Showing posts with label entrepreneurial success tips to build business. Show all posts
Showing posts with label entrepreneurial success tips to build business. Show all posts

Wednesday, February 20, 2019

How to Beat Procrastination As You Grow Your Business

Procrastination is an odd compulsion. Everyone has experienced it, but the underlying reasons can be tough to pin down.

After all, procrastination delays the very activities that bring people closer to their goals -- whether that’s building a thriving business or stronger triceps. So why don’t humans just sprint toward that brighter, fitter future?
The science.
Scientific studies of procrastination have spiked over the past 20 years. Researchers once considered the issue a basic time-management problem, but they now view it as a complex and highly individual phenomena.

“True procrastination is a complicated failure of self-regulation,” author Eric Jaffe wrote in Observer magazine. "Experts define it as the voluntary delay of some important task that we intend to do, despite knowing that we'll suffer as a result. A poor concept of time may exacerbate the problem, but an inability to manage emotions seems to be its very foundation."

Greek philosophers used the word akrasia to describe the state of acting against one's better judgement. Building on this term, author James Clear believes everyone has a "Present Self" that desires instant gratification and a "Future Self" that prizes long-term rewards. "When the time comes to make a decision," Clear wrote, "you are no longer making a choice for your Future Self. Now you are in the present moment, and your brain is thinking about the Present Self." 


The personal motivation.

Back in 2006, I often struggled with the snooze button. When the buzzing began at 5 a.m. I’d ask myself, “Should I stay in bed or should I spend a few hours on my business?”

I was working as a programmer for a New York-based media company and building my company, JotForm, on the side. I learned a lot about myself while juggling a full-time job and scaling a startup -- including how to battle my own procrastination demons.

I started to consider why I was delaying certain tasks. Once I identified the root cause, I could plan to reclaim my productivity. This approach might sound simple, but most advice doesn’t probe the source of the problem. Instead, society most often teaches people to simply push through any feelings of resistance.

The “just do it” approach works sometimes, but it’s not sustainable. If you're repeatedly avoiding specific tasks, there’s an underlying reason -- and odds are it's highly personal.

Here are four factors that might be behind your bad habit, along with some ideas to help you conquer each scenario.

1. Progress doesn’t feel fast enough.

Think about the last time you started a new project or business endeavor. You probably felt excited and energized by the challenge. A couple months (or years) later, the shine dulled. Maybe you felt discouraged and even a little bored. You were fighting both time and biology.

Dopamine often is described as the brain’s “reward chemical,” activated by the ping of a smartphone or a heaping plate of pasta. But new research shows dopamine is more closely related to reward-seeking behavior than operating as a reward itself.

When your brain encounters novelty, it releases dopamine. The natural chemical motivates you to search for a reward (there's that exploring and pushing forward again). But when the project's novelty wears off, your mind rebels. Your motivation drops as your brain thinks, "My hard work isn't being rewarded. This isn't fun anymore."

The "Present Self" and its demand for instant gratification makes it even tougher to force yourself to open the spreadsheet yet again or to keep chipping away at a frustrating product feature.


BJ Fogg, a behavioral scientist at Stanford University, suggests you can fight the dopamine drop by setting up “small wins” and celebrating each milestone. According to Fogg, every task should be accompanied by a simple trigger. Imagine you want to create an online course. You could commit to writing a paragraph after every glass of water, then continue this triggered behavior throughout the day.

Once the task is done, it’s time for the small celebration. You could listen to a favorite song, take a brief walk, or read a great book. Repeat this process until you’ve achieved your goal. Small wins reward your novelty-seeking brain and nudge you toward the finish line. The feedback loop also establishes a powerful habit that can eliminate the need for motivation entirely.



2. You don’t know where to start.

It's common to feel overwhelmed in today's fast-paced world. Seemingly endless to-do lists can make it feel as if there's no good place to start. Unfortunately, divided attention often leads people to procrastinate in a sneaky way: They engage first in low-value activities such as emptying the inbox or checking social media.

