Small business owners are a proud bunch. And so they should be. They may have taken a risk in leaving secure employment to start a business, or be a stay at home mum trying to juggle a family and a new enterprise. However, pride and emotion just may be the block stopping the path to success.
Small business is not easy.
Many people start their journey with very limited funds. Cost cutting occurs everywhere just to get the business off the ground. Budget saving measures often result in the business owner managing all aspects of the business themselves. Bookkeeping, web design, social media management and marketing, suddenly they become jack of all trades, and master of none.
The number one mistake made by many small business owners or start ups though, is the refusal to understand that simply because they have started a new business, they do not automatically acquire the skills to successfully grow a business. There is no magic wand that gives someone all the knowledge required to succeed in business. Building a successful, money making enterprise takes a range of skills, knowledge and expertise. A little knowledge can be dangerous and this quote applies perfectly to many small business owners. It is time they seriously sat back and realised that it is not a bad thing to ask for help or admin defeat.
Although I develop businesses for a living, not all of my clients want continued support. And I applaud them. In fact, I encourage them to give it a go then come on back if things don’t work for them. But to completely reject any professional advice is silly.
My mantra is to continue learning every day until I die.
I know there will never be a time I have all the knowledge I need. And I have no problem with criticism. I was very lucky to work with business owners many years ago who taught me to not take criticism personally and use it to improve. Great advice.
Passion V Emotion
However, many small business owners get so caught up in the personality of their success that they cannot see where they may be going wrong, and to the detriment of their business. They react emotionally to any form of critique, no matter how gentle the delivery, and they cannot remove themselves from the emotion of the business.
Now, don’t get me wrong, passion is one of the keys to success. Loving what you do and being inspired by it is a wonderful feeling. But there is a difference between passion and unhealthy emotion.
To feel insulted when given advice, or to think that you know the right way every time, is setting yourself up for failure.
If you are ever going to succeed in business then swallow your pride, admit you do not possess all of the knowledge required to build your business the right way, and ask for help.
You may just learn something.
By Tracey Munn
Tracey Munn is an Australian Business Development Expert with qualifications in Accounting and Psychology. Tracey is the founder of The Business Group and Internet Business Australia http://www.internetbusinessaustralia.com. The Business Group creates Online Home Based Business Solutions and also provides support to new and existing business owners.