Delusion of Success
Entrepreneurs tend to look at other entrepreneurs and get caught up in a comparison game. This can cause a delusion of success and feelings of imposter syndrome.
Episode Highlights:
{1:36} The more shiny objects or things that you try to chase after or brag about, the more you will set you up for failure. Any time I got overly confident about my business something big would happen and set me back.
{3:07} Hire because you actually have a need or because you see other people hiring. If you hire quick, you have turnover quick.
{4:59} Are the employees your competitors are hiring give a potential client a reason to leave you and go with them? Not likely. As long as you are customer focused and providing for their needs, they will need you. They won’t be worried about the fact that another company has employees.
{7:23} There is a balance of being aware of competitors versus being all consumed with them. Don’t allow yourself to get to a point of unhealthy obsession. When you compare with competitors the reality is that you don’t know what their financials look like. They may offer a good deal, but is it a sustainable one?
{10:36} When you dig yourself into a deep hole you can either keep digging a bigger hole or stop and ask for help. There are plenty of people that have been through something similar and are able to reach out a hand and give their guidance.
{12:03} You should not be working just because you think you should be working or because of outward appearance. However, if you’re working on weekends because it gives you flexibility on another day, then go for it. You do not have to work 24/7, you just need to be aware of the business that needs to be done. Then do it efficiently.
Put together a list of values that define what you are and are not willing to compromise on and how those fit in with what you are trying to accomplish.
Learn from other’s mistakes. You don’t live long enough to learn them all yourself.
Connect with Will:
Book I Can’t Read: A Guide to Success Through Failure
Email: Will@willtalksbiz.com