Business Education

Beware Entrepreneurs, This is Your Biggest Failing Point (but You Can Get Past It)

What is an entrepreneur’s biggest enemy? There are many answers one could give to the question. Including things like self-doubt, lack of capital, not enough focus, and many more. But surprisingly, one of the biggest entrepreneurial foes is themselves. This comes in various forms, but one that’s particularly counterproductive is a rigid and unceasing belief that they can make anything work, including relationships. Usually, this is where toxic relationships come into the picture, but instead, we’re talking about relationships that just don’t work out for anyone involved.

Final Endings can be Just as Healthy as New Beginnings

Dr. Henry Cloud has spoken and written extensively about what he calls “necessary endings.” Basically, what this means, is putting an end to any relationship that is not a healthy one. And, it is applicable to the business world more so than one might imagine. That is to say, that sometimes putting a final end to a business relationship is also the birth of a healthy new beginning.

Failed relationships in business have high costs, both financial and emotional –expensive golden parachutes, failed hires who waste costly training, partnerships and investments that lead to misery and conflict, investments that make you wish you had put your money anywhere else, buyouts that lead to the destruction of a business you’ve nurtured over decades. —Forbes

Put another way, entrepreneurs are very stubborn people. They believe they can fix just about any scenario or situation. This even extends to their professional relationships, even when those relationships fail to work out time and again. Business owners mistakenly believe that just by making a few tweaks, they’ll be able to parlay productive relationships with individuals that have previously been failures. Although this isn’t so, it’s their rationalization about their own prowess that leaves them to try over and over.

How to Effectively End Bad Business Relationships

Fortunately, there are ways to identify and end bad business relationships. The trick is to rely on other people’s good judgment and embrace counterintuitive ideas. With a different perspective, it’s entirely possible to identify and end just about any bad business relationship. Here’s how:

Stop the cycle. Instead of continuing the relationship on with the same person and experiencing the same bad results, make a resolution to realign your relationship. After all, it’s possible to remain friends, yet not be in business together. This doesn’t require an uncomfortable confrontation. Rather, gradually transition from a working relation into a just a casual one.
Ask others for help. There are people in your life who you trust. Rely on their good judgment to help you see your blind spots when it comes to failed working relationships. This will probably be difficult to hear and more so to accept, but having someone else’s perspective may be enough to convince you that it just won’t work out.
Try switching roles. If it seems like a particular relationship with someone in various business ventures fails time and again, perhaps it’s the wrong personality. Confide in someone else and bring them into that other person’s role in order to experience a new dynamic. Doing so might also help to reveal some of your own shortcomings.
Step outside your comfort zone. It could very well be that the reason you and this other person can’t seem to get things to work out in a business environment is because you’re only comfortable in certain situations. While it’s usually beneficial to rely on others’ strengths where you have weaknesses, it’s also advantageous to overcome those weaknesses whenever possible.
Look at the big picture. Having to end a relationship, even a bad one, can be very difficult. This is particularly true if you have an affinity for the other person, even when things just don’t work out. However, this type of unproductive relationship will likely only continue to disappoint rather than reward. Don’t see it as a failure on your part. Instead, accept it for what it is, good and bad, and find a realistic way to move on.

What other suggestions do you have for ending bad business relationships? Please take a moment to share your thoughts and experiences. Your unique perspective might help one or several people out of toxic situations!

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

Like this article?

