You may have heard the sobering statistic that more businesses are failing than are starting. So how can you, as a business owner, avoid becoming this statistic? Here are three mindsets that will hasten your failure and are to be avoided:
1. Looking for a quick fix or magic wand
Our society truly deserves the nickname, “Microwave Generation.” We expect results and we expect them right now and if we don’t get them immediately, we want to quit.
But owning a business involves a process. It is a journey and it takes perseverance. There will be many ups and downs, and sometimes more downs than ups. But looking for that magic wand or quick fix or magic pill is not going to solve your problems. This thinking leads to short-sightedness and makes you reactionary, impatient, and lacking in vision.
I think of a great example in Napolean Hill’s Think and Grow Rich. In this classic book, Mr. Hill describes a miner who gave up too soon in his quest for gold. He quit and sold it to an investor and that investor became rich because the vein the original miner found was very close! The miner quit too soon!
Looking for that quick fix or magic wand only leads to disillusionment which leads to quitting!
2. Believing that you know it all
As a business owner, you can’t know everything. Nobody expects you to know everything. If you think you know everything and can do everything yourself, you are headed for real trouble.
This example is so perfectly illustrated in one of my favorite books, Seventeen Against a Dealer by Cynthia Voight. Her character, Dicey, is so consumed with making boats that she doesn’t ask for any advice, doesn’t get any training or education, but plows ahead because she thinks she is supposed to know everything about building boats. Her business fails as a result.
Learning how to delegate is an important characteristic of successful business owners. Trying to do it all yourself leads to burnout and business failure.
3. What you have to share is not worth it
If you don’t think your target market will value your product or service, they won’t. If you don’t see the value in it, how will anyone else see the value in it?
It’s so easy to undermine what you offer due to lack of confidence or belief in yourself. That communicates a message to your prospect which will repel them. This will result in poor sales.
I did that for many years. I didn’t think that what I had to share about branding was worthwhile. Then I realized it was because I lacked self-confidence and didn’t believe in myself. It almost killed my business!
Don’t let these three attitudes lead to you becoming an unfortunate statistic! Rid yourselves of these mindsets now!