Why do most business owners struggle to find true success?

That’s a philosophical question with layers, but when it comes to the business world, there are a few practical reasons why it might seem like we make success “optional.” People approach their goals, careers, and businesses differently based on their values, circumstances, and definitions of success. Let’s unpack this a bit:  Our self-created limitations –

  1. Risk Aversion: Starting a business, or any venture aimed at success, is inherently risky. Some people might have a lower tolerance for risk, preferring stability over the uncertainty that comes with chasing higher rewards. This choice can sometimes be seen as making success “optional” because they prioritize security over potential success that comes with risk.
  2. Different Definitions of Success: Success is subjective. For some, success might mean building a profitable business. For others, success could be about achieving a work-life balance, making a positive impact in the community, or pursuing a passion. Therefore, what looks like making success “optional” might actually be an individual pursuing success as they define it, not as society typically does.
  3. Resource Limitations: Achieving success often requires access to certain resources like capital, education, networks, and time. Individuals facing resource constraints might have to make strategic decisions that prioritize immediate needs over long-term ambitions, which can sometimes slow down or alter the path to their version of success.  We often do not seek wise counsel here and don’t realize all of the different, creative ways to gain the resources needed.  We also have to be flexible here.
  4. Fear of Failure: The fear of failing can be paralyzing. Some individuals might avoid taking steps toward their goals because they’re afraid of the consequences of failure. This fear can make it seem like they’re making success optional, but in reality, they’re struggling with confidence and self-doubt.
  5. Life’s Curveballs: Life is unpredictable. Personal issues, health problems, and other unexpected events can derail plans and make pursuing success more challenging. Sometimes, people have to focus on coping with these challenges, which might make it seem like they’re not prioritizing success.
  6. My favorite is simply that we are stubborn!  Many of us do great to a point, then when provided advice that goes against what we want, we pull back.  “I’ve always done it that way” is one of the biggest causes of company struggles, especially with growth and financial success.
  7. Lack of Trust – Trusting staff and outsources can be difficult especially if we do not have an expertise in their discipline.  Creating check and balance systems for these areas should help you to ‘Trust but verify’ and move forward with a much shorter learning curve and a higher level of expertise to support your business.

In the story of any small business, these factors play out in various ways. For instance, a person might have a brilliant idea for a startup but choose a more stable job because they have a family to support. Another might redefine their small business’s success by its community impact rather than its profit margin. These choices reflect the complexity of human priorities and the multifaceted nature of success. Understanding and respecting this complexity is crucial, whether you’re assessing your own path or considering the journeys of others in the business world.

Let’s dive into the concept of Defining Your Own Success and how it can be practically applied in the context of small business operations and personal career paths. This approach is crucial because it sets the foundation upon which all your efforts and strategies are built. Without a clear definition of what success means to you, it’s challenging to set appropriate goals, make aligned decisions, and measure progress meaningfully.

1. Clarify Your Vision

Start by envisioning where you want to be in the future. This vision should encompass not just financial achievements but also personal satisfaction, work-life balance, community impact, and legacy. Ask yourself questions like:

  • What impact do I want my business or work to have on my community or the world?
  • How do I want to feel about my work life and personal life?
  • What kind of lifestyle do I aspire to maintain?
  • HOW MUCH MONEY, SPECIFICALLY, DO I WANT TO MAKE?

2. Define Success on Your Terms

Success can vary significantly from one person to another. For some, it might mean building a business that can be passed down through generations. For others, it might mean creating a flexible lifestyle that allows for travel and hobbies. Consider aspects like:

  • Financial Stability: Achieving a certain level of income or profitability.
  • Personal Growth: Learning new skills, overcoming challenges, and expanding your capabilities.
  • Freedom and Flexibility: Having control over your time and the type of work you do.
  • Making a Difference: Contributing positively to your community or a cause you care about.

3. Set SMART Goals

Once you have a clear definition of success, translate it into SMART goals. This framework helps ensure that your goals are actionable and achievable.

  • Specific: Clearly define what you want to achieve.
  • Measurable: Ensure you can track your progress.
  • Achievable: Set goals that are realistic given your resources and constraints.
  • Relevant: Align goals with your overarching vision of success.
  • Time-bound: Set a deadline to create a sense of urgency and motivation.

4. Create a Roadmap

With your goals set, develop a roadmap of how to achieve them. This might involve:

  • Action Steps: Break down each goal into smaller, manageable tasks.
  • Prioritization: Determine which tasks are most important or time-sensitive.
  • Milestones: Establish interim targets to celebrate progress and maintain motivation.

5. Regular Review and Adjustments

Your definition of success might evolve as you progress in your career or business. Regularly revisit your goals and vision to ensure they still align with what you truly want. Be prepared to make adjustments based on:

  • New opportunities or challenges that arise.
  • Lessons learned from past experiences.
  • Changes in personal circumstances or preferences.

Example:

Imagine a small business owner whose initial goal is to build a nationwide chain of stores. Over time, they realize what they genuinely value is not widespread brand recognition but deep community ties and work-life balance. They might redefine success to focus on strengthening their existing operations in a few communities and implementing systems that allow them more personal time. Their SMART goals could shift from expanding to multiple new locations each year to enhancing customer experience and employee satisfaction in their current stores, with clear metrics for customer feedback and employee turnover rates leading to greater success in their smaller environment.

By defining success on your own terms and using the SMART goals framework to guide your efforts, you can create a fulfilling path forward that aligns with your values and aspirations. This approach not only makes success more achievable but also ensures it will be meaningful and satisfying once attained.

Don’t be the Bottle-neck in your own company.  Plan, Implement, learn, revise, plan…Repeat!