Entrepreneurs Can Use These 5 Tricks to Fight Drowsy Days

September 14, 2017 No Comments

Everyone pushes through drowsy days. In fact, a study by the Centers for Disease Control and Prevention reveals 35 percent of adults ages 18 through 60 do not get the recommended 7 hours per night. That leads to a perpetual sense of tiredness. And, if this affects you, you know full well it’s not good for your productivity. But, if you’re unable to get a decent night’s sleep, you’ll need ways to cope to get through the workday. 5 Ways to Beat Drowsy Workdays There’s a lot you can stop doing to be successful in business. When it comes to sleep, you can also stop doing a few things. First and foremost, give yourself some tech-free time in the evening, particularly before you go to bed. About an hour before you go to sleep, turn off or silence your phone, tablet, laptop, desktop, and other devices. Also, get in a routine. Go to bed and wake up at the same time. We live in a fast-paced world where everything is quicker and more urgent. In leadership, in business, and in life, it seems we’re always behind: It needed to be done yesterday! It needs to be done now! Why isn’t it already done? Our days are hectic and our nights are busy. We constantly have to be on and available. Unsurprisingly, the side effects of this constant rush include an epidemic of fatigue. —Inc.com When you’re an entrepreneur, you work long, hard hours. And, it’s not easy to just relax and unwind at night when you have so much idle time. It’s natural to mull over the day and to plan ahead for tomorrow. But, you need a good night’s rest to be your best. However, you can’t let go and toss and turn through the night. Now, that familiar mid-afternoon 3 o’clock yawn grips you. What do you do? You need to make a good impression when you have a face-to-face meeting. Even if it’s just another day, without a big agenda, you might still need to fight fatigue. Here are a few helpful suggestions for beating those drowsy workdays: Leave your workspace. Being in the same environment for hours can easily lead to boredom (especially if you’re already tired). So, do yourself a favor and get outside. A walk around the block. A trip to the nearest mall for some quick window shopping. Just get out of the office for 15 or 20 minutes. Have a quick, healthy snack. Fruits, vegetables, and nuts are excellent sources of nutrition. And, some even help perk up your blood sugar levels. That’s enough to give you some more energy. It’s also a great way to counteract the effects of a big lunch that bogs you down. Do a little exercise. You don’t necessarily have to go outside to reinvigorate yourself (although it does really help). You can exercise right in your workspace. Do a few stretches and follow-up with some simple calisthenics. Tackle a few no-brainers. Tiredness can also be made worse by staying on a difficult task. One solution is to go with a few mundane chores. Take out the trash, clean the kitchen, organize your desk, anything that doesn’t require a lot of concentration will do the trick. Play some music. It’s a well-known fact that music stimulates the brain. And, it also impacts the body itself. So, put on some of your favorite tunes and get into the rhythm. Your attitude will quickly improve and you’ll feel reinvigorated. What do you do to power your way through a drowsy afternoon? What methods allow you to cope the best? Please share your thoughts and experiences by leaving a comment! Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Economists Call It Induced Demand, Entrepreneurs Refer to It as a Learning Curve – But the Lesson is the Same

August 28, 2024 No Comments

Economists Call It “Induced Demand,” Entrepreneurs Refer to It as a “Learning Curve” – But the Lesson is the Same Decades ago, California attempted to alleviate and lighten heavy traffic congestion on its highways by adding more lanes. Upon completing construction, the new thoroughfares opened, and, congestion significantly dissipated. Then, gradually, traffic became heavier and heavier. Eventually, the very problem the state tried to tackle returned, but there were more vehicles than before, and traffic moved even slower. The new travel lane additions didn’t solve the problem – they only made congestion worse. Economists call this phenomenon “induced demand.” This term is a fancy way to say it entices and causes more people to use something. The concept of induced demand, first proposed by economist Anthony Downs in his 1982 book “Stuck in Traffic,” suggests that increasing road capacity may not diminish traffic congestion due to the Triple Convergence Theory. This theory posits that new capacity attracts three types of travelers: those who change routes, those who adjust their travel times, and those who switch modes of transportation to driving. These shifts in behavior lead to increased usage of the new capacity, negating the intended benefits of reduced congestion. The lesson in the California road expansion project is simple – the state planned based on theory and had little to no quantifiable data that widening the highways would work. Although it seems perfectly logical to add additional lanes to lessen traffic congestion, the reaction by motorists wasn’t fully considered. And, it’s this very intention that can land entrepreneurs into considerable trouble. Why Entrepreneurs Should Carefully Experiment Before Fully Committing Growing a business can be a challenging process, and it’s easy to make mistakes that can cost time and money. So, you need to be prepared and understand a few things before you attempt to move forward. Now, here are some strategies entrepreneurs can use to avoid expensive or time-consuming mistakes when growing their businesses: Start with thorough market research. Before expanding, conduct detailed market research to understand your target audience, competitors, and industry trends. This will help you make informed decisions and avoid costly mistakes. Then, take the time to develop a solid business plan. Create a comprehensive business plan that outlines your growth strategy, target market, financial projections, and potential risks. This will help you stay focused and make better decisions. Next, learn to lean on your strengths and do the following: Focus on your core competencies. Stick to what you do best and avoid diversifying too quickly. Expanding into new markets or products can be risky and expensive. Invest in technology. Leverage technology to streamline operations, improve customer experience, and increase efficiency. This can help you scale your business without incurring significant costs. Build a strong team. Hire the right people and invest in their development. A strong team can help you avoid costly mistakes and drive growth. Remember, to succeed, you need to rely on others to help you accomplish your ultimate goals because you can’t do it all on your own. Monitor cash flow. Keep a close eye on your cash flow to ensure you have enough money to cover expenses and invest in growth. Try to avoid debt as much as possible. The less you owe, the more options you’ll have. Freeing up resources will do wonders when you experience leaner times. Be agile and adaptable. Be prepared to pivot your strategy if market conditions change or if you encounter unexpected challenges. Unfortunately, too many entrepreneurs become stubborn and refuse to make adjustments, typically leading to unpleasant results. Learn from mistakes. Use mistakes as learning opportunities and adjust your strategy accordingly. When you do this, you’ll build a healthy habit. One that will allow you to reevaluate situations and change direction to avoid bad results. Seek professional advice. Consult with experts, mentors, or advisors who can provide valuable insights and guidance. It’s highly advisable to speak with an experienced business consultant who can provide you with the right advice. And obviously, stay organized and focused. Keep track of your progress, set clear goals, and stay focused on your priorities. By following these strategies, entrepreneurs can avoid expensive or time-consuming mistakes and increase their chances of successfully growing their businesses. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,

