Business Education

Here’s Another Key Ingredient to Success — Stop Comparing Yourself to Others

“Stop comparing yourself to others!” Chance are excellent you’ve heard this advice more than once before. It might have been a parent, coach, a teacher, or even a friend. Okay, we all know this is true. Comparing yourself to others will inevitably lead to disappointment. But, we all fall into this trap and it isn’t helpful. So, how do you resist the feeling in the first place? Let’s take a look at how you can effectively stop comparing yourself to others.

If You Keep Comparing Yourself to Others, You’re Standing in the Way of Success

Before we get into the logistics, we’ll take a peek into what this actually does — it prevents you from succeeding. That’s right. Think about it. If you’re always comparing yourself to others, you keep moving the goal post.

Comparing yourself to others’ accomplishments is a losing battle. There is an endless supply of people to whom you could compare yourself and your accomplishments, but, inevitably, you’ll always end up on the losing side of the comparison. That’s because there will always be someone who has done something that you wished you could also accomplish. —Forbes.com

And, we all know what that means. So, doing this is essentially self-defeating. You can’t reach the goal if you keep moving it further away. It’s really that simple. Yet, it’s difficult to resist the urge because we all want to accomplish more.

How to Stop Comparing Yourself to Others

Now, how do you stop comparing yourself to others? Sure, it sounds easy but it isn’t. Fortunately, there are ways to beat back the impulse:

Practice getting over your FOMO urge. FOMO or fear of missing out. It’s a good portion of what drives the success of social media giants like Facebook. People are always measuring their own lives up against others on social media. Take a break. For instance, don’t check social media for an entire weekend. Or, make your evenings social media free.
Look for commonalities, not differences. Instead of comparing yourself based on differences, try identifying commonalities. It will give you a level of reassurance, at the very least. It will also tell you that you are incumbents in some ways and boost your confidence.
Take a long, mindful trip down memory lane. One of the best ways not to compare yourself to others is to compare yourself to yourself. That’s right. The you of today is likely a great improvement of the you of the past.
Understand what you can and cannot change. Another way to stop comparing yourself to others is to understand and accept there are things you can change and things you cannot change. Doing so will certainly help you contextualize.

What other methods would you recommend to stop comparing yourself to others? Please share your thoughts and experience by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Why a Recession Spells O-p-p-o-r-t-u-n-i-t-y for Successful Entrepreneurs

August 16, 2022 No Comments

As every savvy business owner knows, their company is not only subject to seasonality in at least some industries, but it can also be positively or negatively impacted by the overall national economic landscape and more particularly, the macroeconomy of their local community. So, there are cycles, or ups and downs, which more or less can be predicted. However, these factors don’t necessarily dictate every aspect of how they operate their businesses during good or bad times. Entrepreneurs still have quite a bit of say and it’s essential to understand that business owners are not totally helpless in uncertain times. The smartest and boldest entrepreneurs know and understand this, which is why they use recessionary periods to their advantage. One of the biggest debates in the business world really centers around individual personalities. In other words, two business owners in the same industry competing for the same consumer dollars might react in two totally different ways. When inflation spikes, interest rates go up, and consumers pull back their spending, one entrepreneur might also decide to pull back and scale down. This is not the time for inertia and despair or running around like the proverbial scaredy-cat. Instead of dwelling on the negatives as so many others do, realize that their preoccupation gives you a chance to one-up them. In fact, to be really contrarian about it, think of this catastrophe as a gift. The gift of challenges and opportunities. Challenges are what make business so exciting. Now’s the time to look for new, sustainable opportunities to grow your business and make it stronger. —Inc.com Meanwhile, the other business owner looks at this as an opportunity. Although consumers may be pulling back a bit, it doesn’t mean they can totally go without the goods and services they need. And, seeing that one of his chief competitors has decided to play it safe means there is a serious opportunity to be had for the bold entrepreneur. How Successful Entrepreneurs Turn a Recession into Opportunity Unfortunately, as stated above, this really depends on personality or more particularly mindset. Entrepreneurs who play it safe and try to ride out economic downturns will probably survive and even grow when things turn around. But, those people who played it safe might see a competitor grab up more market share because that rival decided to do the opposite. Here are some of the ways savvy business owners can take advantage of a recession: Increase advertising. The companies who continue to market their businesses aggressively will practically always reap the rewards and gain a return on investment. While others cut back on their advertising, entrepreneurs who are bolder and continue or increase their advertising put themselves in a stronger position in the marketplace. Buy out competition. This is something that happens regularly in certain professions, for instance, financial advisors. When one individual retires or a firm is winding down its operations, buying a book of business is quite common. Think about doing the same in your industry and how that could benefit your company in the long term. Streamline operations strategically. It’s not all just about going bigger, it’s also about being smart about how you’re running your business. Take some time to review your logistics and budget to see where you can streamline things to cut expenses while maximizing revenue. What other suggestions do you have? Please take a moment to share your thoughts and experiences so others can learn from you! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Waiting for Perfection is a Perfect Recipe for Failure