Founders are especially prone to these feelings because there’s rarely a clear path forward. If you're like most entrepreneurs, you also may be wearing a lot of hats or juggling a packed schedule. In talking to fellow entrepreneurs, I’ve learned it’s normal to feel uncertain -- particularly when starting something new. Remind yourself it’s OK not to have the answers. Give yourself permission to start where you can.

Brainstorming solutions with friends, mentors and advisors can help you establish clear priorities. Seek out people who aren't lost in the weeds of your business' day-to-day demands. They often can help you realize where your time is best spent and what you should delegate.

Systems also can help squash procrastination. My family owns a small olive farm, and I join them every year for the annual harvest. The whole operation runs like a well-oiled machine. Everyone knows each step of the process, making procrastination almost impossible.
3. You're afraid to fail.

Founders love to repeat the mantra “fail fast, fail often.” Below the bravado, however, many live in fear of making bad decisions.

During a recent visit to Silicon Valley, writer Rob Asghar spoke to one unusually candid founder. The man, who asked to remain anonymous, told Asghar, “Many people here do talk about embracing failure, but that’s usually just hype."

Some fear failure so intensely they cut corners. Others might delay launch dates, miss deadlines or obsess over small details instead of releasing a beta version. I'm not immune. I struggled with perfectionism during the early days of my business. Perhaps we could have grown faster, but I was a bootstrapped founder. I didn’t have a board or investors monitoring my every move. When the fear of failure crept in, I could be gentle with myself and then carry on.

Joseph Ferrari, an associate professor of psychology at Chicago’s De Paul University, calls people who experience fear-based procrastination “avoiders.” Whether they’re avoiding failure or even success, they’re deeply concerned about other people’s opinions. “They would rather have others think they lack effort than ability,” Ferrari wrote.

High standards aren’t necessarily a bad thing. Everyone knows success takes grit, perseverance and strong principles. BeyoncĂ© and Serena Williams are two self-described perfectionists who have harnessed this tendency with amazing results.

“Perfectionism and procrastination are linked,” Boston University psychologist Ellen Hendriksen wrote, “but it’s not necessarily the sky-high standards that slow you down, but the sky-high standards mixed with a belief that your performance is tied to your self-worth. That combination can grind you to a halt.”

You are not your work. And untangling the difference between who we are and what we achieve can help to stop to fear-based procrastination.
4. You don’t like the task.

Some activities aren’t fun. Few people enjoy going to the dentist, doing their taxes or visiting the DMV. Building a business also requires many less-than-thrilling activities. When there are so many moving parts to tackle, who wants to spend precious hours invoicing?

This is perhaps the most mundane type of procrastination. People put off dull, boring, or uninspiring tasks because they don’t feel like tackling them.

“Somewhere along the way, we’ve all bought into the idea, without consciously realizing it, that to be motivated and effective we need to feel like we want to take action,” social psychologist Heidi Grant wrote. “I really don’t know why we believe this, because it is 100% nonsense.”

Grant suggests that instead of waiting for motivational lightning to strike, you apply a technique called “if-then planning.” First, identify the steps required to complete a task. Next -- and most important -- determine where and when you’ll act. Tell yourself, for example, "If it’s 10 am, then I’ll close my email and research design agencies."

This process doesn’t require willpower. And that’s important, because a lack of willpower, in the traditional sense, might lead you to postpone things in the first place. Embrace your limited resolve, Grant recommends, and use if-then planning as a backup tool.
The power of self-knowledge.

Everyone has different motivations, goals and personalities, so it makes sense that everyone also has different reasons for procrastinating. Once you understand what’s blocking you, it’s easier to choose the best solution. Ignore the other hacks and don’t worry if “expert” advice falls down.

After all, it's more important to know yourself, experiment and stick with what works for you. And take comfort in knowing every human who's lived has faced the same challenge, from wise ancient Greeks to Silicon Valley startup founders.

Source: https://www.entrepreneur.com
Image Credit: laflor | Getty Images




ABOUT WNFP
Westchester Networking for Professionals (WNFP) is a business organization focused on providing our members and guests with an extraordinary networking experience, bringing business professionals together for the sole purpose of generating new relationships and developing new business opportunities. Not a member, learn how you can become a member and join this awesome group of professionals to connect and grow your business.

