5 Mindsets That Can Kill Your Entrepreneurial Dreams
This article first appeared on Inc Magazine’s website.
Entrepreneurship is something all career-driven individuals’ desire, yet only few are able to make to their entrepreneurial dreams come true.
When it comes to business success, there’s no cookie-cutter mold. It’s critical for entrepreneurs to continuously work on their mindset, since it is this that determines what actions to take.
While styles of entrepreneurs may vary, they share very similar mindsets. However, there are few mindsets that can cost you your dreams of entrepreneurship, if you let them.
1. The fear mindset is the kiss of death for entrepreneurs
Despite all great entrepreneurial dreams, people get stuck along the way. Once you let fears take the driver’s seat, you will fail to make effective business decisions.
Successful entrepreneurs are not immune to fear. But they know how to prioritize their approach to life so that fear of failure or dissatisfaction outweighs the lingering fear of success.
Quick Tip: Use fear as early warning system. If it is holding you back from taking decisions, a mindset shift is in order.
2. Overconfidence can lead to poor outcomes
Overconfidence can be truly damaging to your path to entrepreneurship. One of the reasons for this can be that entrepreneurs who see themselves as experts are least likely to change and learn. It causes them to overestimate their knowledge and underestimate the risks.
Overconfidence in business robs you of an open mind, blinding you to the innovation of competition. It lets your ego drive decisions, which isn’t the same as confidence based on knowledge.
Quick Tip: Stay humble. You can’t always be so “right” that you stop listening to others.
3. Perfectionism is a creativity serial killer for entrepreneurs
One might think perfectionism would be a great personality trait to have when starting a business. However, this all-or-nothing attitude can be a dream killer for entrepreneurs.
Perfectionism is a voice in your head that says the product is not good enough to market, website is not good enough to launch, and many more. The truth is: There is nothing called as ‘perfect time.’ It just restricts you from the desired success.
Quick Tip: Accept the probability of failure, and let go of perfectionism.
4. Indecision: A barrier for growing business
Indecision can be a silent killer for many startups. Young entrepreneurs are usually stuck in indecision, with one foot on the gas pedal and another on the brake.
It would be fair to say that many startup founders aren’t the radically indecisive types — they started the company at least — but indecision is a vicious circle that creeps in slowly. If you find yourself enveloped in indecision, flip a coin and do something. If it turns out wrong, you got a lesson to learn and enjoyed the moment.
Quick Tip: Bad decisions can have a negative effect on startups, but indecision is even worse and can lead to all sorts of disasters.
5. Procrastination can cost you
We all have the tendency to procrastinate at times. Whenever there is work to be done, we would find excuses not to do it and put it off until there is absolutely no choice but to bite the bullet and get it done.
Never leave that till tomorrow which you can do today.
The above advice comes from a guy who was an absolute whiz at efficiency and productivity, Benjamin Franklin.
Quick Tip: Your excuses, dilly-dallying and puttering around aren’t tricking anyone. So stop procrastinating and simply go for it.
Unfortunately more startups fail than succeed. The reason for their demise may not necessarily be the concept or idea, but could be inadequate pre-planning or preparation. Don’t fall prey to the scenarios described here. Recognize what’s important for your business and develop a positive entrepreneurial mindset.