Is there a single formula to success within the small business community? Does A + B always equal C? While economists and entrepreneurs have struggled with this question for untold centuries, the fact of the matter is that there are many variables which will need to be taken into account. Still, all successful business professionals share a handful of common traits. They are motivated, they approach tasks with a single-minded attitude and they are not afraid to take risks (up to a certain point). This is why those who are successful within the real world will first need to adopt a certain number of internal traits. Let us take a quick look at some psychological perspectives that will be able to align you down the road to success.
No Fear (Within Boundaries)
Many would-be entrepreneurs never get past the planning stage of a business idea. The chances are high that you or someone you know can be grouped into this category. These individuals seem to birth a plethora of amazing concepts and yet, none ever make it past the proverbial “drawing board”. There always seems to be some type of excuse as to why the idea will never work. Some common examples include:
- Not enough money
- Too risky
- Difficult to secure customers
- Will take too much time
Unfortunately, many of these statements represent nothing more than self-imposed mental shackles. Imagine if Bill Gates had never formed Microsoft due to a lack of money or if Mark Zuckerberg failed to pursue his social media dream because the concept was “too risky”. We must therefore appreciate these excuses for nothing more than what they are: easy ways for us to avoid uncomfortable positions or unpredictable outcomes.
Having said this, it is still important to note that successful entrepreneurs and business professionals are well aware of their limits in terms of risk. They know how far to push the boundaries before slightly backing away from the precipice. Taking a moderate amount of risk is one thing. Asking for another card during a round of blackjack when you already hold 19 is an entirely different concept.
The bottom line is that one of the most important psychological mindsets behind any great business idea involves the ability to control and rationalise our fears. A certain amount of trepidation is healthy and even prudent; would you ever be able to attract investors if you were careless or haphazard with your finances? In the same respect, too much fear will entirely cripple your efforts.
Patience and Humility
One of the many frustrating aspects of the online entrepreneurial community involves the sheer number of pervasive myths which choke up the marketplace. Examples of these include “get-rich-quick” schemes, one-size-fits-all website templates and “sure-fire” ways to success. While these catch phrases may help in terms of Google rankings, they certainly have no place within the realistic business world.
We need to temper our dreams with a bit of patience and prudence. Unless you happen to win the lottery, the chances of becoming a self-made millionaire within a few weeks or even a few years are slim at best. The best psychological mindsets should therefore contain an ample amount of realism. This generally begins by asking yourself a handful of important questions such as:
- What are my ultimate goals?
- What is a realistic time frame for success?
- How many sacrifices am I willing to make?
- Are my dreams tangible?
Be honest when determining the answers to these questions. If you plan to reinvent the wheel or to sink all of your investments into a clone of Facebook, you could very well be setting yourself up for failure from the very beginning. In fact, some of the most profound and industry-changing business ideas are simply improvements on existing tools or products.
We now need to include patience within the mix. Most websites to not begin turning a profit until they have been in existence for at least 18 months. Even at this point, they could simply be breaking even in terms of your expected ROI (return on investment). Be prepared for the long haul and be ready for a handful of setbacks along the way. Not all marketing campaigns will prove to be successful. Some products may not appeal to the intended audience regardless of how much preliminary research was performed. Mistakes are a part of the learning curve and even the most astute business professionals in existence today will state that they were not always able to see what was just over the digital horizon.
If you are able to fully embrace the psychological concepts mentioned above, you are already well on your way towards a lucrative and rewarding business venture.