I could re-write my blog post 15 times, I could re-record videos all day long, I could freak out every time someone sends me an email to tell me that we sent out something with a bad link. Instead what has happened is that my team and I have become massive implementers. Since I am not so focused on perfection we put out large amounts of material, we have gained massive visibility for me and Decisive Minds and we built a 6 figure business in less than 2 years.
So what areas do you need to release? What fears are you trying to face on your own? Who could you reach out to that could help you work through these areas? Share in the comments.
Awesome article. One of the biggest things that I constantly fight against is the idea that I won’t be able to offer enough value to people or to clients. I sometimes delay on putting something to market or compelling a task because of this doubt. I do get into action but it is a conscious and daily practice to move past the negative self talk. Fear it but do it anyway.
That’s it Robert!! Just get it done and get it out there. :)) Thanks for the comment. Michele
I have trouble with procrastination & shiny object syndrome in regards to marketing. I am just now getting to the point where I am confident that I have all the materials I need to succeed. So now is the time to take massive action. Perfectionism gets a lot of people. Thanks for the post!
My greatest fear is a fear of success. Right now I am reading emails instead of doing my work. After I try all my stall tactics I get to work. Since I have stalled so long I get less work done. This makes success at least one more day away.