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Never Lose Sight Of Who You Are And What Got You There

How do you avoid these traps?

Warren Bonheim

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Building a business is grueling and there are many things that will distract you from your original intent. While growth and change is good, there are some “traps” that you can fall into.

As your business grows you will be pulled in a thousand directions, more often than not you will end up serving functions that are not your core strengths.

You may also step outside of your normal realm of business to appease a client or go after some “easy” money. All of this will defocus you and your business, and in no time at all this can start a downward spiral of both financial and reputational damage.

Related: 12 Reasons Entrepreneurs With Type-A Personalities Are Unstoppable

How do you avoid these traps?

Play to your strengths

Every entrepreneur has a particular strength (or two) that has contributed to the success of the business. Often what lands up happening is that you take on different functions to ensure the business is managed and clients are serviced. But these functions detract you from what you are really good at.

If you are very effective at sales and marketing or finance or product development then do that, because that’s what got you there!

You don’t have to be good at everything, rather surround yourself with other people that are good at the things you are not. Diversity is strength! Jack Welsh has always been a firm believer in a strong management team and this strategy enabled him to build his empire.

Focus on your competitive edge

competitive-advantage

Focus on your competitive advantage or value proposition and build on that! To get ahead and stay ahead you need to be clear and have a laser sharp focus.

That focus should always be playing to your company’s strengths – your competitive edge. And while you focus, never be afraid to fail. Failing is learning but learn fast and turn the lessons into actions.

Related: Competitive Strategy

Add more value to your customers

I believe to expand on your business you need to look at it like a series of rings from small too big.

You start at the smallest ring and then when you are ready, take one small step to the next ring. This step should be the next logical complementary product or service.

The more complementary the better, as this will allow you to serve your existing base of clients on the back of an existing trusted relationship.

Offering more value to new and existing clients creates not only more revenue but greater loyalty. The less you are entrenched in your customer’s business, the easier it is for them to move to the competition.

Clear your headspace

In order to understand your customer’s needs and keep an eye on the market, you need to take a step back and assess from time-to-time.

Related: 4 Time Killers You Need To Eliminate

Being too operational and burning yourself out, is not a long term success strategy. You will get some of your best ideas when you take a step back from the business and get some headspace.

Having a balanced life isn’t a suggestion, it’s an absolute necessity. If your management can’t run the business for a week while you are away, then there’s your first problem to fix.

At 36 years of age Warren is the founder and CCO of Zinia, a highly profitable multi-million rand Internet Service Provider (ISP) and wholesaler that is growing 70% year-on-year since its inception in 2009. He started Zinia with his business partner Frank Mullen and from the outset ran the company like a big business with tight controls, a strong management team, statistics to inform decision-making and a process methodology that revolves around simplicity and innovation. Warren is the quintessential self-made entrepreneur: at the age of 22 he started and ran a PABX and Premicell business in the telecoms industry for seven years. His tech and business experience mixed with a passion for seeking “what’s next” is what makes him the successful leader he is today. Follow Zinia on Twitter.

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Self Development

Listening To These 8 Audiobooks On Success Is A Better Use Of Your Long Commute

Commuting is mostly just unpaid work, unless you make an effort to learn something along the way.

John Boitnott

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Commutes are getting longer, and in some cities they’re up to two hours each way. I have a friend in Los Angeles who does this. He passes the time with audiobooks. Now that’s still a lot of time to be stuck in transit, but he doesn’t view it that way. He says it allows him plenty of time to feed his personal and professional goals.

I’ve spent years listening to literature in the car while commuting, but somewhere along the line I switched over to books on business and personal improvement. I mostly gravitated toward amazing people who built their success from scratch and who experienced tremendous hardship. It stands to reason that if you’re dealing with hardships like a long commute, it’s important to hear motivational words that can help you transcend the difficulties.