Network Event Do’s and Don’ts

May 16, 2017 No Comments

Some people have an innate ability to walk into a room full of strangers and start connecting and uncovering business contacts galore. They seem to glide through the room, smiling, freely introducing themselves, while holding conversation. These people know how to read a room and individuals naturally. Then, there are people who move through events quickly, collecting an astounding number of business cards while shaking hand after hand. The difference between the two personalities couldn’t be more stark. One is making new contacts, the other is doing little more than trying to bag new clients. It’s obvious which one will benefit and which one won’t. The purpose of networking events is to do just that: meet new people and have conversations. It’s how you go about it that makes all the difference. Connecting with people is an art form, and, is learned over time. Before there’s any real connection, though, you’ve got to be prepared to meet new people. Network Event Do’s and Don’ts There’s a huge difference between meeting new people and connecting with them. Meeting a group of new people is even more of a challenge than meeting a single person or a very small group. Attending a networking event is something that stirs excitement and anxiety. These events tend to be noisy, where it’s not easy to hold a conversation. What’s more, you’re expected to participate and interact with several people. We network because we don’t work and live in a silo. Due to human nature, we tend to trust doing business with people we know or who are referred to us. People often think of the need to network whenever their jobs are in jeopardy, or whenever they’re in search of new business. —Career Builder When you go to a networking event, you do so to open new doors. There won’t be time to establish a relationship and connect with others, but there will be plenty of opportunity to introduce yourself and hold brief, casual conversations. To accomplish this simple, yet challenging feat, you ought to know the do’s and don’ts of event networking. Network Event Do’s Go prepared. You ought to have a brief list of topics to discuss and/or experiences to share. It’s okay to go over these out loud and practice introducing yourself. Just don’t practice too much, or, it will sound rehearsed and artificial. Keep one hand free at all times. Keep your dominant hand free of snacks, drinks, and other objects. You’ll be able to freely shake hands without having an awkward moment to find a place to temporarily set something down. Know who to approach. Just because someone is standing alone doesn’t mean you ought to rush over to approach. Take a moment to read his or her face and body language. When you do make eye contact, confidently approach and introduce yourself. Look for opportunities to offer help. One of the most powerful and likable gestures is to ask questions and offer your assistance. Only offer to help when it’s realistic and be sure to follow-up. Don’t make the mistake of over-promising or over-extending. Network Event Don’ts Believe collecting business cards is a measure of success. Remember, the purpose of attending these events is to meet people — not just to collect business cards. If that’s all you accomplish, the whole exercise is for naught. Be on the lookout for someone else while speaking with another. If you do have the misfortune of getting into a boring conversation, find a gracious and courteous way to excuse yourself. What you should avoid is awkwardly scanning the room for someone else to speak with to break away. Try to impress others with jargon or facts. Using big words, insider jargon, or trying to impress with a barrage of facts is a turn off. It’s pretentious and tells others you lack self confidence. What’s more, it keeps you from having a genuine conversation. Speak over or interrupt others. This sounds obvious, but, it’s something that can be unintentional when you’re nervous. When you do approach someone else and introduce yourself, be courteous, ask polite questions, and listen. Yes, the purpose of attending Network Events is ultimately to acquire new business. However, do not go to a Network Event if that is your initial purpose. Your priority for attending a Network Event is to develop Relationships which you can foster over time into a business opportunity with that connection or with someone they introduce to you. Minimize your agenda, and spend time listening and asking the other person questions about themselves and their business. Show them genuine interest and watch how your relationship moves to trust even during the Network Event. Isn’t it more rewarding to leave a Network Event with 3 or 4 really good, meaningful connections where both of you developed a relationship and can follow up after the event to further explore opportunities together? When is the last time you attended a Network Event and made some meaningful connections that turned into real business? [shareaholic app=”follow_buttons” id=”26833294″]