Thousands and thousands of people dream to start their own business, be their own boss and register success. However, only a handful of people actually take the plunge. Among the people who pursue their entrepreneurial dream, many will have to face the fact that one out of two businesses fails within five years after launch.
But the most important aspect, entrepreneurs need to understand is that in most instances, the success or failure of a company will depend more on the entrepreneur’s mindset and less on external factors.
Startups aren’t predictable and entrepreneurs will have to face a lot of challenges in their way to success, so you need to know which traits can hold you back from getting what you want as an entrepreneur.
1. Let’s start off with perfectionism. For business owners and entrepreneurs alike, practice does not make perfect, action does. An entrepreneur should not and will not wait until he or she is 100 percent ready before he or she takes action.
Entrepreneurs often think that they need to write a thorough business plan before they can do anything. And who can blame them? That’s what they learn in school. Actually, by the time entrepreneurs have finished their business plans, they are probably dated.
And while entrepreneurs want to have all business-related aspects covered, sometimes they just need to just do it. Giving up on perfectionism can only be done if the entrepreneur is prepared to “own” his/her decision. And although it’s never going to be easy, letting go of it will allow you to achieve better results.
In my opinion, perfection it’s just a myth that we tent to use to avoid risks and to delay decisions. And while you’re sitting in front of your computer moving dots and lines to make everything perfect before getting into the market, somebody else is already there registering the success you always dreamt of.
And if you are still having second thoughts, remember Reid Hoffman’s saying: “If you are not embarrassed by the first version of your product, you’ve launched too late”.
2. The second obstacle that stands in the way of entrepreneurial success is fear. Entrepreneurs’ determination and motivation are tested from the very start of launching a company. As a matter of fact, entrepreneurs compare starting a business with going in outer space and putting your helmet on when you get out of the shuttle. And this may be extremely scary, but if you surrender to fear and never take the leap, your chances of succeeding are virtually zero.
Moreover, entrepreneurs have to conquer the fear of rejection. While you may receive 99 no’s, the 100th answer can be the yes that will take you one step closer to entrepreneurial success. By not giving into the fear of failing and rejection, you significantly increase your chances or truly creating something noteworthy. And while the vast majority of entrepreneurs consistently and unequivocally grew up trying to avoid failure at all costs, fear can be transformed in an invaluable ally. At the same time, you can’t say you haven’t failed if you haven’t tried to achieve something.
3. Last but not least, worry can be considered another major obstacle that stands in the way of success. As an entrepreneur, worrying (lack of funds, clients, planning, etc.) comes with the territory: “What happened if I can’t raise the money? What if nobody will buy our products?, What happens if we can’t deliver on our promise? ”. These and many others are questions that entrepreneurs ask themselves all the time.
So you need to understand that worrying is part of the job description, but you can’t let it take control over your actions and decisions.
That doesn’t mean that you have to ignore it, because it will lead to an increased anxiety which will lower your ability to take good decisions for your business.
You have to find your own management system. Sounds very academic right? In other words you need to find out what works for you: some entrepreneurs go to yoga or meditate, other go to therapy to work on their anxiety issues, some find it useful to think at the worst case scenario and they work backwards from the end, thinking at the worst thing that could happen and evaluate the impact of that.
In my opinion it’s very important to remember why you are doing it, being an entrepreneur. To remember that you should enjoy the ride and the challenges received and that whatever happens it’s not the end of the world, but merely a lesson that will help you nail it the next time.