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Tuesday, February 19, 2019

How to Successfully Shake Up Your Small Business





Are you making big changes to your small business?

Whether you're entering a new market, eliminating services that your clients love but no longer work for you, or changing the structure of your business entirely, follow these three tips to shake up your small business without losing revenue or hurting your reputation.

1. Be considerate of your customers.

When you take your small business in a new direction, you're likely to lose customers at first. In that moment, how you treat your departing customers has an outsized impact on your company's reputation.

Can you phase out your old services slowly to help clients adjust? Can you offer "final sale" deals to let customers stock up on favorite products before they're gone? Can you recommend a new service provider that will be a better fit?

Helping your customers make the transition with you takes time and energy, but it demonstrates both your integrity as a business owner and how much you appreciate their business.

Kurt Rathmann, the CEO and founder of ScaleFactor, lost several customers when his company transitioned from offering accounting services to creating specialized accounting software. "We found we had a few customers who no longer fit our business model."

He and his team went out of their way to make the transition easy on those customers. "We ultimately phased them out over several months and found those customers new homes that were a better fit for their needs," Rathmann said. "We treated them with care and respect, knowing that they played a huge role in our success so far."






2. Use your data.

For many business owners, the initial impulse to make big changes is the result of a gut feeling. You can tell when something is or is not working, and you want to change course as a result. Though that initial feeling may prompt you to re-evaluate the structure of your business, the actual changes you decide to make should be based on more than just a gut reaction.

"No decision you make about whether to seek out more of a specific type of customer or, even harder, to fire some of your existing customers should be made by feel," Rathmann said. Instead, use the data you have available to determine the best direction for your company before you make major changes.

There is a wealth of tools to help you do this. Your accountant, or accounting software, should be able to pinpoint which products and services are most popular, as well as which ones make the highest profit for the lowest cost in time and money. You should also take advantage of social media analytics, customer reviews, website analytics, and employee feedback to get a full picture of both the health of your business and the interests of your customers.

"Difficult as it may be, avoid making assumptions about your customers at all costs, even those that seem like a no-brainer," Rathmann said. "Everything you know about your ideal customer should be collected through data, experience and research."


3. Imagine the future, not just the immediate profit.

Changing the structure and focus of your business is difficult, and the initial result is not always positive. You may lose customers and revenue. You'll probably second-guess your decision at least once. When that happens, the best way to move forward is to have a clear, long-term vision of what you want for your company, customers and career.

"Your gut will tell you to follow the quickest path to money every time," Rathmann said. But that, he said, isn't the path to a sustainable new business model. "Approach [any changes] cautiously and methodically, and consider not only where your biggest revenue streams come from, but also where your company is headed in the future."

Once you know where you want to head, you'll be able to make decisions in line with your mission, rather than simply chasing an easy profit. This goal-oriented focus will keep you on track, even when you deal with temporary setbacks like lower profits or moments of self-doubt.

"At the time, it was nerve-wracking to walk away from that much revenue," Rathmann said. "Looking back now, I can see with 20/20 vision that this was the right call for us."






Source: https://www.businessnewsdaily.com
Image Credit: Rawpixel | Shutterstock



ABOUT WNFP
Westchester Networking for Professionals (WNFP) is a business organization focused on providing our members and guests with an extraordinary networking experience, bringing business professionals together for the sole purpose of generating new relationships and developing new business opportunities. Not a member, learn how you can become a member and join this awesome group of professionals to connect and grow your business.

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Wednesday, October 3, 2018

2 Key 'People' Rules That Can Make or Break Your Business


Two friends of mine, born in the same place, work in the fashion industry. Over the years, each has gained access to very similar resources. Both have charismatic personalities and are natural leaders. Yet one of these women constantly struggles -- her business is broke and may have to close its doors—while the other woman’s company is now worth more than $1 billion.
The obvious question is: With so much in common, what’s the difference?

