Fear, uncertainty and self-doubt are all raw feelings people experience when they consider the idea of starting their own business. It’s scary. No doubt about that. Entrepreneurs of all ages and with various levels of experience face internal questioning when taking on a new endeavor as they bring their own unique idea out of their head and into reality.
As an entrepreneur, there is added pressure to be successful not only because of the employees, partners and investors relying on you, but mostly because you are proving to yourself, your family and your friends that your idea is worthy and you have the gumption to make it happen.
In a survey commissioned by Weebly, Wakefield Research found that one-third of Americans are more afraid to start their own business than to jump out of a plane. With new business creation down 65 percent since the 1980s, this very real fear is stifling ideas, the economy and job growth.
So, what triggers entrepreneurial fear? And how do you overcome it and build a successful business? It’s all about finding the courage to take the first step, wholeheartedly commit to your idea and believe in yourself.
Below are a few ways to overcome some of the biggest mental roadblocks entrepreneurs face that I’ve picked up from my own journey and discussions with fellow entrepreneurs.
Set attainable goals — then ignore your inner perfectionist.
Where do you even begin? There is an inordinate amount of detail to think about and processes to put in place. If there is one trait entrepreneurs have in common it’s the ability to set goals. Start by identifying what your overall company mission is, and build smaller, achievable tasks that serve as stepping stones to reaching that mission. Those small goals will not only make the company mission more digestible and less intimidating but will give you a good indication of where to actually begin. Entrepreneurs are often type-A perfectionists, but remember that everything does not have to be perfect to start testing versions of your product, start building your own website and talking about your business to anyone who will listen.
Realistic goals are especially important when you’re starting your business as a side hustle. “Getting started is really tough because you’re making a change in your daily routine. Most people have jobs and a regular life they are managing already,” Jeff Wiguna, CEO and co-founder of Kuju Coffee and a Weebly user, said in an email. “Right after getting home from work, I would sit at my computer and tell myself to get only one single thing done. It could have been anything, from setting a up a spreadsheet, looking up an idea, Googling a name idea, making one phone call — even if no one picked up. The goal was to do that every day.”
Focus on your passionate community.
Let’s be honest, passion and grit can only take you so far in business, and without being financially stable the business will stall (and your bills will pile up). A key element here is identifying and building your community. Your community should be made up of a few groups — investors, partners and passionate customers — as each will aide in your financial success. By identifying people who are excited about the work you’re doing, your support system will solidify quickly.
Throw away the idea that there’s a perfect work-life balance.
You’re getting ready to pour a majority of your time and energy into starting a business, because if you don’t it will be difficult to succeed. So, what will happen to your personal life and relationships? If you’re an entrepreneur there’s a good chance that the line between personal and professional life is a bit blurred already, but it’s impossible to start a business without wondering how your family, friends and your Facebook feed will react. Thankfully, with the right support system, running a business doesn’t have to be a hinderance on your personal life. The ability to focus on family and friends while keeping sales rolling is essential. Be sure to surround yourself with partners who understand the need for balance — and who won’t make you feel guilty about also living your life.
There is definitely no one-size-fits-all solution for every business and founder. Katie Raquel, a Weebly user and founder of Katie’s Coldpress, told me in a discussion, “One fear was that I’d invest loads of time in something away from my daughter, and then not see it pay off. How to balance work and family is such a personal decision for every entrepreneur, and hats off to anyone that figures out what works for them. For me, it’s running the business mostly from home on my computer and phone so I can be with my kids during the week.”
In America, our survey found 57 percent of people have had at least one idea for a business solution or product. Yet, only two-fifths actually take the leap and execute on it. There will always be uncertainty when starting your own business, or pursuing any dream you have. Vulnerability and questioning come with every decision we make in life, but what separates achieving the dream of running your own business from sitting on the sidelines is the ability to jump in and take that leap.
Steve Jobs Shares the Secrets to Successful Team Leadership in This Throwback Video
Though Apple co-founder Steve Jobs died six years ago, his outsized influence is certainly still felt. A recently surfaced video interview with the late CEO — which based on his haircut seems to place him in the mid-1980s — shows him sharing his views about best practices for hiring and what makes a great manager.
Up front, he says that the greatest employees are the ones who have the ability to manage themselves. But they can only do that if the leadership at the top is clear about what they want. “What leadership [is] having a vision, being able to articulate that so the people around you can understand it and getting a consensus on a common vision,” Jobs says.
Jobs goes on to explain that one of the most important jobs of someone in his position is recruiting new employees. He notes that he isn’t necessarily looking for someone who is an industry veteran, but rather someone who understands where technology is and where it could go in the future. He also recalls a moment when as the company was growing, that he and others executives thought they needed “professional managers,” but that ultimately turned out to not be the case.