Here are eight audiobooks that will help grow your success, both personal and professional, on your next commute:

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Self Development

3 Questions To Guide You To Success In 2018

Most of the goals we set have some external component to it. Some component that we cannot control. Yet, we act like we can.

Erik Kruger

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3 Questions To Guide You To Success In 2018

Goal setting as a concept makes perfect sense. At the most basic level you decide on the destination and then plot the way to get there. But as with many things, we like to overcomplicate that which should be simple.

Before you know it, you end up with 2 big goals in 15 different areas of your life and 100 micro goals that will help you reach your 30 big goals.

Complicating something simple. Some of the biggest obstacles to people in reaching their goals are:

  • The overestimate the effort it will take to achieve those goals
  • They want to go from 0-100km/h in the blink of an eye
  • Life is dynamic and static goals often do not make sense
  • They get so entrenched in the day to day running of things that goals get pushed aside.

What if instead of goals, we just focused on giving our best every day?

Of course, you still want to have an indication of where you are going.

But, if you are giving your 100% every day then you can forego the micro goals for a better way of calibrating your compass… using questions.

Related: Goal Setting Guide

I suggest you ask yourself these three questions regularly:

1. What does better look like?

The question at the heart of development and incremental improvement. This question allows you some creative space in which you can imagine a better future.

  • What does better health look like?
  • What does a better business look like?
  • What does better customer service look like?
  • What does better leadership look like?

By reflecting on this question, you materialise the gap between where you are and where you could be. Now, the only thing that is left is to align your daily actions with the better future you imagined.

2. What can I control?

Borrowed from Stoicism this question highlights the power of decision in your life. Epictetus said we should always be asking ourselves: “Is this something that is, or is not, in my control?”

Once you ask this of yourself regularly you will feel more in control of your life and more in control of your business.

Why?

Because your focus is solely on the things that you can influence. It restores the belief that you can actually impact the world around you in a meaningful way.

3. Was I impeccable with my actions today?

One inherent flaw with goal setting is that the goal setter often feels judged. As if we need more of that. In addition to the constant negative self-talk we have to endure we now have an additional source of judgement – whether we reached our goals or not.

As we discovered in question #2 We cannot control everything. Most of the goals we set have some external component to it. Some component that we cannot control. Yet, we act like we can.

So, instead of judging yourself, commit to giving your best every single day.

Related: The Tim Ferriss Approach to Setting Goals: Rig the Game so You Win


Accountability

What I love most about these questions is that they provide a built-in layer of accountability. Use them every day.

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Self Development

To Be Successful Stay Far Away From These 7 Types of Toxic People

You need a network of talented people, not toxic personalities who undermine you.

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Surrounding yourself with prospective mentors is an excellent way to build lifelong success. When Steve Jobs founded Apple, he learned from colleagues like Steve Wozniak about what it took to build computer hardware. And he learned from early investors like Mike Markkula about what it took to build a successful company and market a product. Now imagine if Jobs had surrounded himself with toxic personalities instead. It is likely that he would not have been able to create a company that is on course to be valued at $1 trillion.

If you interact with people who demonstrate questionable behaviour, you’re more likely to model that behaviour yourself or to become stressed as a result. At the very least, you will be missing out on the opportunity to network with more successful and inspiring individuals.

This article will review seven personality types that should be eliminated from your life in order to build your most successful self. Once these people are gone, you can work on building a network of people who influence you positively.

1. Micromanagers

According to a report by NPR, micromanagement is one of the biggest factors associated with employee dissatisfaction, lowered motivation and lack of professional creativity. To be successful, you must learn to solve problems independently. Micromanaging can make it difficult to develop these skills.

Related: Keep An Eye Out For Toxic Employees

2. Short-term thinkers

If you surround yourself with short-term thinkers, it will be difficult to know if an idea is destined for long-term success. Those who are narrow-minded may be more likely to dismiss one of your ideas because it will take time to develop into a meaningful success.