May 16, 2017 No Comments

We see it all the time–especially in the technology sector–companies pushing out products that aren’t perfect. Bugs, hang-ups, you name it, they exist right inside, and it’s usually weeks, even months, before the fixes come. It happened when Disney first opened its parks, when Apple rolled-out a smartphone with a proprietary map, when this or that company introduced a product with this or that problem. With so much money at-stake, and, the sheer number of consumers waiting with baited breath to get their hands on the latest, it’s little wonder why companies push-out products that aren’t quite ready. The question is about these instances is just why that is a reality? Why is it that mega-corporations, with some of the best talent on the planet, putting out products with bugs? The answer might lie in the quality control, or, it could be just a matter of human limitation–that is, not knowing everything about the product and/or not being able to foresee the future. Waiting for Perfection is a Perfect Recipe for Failure Though large organizations do introduce products that have problems, these are usually minor. However annoying the faults might be, they are not typically too big a deal. It does boggle the mind how it happens, but, it gives us a very good lesson about business: waiting for perfection is a perfect recipe for failure. Chasing perfection can become an addiction that’s unlikely to help your peace of mind or your business. It seems counterintuitive to stop reaching for perfection, especially since we’re often told it’s the only way to achieve success. All the extra time and effort to ensure every aspect of your business is perfect won’t move your company forward, and it’s very likely to drive you crazy. —Forbes Like the nearby quote states, it can be downright unhealthy to chase perfection. The larger lesson, though, is that nothing is ever finished if it isn’t started. We’re talking about ideas, new products and/or services, a new take on something old. Whatever it might be, entrepreneurs can’t wait to get it perfect because the longer it stays inside as a secret, the more opportunity there is for someone else with a similar idea to launch and chase their dream. While you’re waiting to get it 100 percent right, it’s costing you time, effort, and a lot of frustration. Instead of striving for perfection, here’s what you ought to be doing: Place value in feedback. You can always make changes and when people see that you’re not only willing to make them, but also to make other improvements, will come to trust your brand. Understand that you have limitations. Sure, you might be able to get it to work without a hiccup, but that comes at the cost of lost time and revenue. What’s more, you’re putting way too much pressure on yourself and team to demand it be exactly right. Launch in stages, if possible. If you are able to do so, release it in stages and fix along the way. Chances are if you can do it incrementally, you’ll see things that can be changed or improved for the next increment release. While you can wait to make it great, you shouldn’t rush to completion. Sometimes, companies give into the temptation to rush something out, even if it’s completed, just to get it out to sell. When you hurry, you make mistakes and don’t have the time for consideration. Perfection is admirable, but, it means you’ll fail if you keep waiting and waiting to launch. This type of Start up practice; don’t wait for perfection … has been formulated recently into what is called Lean Startup Methodology. Several of my colleagues and I met on this subject and we are planning a work shop for Entrepreneurs in October. As written by Steve Blank in the Harvard Business Review, “…recently an important countervailing force has emerged, one that can make the process of starting a company less risky. It’s a methodology called the “lean start-up,” and it favors experimentation over elaborate planning, customer feedback over intuition, and iterative design over traditional “big design up front” development. Although the methodology is just a few years old, its concepts—such as “minimum viable product” and “pivoting”— have quickly taken root in the start-up world, and business schools have already begun adapting their curricula to teach them.” Take your idea to market and test what the buyer says about it … today! [shareaholic app=”follow_buttons” id=”26833294″]

How to Fire a Family Member You Hired to Work for Your Small Business

January 1, 2022 No Comments

How do you fire a family member you hired to work in your small business? It’s a very complicated and stressful situation. You hired your brother-in-law, your cousin, nephew, niece, sister-in-law, or even a sibling. And, you probably did so with a lot of enthusiasm. But, it’s been in one unmitigated disaster after another. He or she just isn’t up to the job. Now, it’s come to the point where it’s hurting your business and you can’t continue on any longer. Fortunately, there are ways to break the bad news. Read on to learn about some of the best ways to fire a family member from a small business. Training versus Termination If you have given him or her more direction and a little extra attention, that might have been insufficient. It could be that he or she needs a lot more in order to really be an asset. So, the first step to take is to try and fix what’s broken. Make a prioritized list of what isn’t working and address those things first. Then, mentor him or her according to that list, going one by one. Many entrepreneurs take pride in their ability to provide jobs for their family members, but it can turn sour quickly when the family member doesn’t perform well. Subsequently, firing a family member can cause a rift between the entrepreneur and relatives who are close to the fired family member. And the entrepreneur may feel guilty if the family member can’t readily find work. —The Business Journals If this isn’t really applicable to your circumstances, consider moving him or her into a different position. Sometimes, people seem like a really good fit for a particular role and simply can’t do the job up to expectations. This might not even be his or her fault, so turn it into an opportunity to reassign him or her to a position where he or she can thrive. If these two strategies will not work or fail to produce any results, you will have to face the unenviable task of terminating him or her. Most Effective Strategies for Letting a Family Member Go from a Family Business Sadly, not every situation will work out as envisioned or intended. Sometimes, it’s just the wrong person for the job and there’s no changing the fact that you cannot pound a square peg into a round hole. Here’s some advice about how to fire a family member from a small business: Be prepared to break the bad news in an appropriate way. Even if this person is driving you crazy, don’t let anger be the emotion that causes you to lose control. First off, you’ll probably say something you’ll regret, and moreover, you might come off so angry that he or she will think you were just incensed and letting off steam. Take some time to reflect on what has occurred and make notes if necessary. Choose the right time and place. The most tactful way to engage is away from the workplace but in private. If you do this at your place of business, there’s too much potential for things to go wrong and become an embarrassing situation in front of your employees. It’s best to have the discussion somewhere else than your business — like a neutral, public place — perhaps a restaurant or park. Be honest but empathetic. You need to be straightforward with him or her but don’t make a big speech. Instead, be brief and direct but empathetic at the same time. Then, give him or her a chance to talk and don’t interrupt. If necessary, repeat your points but don’t belabor them. Remain emphatic and stay courteous. It’s very likely that he or she will push back hard and that may cause you to recant. If you begin to feel guilty, that’s a normal emotion. Try to stay pragmatic and be emphatic yet courteous. Don’t let him or her guilt you into making another bad decision. What other advice would you give people facing the unpleasant prospect of having to fire a family member from a small business? Please share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.