“We went out and hired a bunch of professional management [and] it didn’t work at all. Most of them were bozos,” Jobs says with his characteristic brutal candor. “They knew how to manage, but they didn’t know how to do anything. If you’re a great person, why do you want to work for somebody that you can’t learn anything from?”
Ultimately, he notes that the best team leaders are the ones that aren’t angling for power for power’s sake. “They are the great individual contributors who never, ever want to be a manager,” Jobs says. “But decide they have to be a manager because no one else is going to be able to do as good a job as them.”
Do you agree with Jobs’s assessment? Let us know in the comments and check out the full video below.
How to Keep Introverted Employees From Quietly Leaving Your Company — in Droves
The Myers-Briggs Type Indicator (MBTI) has been around for decades. Employers use it to uncover job candidates’ personality strengths and place them in the right role. MBTI results also help identify natural leaders and great communicators.
Yet, there’s little talk about how people’s results impact their satisfaction once they’re in a job. When leaders ignore employees’ happiness, it’s hard to keep productive talent around.
Interestingly, the Sunnyvale, Calif.-based publisher of the Myers-Brigg Type Indicator, CCP, Inc., conducted new research that dove into how personality impacts workplace well-being. It looked at five aspects of well-being: positive emotions, engagement, relationships, meaning and accomplishments.
After surveying 3,113 participants, the company, in a September report, revealed that introverts have lower well-being in all of these areas. This isn’t all that surprising: An introvert is less likely to speak up about what’s negatively impacting him or her.
It is shocking, however, that employers aren’t being more proactive. If leaders don’t find a way to improve the workplace happiness of introverts, those people will leave and take all their unique skills with them.
Want to avoid that happening to you? Here are some ideas to help connect with the introverts in your office and better understand their wellness-related needs in the workplace:
Be a chameleon.
Many leaders make the mistake of managing everyone the same way and assuming the results will equate across the board. But there’s a huge flaw in that logic: Every person, in fact, perceives and processes guidance differently. Some need more help in certain situations; some need less. So, it’s up to leaders to customize their approach.
Leaders ignoring the needs of their introverts can hurt their overall workplace well-being. The reason: Introverted employees will feel less engaged and have a harder time reaching their goals. This may then lead to feelings of isolation and disappointment, negatively impacting these workers’ mental health.
When managers recognize introverts’ differences, on the other hand, they can help those employees succeed, and feel more accomplished. For example, as New York-based co-founder of the digital agency Ready Set Rocket, Aaron Harvey, pointed out, introverts have trouble speaking in front of people. “If someone struggles in brainstorming sessions, simply stop by their desk in advance and ask them to be prepared with a few ideas around a specific topic,” Harvey advised in an email. “This can help them feel confident, joining a conversation that organically leads to real-time ideation.”
Consider other situations when introverts might feel that they are out of their element. For instance, consider ways in which shy employees might meet new people.
Talking with new clients, after all, probably makes them nervous. So, reduce their stress by having an extrovert they’re comfortable with tag along. Having a familiar face present will help get them through the situation.
Scrimmage employees’ skill sets.
Extroverts’ strengths are obvious. They’re good communicators, enjoy building relationships and freely share their ideas — all skills that contribute to their well-being. These traits make it easier for them to create a support system at work and to speak up about what skills they have to offer.
Introverts’ skills are more hidden, so leaders don’t always see what they bring to the table. Since introverts are less likely to communicate what responsibilities they’d like to take on, they’re left feeling unfulfilled.
Skills-assessment tools, like the MBTI, are a great solution. They reveal natural strengths and help managers assign introverts more meaningful work.
After realizing your introverts’ skills, give them more opportunities to use them. Assign tasks and projects that allow them to maximize their strengths. Fully and effectively contributing to the team will improve their feelings of meaning and accomplishment.
Arlington, Va.-based Greg Wester, senior vice president of marketing and business development at the mobile content discovery platform Mobile Posse, likes to mix it up with his employees. To help everyone on the team develop his or her skills, Wester told me, the company poses team challenges that mix introverts and extroverts.
“We’ve found that people are super competitive about winning,” he said by email. “The different types of exercises give people a variety of ways to participate, get involved and hopefully boost their well-being.”
Currently, Mobile Posses’ employees are working as teams to create themed videos. Each team has eight cross-functional, cross-personality employees. They’re all challenged to use their individual skills to create a video representing their perspective on a company core value or vision.
This approach to skill-building, Wester said, helps introverts connect with the entire team and gives them more confidence about their value in the organization.
Keep kindred spirits together.
While it’s good to have both types of personalities working together, introverts may become stressed if they’re paired only with extroverts.
For instance, imagine walking into a room where everyone is talking loudly and the words don’t make sense. The situation is overwhelming. This is how introverts feel when they’re surrounded by extroverts. It’s as though no one is speaking their language, and they feel isolated as a result.