The short answer is, the successful entrepreneur had great self-awareness. Having her own “Aha” moment early on, she recognized what she did well and, just as important, where she needed help. She knew from the start to build a team with the right skills around her and then get out of their way. Her strategy allowed her to work her strengths and hire her weaknesses. Her key tactic -- and it’s a good one -- is to find people that play doing the things she considers work.

In effect, she fired herself as CEO, putting someone else in place with a track record of successfully building companies like the one she wanted to create. This allowed her to focus on product development, which is the work she does best and enjoys most. The company thrived.

In contrast, the struggling entrepreneur did two things wrong. First, she tried to do everything herself, from scheduling meetings to going on sales calls to making the product and shipping it to her customers. She was always so busy working in the business that she had no time to work on the business. Second, she put herself in the wrong role. Although she, too, was miscast as a CEO, she didn’t have the foresight to hand off the executive responsibilities to someone better suited to the job.

An important element of your entrepreneurial success is to build the right team around you. What do you need to know about yourself and your potential crew to get your business to break through to the next level? Stop doing it all! Instead, try the following:

Work your strengths and hire your weaknesses


One of the best qualities an entrepreneur can exhibit is self-awareness. Are you a visionary? Do you like to take risks? Are you better at setting up systems and managing day-to-day operations than thinking big? Is there a specific area like sales, marketing, or product development where you excel? Get clear about who you are and how you can help the organization most, then focus on filling the gaps by gathering the right people around you.

Sometimes entrepreneurs, perhaps out of pride, find it difficult to put someone else in the role of CEO. The same hesitation may also apply to other leadership roles. My advice? Get over it. This kind of limited thinking will only obstruct your path to success.

Aim to hire people more qualified and smarter than you and give them the tools they need to succeed. By the way, assigning somebody else a major role in the company doesn’t mean you have to give up your influence or ownership. When your role is in perfect alignment with who you are, you’ll be able to contribute more and really enjoy what you’re doing in the process.

When Sara Blakely got started, she worked on Spanx at night, filling orders from home and personally going into stores to rearrange product displays. As the business began to grow, she recognized that, at heart, she’s a visionary rather than a CEO. So, two years after she founded the company, she hired Laurie Ann Goldman, a woman with ten years of experience running a licensing division at Coca-Cola, as CEO. She played to her strengths and hired to cover her weaknesses. Basically, she knew what she didn’t know and was OK with that.



Be ready to substitute players


As your company grows, people who excelled early on may not be the right fit down the road. One manager may be great at taking a product to market but not know how to grow the business beyond a certain point. I’ve seen people perform brilliantly at one level who can’t shift gears to get the company to the next one; they’re great at taking a business to $1 million or even $10 million in sales, but not $100 million. That’s not surprising—different skill sets are needed at different levels—but you need to make sure you have the right people in the right places at the right time in your company’s life cycle.

One key thing to consider is that employees, partners, and contractors need to be comfortable working in a fast-paced, resource-constrained environment where they’ll likely be asked to juggle multiple tasks. Also, because getting your business off the ground is so time-consuming at first, you must be sure the people on your team don’t have any other major obligations during the critical go-to-market period. Once the business grows, you’ll need people who not only know how to do the job but can also manage others effectively. In the beginning, everyone does a bit of everything, but later on, once people have defined roles, strong leadership and management skills become increasingly important.

Bring in the right people, ones you can trust, give them all the tools they need to succeed, then get out of their way. Leverage your strengths and spend your days doing the work you enjoy most, and get comfortable delegating everything else. It could make the difference between going broke and building a billion-dollar business.

Source: https://www.entrepreneur.com
Image Credit: Hero Images | Getty Images


ABOUT WNFP
Westchester Networking for Professionals (WNFP) is a business organization focused on providing our members and guests with an extraordinary networking experience, bringing business professionals together for the sole purpose of generating new relationships and developing new business opportunities. Not a member, learn how you can become a member and join this awesome group of professionals to connect and grow your business.

Stay Connected with WNFP!
Join WNFP Communities!
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