Take the creation of Airbnb as an example. The company was founded in 2008. At the time the “sharing economy” did not exist, and hotel chains like Starwood and Hilton dominated the lodging market. A short-term thinker would have criticised an idea like Airbnb.

In order for the company to be successful, Airbnb would need to change people’s attitudes and expectations about travel. They would need to encourage people to be comfortable staying with strangers, and they would need to find ways to mitigate possible liability should something tragic happen during a customer’s stay.

Well-respected venture capitalists decided to pass on Airbnb because of these short-term concerns. The Airbnb founders were only able to find success once they connected with people who were comfortable thinking long term.

3. Pessimists

pessimistsPessimism is not always a bad trait; at times it can help entrepreneurs to recognize certain pitfalls that might otherwise be overlooked. However, a steady diet of pessimism is toxic when it comes to taking big professional risks.

As David Armor, an assistant professor of psychology at Yale University, says, “An entrepreneur starting up a company, for example, might drive himself to work 18-hour days for months and even years because he optimistically believes that there will be a big payoff for him at the end.” Conversely, a pessimistic attitude would make it difficult to tolerate such a prolonged stressful situation.

For those interested in taking on stressful professional situations, pessimistic people should be avoided in most cases.

Related: Tips on how to Survive and Thrive in a Toxic Workplace

4. Selfish people

Relationships that contribute to success are mutually beneficial. This dynamic cannot exist when dealing with selfish people. As a result, it is best to eliminate selfish people from your life in order to make room for more giving relationships.

A recent study found that a job applicant who is referred by an existing employee is 15 times more likely to be hired than someone who applies via a job board. If you befriend a selfish person, you probably can’t rely on them to introduce you to new career opportunities. However, forming connections with someone who is altruistic could give you a professional leg up.

5. Risk-averse personalities

Business success is about making informed decisions by weighing risks and rewards. If you are surrounded by people who over-index on possible risks while ignoring the possible rewards, it will be challenging to identify good business opportunities.

Take Amazon as an example. In 2014 Amazon launched a smartphone called the Fire Phone. In the end, the phone was not successful. Following the unsuccessful launch of the Fire Phone, risk-averse people might have avoided developing another piece of computer hardware.

But instead, Amazon correctly assessed the opportunity for an in-home smart speaker, and launched the Amazon Echo just one year later. Today, Echo has 75 percent of the smart-speaker market in the United States.

6. Unmotivated individuals

People who lack motivation or work ethic set a bad example for those interested in working diligently to become a professional success. There is no worse colleague than someone who simply does the bare minimum to get by.

Rather than associate yourself with people who cut corners or avoid hard work, try to surround yourself with people who are motivated to succeed. Collaborating with people who have a healthy drive for success can instill an extra dose of motivation in you.

Related: 3 Strategies for Dealing With Toxic People

7. Spendthrifts

Financial responsibility is a critically important quality to develop if you want to become successful. Warren Buffet is perhaps the supreme example of a financially responsible and successful person.

Buffet is the third wealthiest person in the world, worth nearly $80 billion. But despite his professional success, Buffet does not spend his money on flashy cars or large homes. In fact, Buffet still lives in the modest home in Omaha, Nebraska, that he purchased in 1958.

Those who associate with spendthrifts may be more motivated to make irresponsible financial decisions in order to fit in. At the very least, it will be harder to associate with people who make good financial choices, as these personalities are frequently diametrically opposed.

Conclusion

Business is all about who you know. From landing a new job to launching a new company, your network will enable or prevent future professional success. When developing a network of talented people, it is best to avoid toxic personalities who could set a bad example or demotivate you.

Be sure to avoid people who are micromanagers and short-term thinkers, as they can make it difficult to think autonomously. Risk-averse individuals or pessimists may cause you to think twice about great business ideas, and spendthrifts or selfish people may hamper your ability to grow. Last but not least, stay away from unmotivated individuals, as your success is dependent on your willingness to work diligently in order to succeed.

This article was originally posted here on Entrepreneur.com.

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