What’s more, iIntroverts and extroverts communicate differently. To maintain well-being, introverts need to find like-minded people they can connect with and recharge their energy with.
Rick Gibbs, a performance specialist at the Kingwood, Tex.-based HR services company Insperity, pointed out that following personality assessments, introverts can find people who are like them and make healthy connections. “The process itself can help improve communication, build teams, and expand office friendships,” Gibbs said in an email. “More introverted employees will be able to identify others with similar communications styles.”
So think about conducting personality testing at your workplace. Then, hold a meeting where everyone can discuss his or her results. This will show introverts that they are not alone. They’ll be able to communicate better and deepen their relationships — and with them their personal well-being — at work.
Hard Work? It's Not All It's Cracked up to Be. It May Even Be Irrelevant. Here's Why.
From a young age, we’re raised to believe that we can accomplish pretty much anything so long as we work hard enough to achieve it. And, for the most part, that makes sense, at least intuitively. If you study for three hours while your roommate studies for one, you’ll probably do better on the test. If you spend 50 hours at work every week while your peer spends 30, you’ll stand a better chance of getting a raise or a promotion.
This idea follows us at every stage of our lives, and it echoes a cornerstone belief of Western culture: As long as you work hard, you’re going to be successful. But there’s a problem with this philosophy: Hard work isn’t always enough.
The Netflix approach
This idea is hard to accept at first, if you’re a hard worker who invests major time and effort to get what you want in life. Perhaps then, it’s best to introduce the alternative notion, using a corporate example.
Netflix (yes, the company responsible for those late-night television binges) has found success in part because it abolished the idea of hard work being the sole determining factor in an employee’s progression within the company.
Netflix formally introduced this idea in a 2009 slide deck explaining the company’s culture, but the idea dates back to 2001. Since her departure from Netflix, the company’s former chief talent officer, Patty McCord, has been on podcasts and spoken in interviews about the rather different work ethic Neflix evolved.
After experiencing financial trouble in 2001, the company made a bold move to lay off a third of its employees — not based on how long they’d worked there or how hard they’d worked, but solely on what they contribute, and how they impact the company’s bottom line. This infuriated some long-time, hard-working employees, but those who remained ended up getting more done because they didn’t have to correct others’ mistakes, or work around unnecessary teammates.
Even after that initial layoff, Netflix paid almost no attention to employees’ hard work. It allowed unlimited vacation time and flexible hours, focusing on results and innovation instead of the number of hours worked or the effort spent. This system resulted in the letting go of many employees who’d worked hard and performed well. But it also resulted in the better performance of the company (and, in many ways, in less stress for the remaining employees).
The problems with hard work
The Netflix example may seem harsh, especially if you’ve based your career around working hard. What if you too were fired after a decade of putting in long hours and genuinely trying your best?
Still, there are three main problems with hard work that an alternative culture or approach could correct:
“Hard work” doesn’t equal “results.” First off, hard work doesn’t necessarily correlate with results. For example, it doesn’t matter if you put 100 hours in to the design of your landing page; if your site doesn’t convert,you may as well have spent one hour.
Hard work isn’t efficient work. Next, consider that hard work isn’t necessarily efficient work. If it takes the person next to you three hours to complete a task that you could have completed in an hour, that extra hard work may have actually cost the company unnecessary time and money.
Hard work doesn’t encourage innovation. Finally, focusing on hard work doesn’t encourage innovation or novelty. Instead, it encourages repetition and persistence. Those factors can be good, but you also need some drive to try new tactics, incorporate new ideas and learn new things in your life.
What to focus on Instead
None of this is meant to imply that hard work isn’t valuable — only that your hard work should be reserved for when it counts the most. So, as an individual (whether you’re a professional or an entrepreneur), what should you be focusing on instead?
Efficiency. Focus on your efficiency. Instead of spending more hours, emphasize doing more with the hours you already have. For example, you could automate certain processes, delegate work beneath your paygrade or find new strategies to accomplish more within a set time frame. You can also work on eliminating redundancies in your workflow, or on abandoning tasks, meetings, and projects that eat up your time unnecessarily.
Results. Focus on results, prioritizing the work that seems to yield the highest return on your time investment. What’s really going to help you succeed? Reduce or eliminate anything that doesn’t fall in line with that vision, and don’t be afraid to make cuts.
Improvement. Focus on improving yourself and your surroundings. Instead of working hard on level one, spend some effort trying to get to level two. Invest in yourself, learning new skills and gaining new experiences, and invest in your environment by training your employees and making sure you have the best tools available for the job.
Hard work is incredibly valuable, but we shouldn’t keep thinking of it as the most important factor for success. Instead, we should see it as one of many factors that can help us, but won’t, in itself, necessarily save our businesses.
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