Why do most business owners struggle to find true success?

That’s a philosophical question with layers, but when it comes to the business world, there are a few practical reasons why it might seem like we make success “optional.” People approach their goals, careers, and businesses differently based on their values, circumstances, and definitions of success. Let’s unpack this a bit:  Our self-created limitations –

  1. Risk Aversion: Starting a business, or any venture aimed at success, is inherently risky. Some people might have a lower tolerance for risk, preferring stability over the uncertainty that comes with chasing higher rewards. This choice can sometimes be seen as making success “optional” because they prioritize security over potential success that comes with risk.
  2. Different Definitions of Success: Success is subjective. For some, success might mean building a profitable business. For others, success could be about achieving a work-life balance, making a positive impact in the community, or pursuing a passion. Therefore, what looks like making success “optional” might actually be an individual pursuing success as they define it, not as society typically does.
  3. Resource Limitations: Achieving success often requires access to certain resources like capital, education, networks, and time. Individuals facing resource constraints might have to make strategic decisions that prioritize immediate needs over long-term ambitions, which can sometimes slow down or alter the path to their version of success.  We often do not seek wise counsel here and don’t realize all of the different, creative ways to gain the resources needed.  We also have to be flexible here.
  4. Fear of Failure: The fear of failing can be paralyzing. Some individuals might avoid taking steps toward their goals because they’re afraid of the consequences of failure. This fear can make it seem like they’re making success optional, but in reality, they’re struggling with confidence and self-doubt.
  5. Life’s Curveballs: Life is unpredictable. Personal issues, health problems, and other unexpected events can derail plans and make pursuing success more challenging. Sometimes, people have to focus on coping with these challenges, which might make it seem like they’re not prioritizing success.
  6. My favorite is simply that we are stubborn!  Many of us do great to a point, then when provided advice that goes against what we want, we pull back.  “I’ve always done it that way” is one of the biggest causes of company struggles, especially with growth and financial success.
  7. Lack of Trust – Trusting staff and outsources can be difficult especially if we do not have an expertise in their discipline.  Creating check and balance systems for these areas should help you to ‘Trust but verify’ and move forward with a much shorter learning curve and a higher level of expertise to support your business.

In the story of any small business, these factors play out in various ways. For instance, a person might have a brilliant idea for a startup but choose a more stable job because they have a family to support. Another might redefine their small business’s success by its community impact rather than its profit margin. These choices reflect the complexity of human priorities and the multifaceted nature of success. Understanding and respecting this complexity is crucial, whether you’re assessing your own path or considering the journeys of others in the business world.

Let’s dive into the concept of Defining Your Own Success and how it can be practically applied in the context of small business operations and personal career paths. This approach is crucial because it sets the foundation upon which all your efforts and strategies are built. Without a clear definition of what success means to you, it’s challenging to set appropriate goals, make aligned decisions, and measure progress meaningfully.

1. Clarify Your Vision

Start by envisioning where you want to be in the future. This vision should encompass not just financial achievements but also personal satisfaction, work-life balance, community impact, and legacy. Ask yourself questions like:

  • What impact do I want my business or work to have on my community or the world?
  • How do I want to feel about my work life and personal life?
  • What kind of lifestyle do I aspire to maintain?
  • HOW MUCH MONEY, SPECIFICALLY, DO I WANT TO MAKE?

2. Define Success on Your Terms

Success can vary significantly from one person to another. For some, it might mean building a business that can be passed down through generations. For others, it might mean creating a flexible lifestyle that allows for travel and hobbies. Consider aspects like:

  • Financial Stability: Achieving a certain level of income or profitability.
  • Personal Growth: Learning new skills, overcoming challenges, and expanding your capabilities.
  • Freedom and Flexibility: Having control over your time and the type of work you do.
  • Making a Difference: Contributing positively to your community or a cause you care about.

3. Set SMART Goals

Once you have a clear definition of success, translate it into SMART goals. This framework helps ensure that your goals are actionable and achievable.

  • Specific: Clearly define what you want to achieve.
  • Measurable: Ensure you can track your progress.
  • Achievable: Set goals that are realistic given your resources and constraints.
  • Relevant: Align goals with your overarching vision of success.
  • Time-bound: Set a deadline to create a sense of urgency and motivation.

4. Create a Roadmap

With your goals set, develop a roadmap of how to achieve them. This might involve:

  • Action Steps: Break down each goal into smaller, manageable tasks.
  • Prioritization: Determine which tasks are most important or time-sensitive.
  • Milestones: Establish interim targets to celebrate progress and maintain motivation.

5. Regular Review and Adjustments

Your definition of success might evolve as you progress in your career or business. Regularly revisit your goals and vision to ensure they still align with what you truly want. Be prepared to make adjustments based on:

  • New opportunities or challenges that arise.
  • Lessons learned from past experiences.
  • Changes in personal circumstances or preferences.

Example:

Imagine a small business owner whose initial goal is to build a nationwide chain of stores. Over time, they realize what they genuinely value is not widespread brand recognition but deep community ties and work-life balance. They might redefine success to focus on strengthening their existing operations in a few communities and implementing systems that allow them more personal time. Their SMART goals could shift from expanding to multiple new locations each year to enhancing customer experience and employee satisfaction in their current stores, with clear metrics for customer feedback and employee turnover rates leading to greater success in their smaller environment.

By defining success on your own terms and using the SMART goals framework to guide your efforts, you can create a fulfilling path forward that aligns with your values and aspirations. This approach not only makes success more achievable but also ensures it will be meaningful and satisfying once attained.

Don’t be the Bottle-neck in your own company.  Plan, Implement, learn, revise, plan…Repeat!

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