Is the fear holding back the success of your business? [Column] | Business Weekly

With all of the informational resources available today such as podcasts, seminars, workshops, print, webinars, and simulcasts just to name a few, how is it possible that every year more than 30% of new start-up businesses fail?

The Small Business Administration did research finding that some of the causes are due to weak leadership, unprofitable business models, poor financial management, insufficient planning and lack of awareness of customers needs. There is no lack of available information about any of these topics. If the knowledge is out there and available, why is it not being researched and applied?

Why are the owners and managers of these companies holding back and not addressing the problems and situations that are destroying their future success? Consider this idea — companies don’t go out of business, the people that run the companies drive it out of business. It’s not that they don’t have the information, it’s because the people aren’t able to make decisions due to their fear of change, the unknown, or even fear of failure. It’s a people problem, not an information problem.

Let’s take a look at three concepts I believe are the root cause of “what holds you back” from implementing procedures and solutions that could turn potential failure into success:

Concept No. 1: The turtle theory

Years ago, as a child, I had a box turtle as a pet. He was quite large, probably 7-to-8 inches from one end of his shell to the other. I learned some interesting facts about turtles and their natural means of protection and survival. For instance, the turtle has very few predators because of their protective shell. When danger appears, the turtle simply pulls its legs and head into the shell and closes off all means of being hurt, or worse yet, being eaten.

However, inside the shell, although it is a very safe place to be, the turtle has no means of moving from one place to another to search for food. Movement is necessary to find food and eating that food is necessary to stay alive. In other words, for a turtle to survive, it has to take a risk every time it puts its legs and head outside its protective shell. Now its predators have an opportunity to attack the slow moving turtle and enjoy the turtle for a meal instead of the other way around. The turtle’s survival mode is based on taking risks every day. If the turtle allowed fear to dominate its life, it would surely die.

Risk is part of a turtle’s everyday life. We are not turtles and we should not allow risk to be exercised foolishly. However, change is a necessary, calculated risk and is part of being a successful entrepreneur. Seek outside advice, get another prospective when you are having a problem or a situation you are not sure how to handle. Don’t crawl into your shell and hope everything will be okay when you come out. Stick your head out and take some well thought out chances. Turtles don’t move very fast but they get to where they need to be, when they need to be.

Concept No. 2: Pull the diseased tooth

Have you ever had an abscessed tooth? If so, you probably experienced putting off the inevitable root canal operation as long as you could. Why? Because most people think the pain associated with the removal of the diseased tooth is worse than the pain of having the diseased tooth. Therefore, for days or even weeks, people suffer with the pain instead of getting rid of it.

During that time the pain takes up an enormous amount of attention. It causes you to focus on the pain and not the other important things in your life. It changes your temperament and how you deal with problems and other people. It causes you to lose sleep and sucks the energy out of you. It can also cause you to make bad decisions that you would normally not make, all because of the fear of what you think the pain of the operation will be.

Take a serious look at your life and your business. Do you see a diseased tooth that you know should be removed but you fear having to deal with it? If so, you might try to convince yourself to put off the removal a little longer, thinking the pain of the situation is less painful than the pain of the removal. The real truth is that every day you put off the inevitable, you are wasting precious time you’ll never get back. You need to fill the diseased space with positive, productive thinking and actions. Fix or get rid of that unproductive, negative employee. Get rid of the product that negatively impacts your bottom line and reduces production time that could be spent on a more profitable item. Sever relationships with vendors or clients that are extremely difficult to deal with. Get rid of the diseased tooth and fill the cavity with something that will push you forward and not hold you back.

Concept No. 3: The ‘Cringe Factor’

Everyone has an innate physical warning system that if you pay attention to, I guarantee you will make fewer bad decisions and choices. You will be more productive, more profitable, have fewer employee problems and in general, have a much more successful life and business. I call it the Cringe Factor. You know what a cringe is and I’m confident everyone reading this article has cringed more times than you’re willing to admit.

Recognize the cringe as a warning sign. It’s a facial expression you’d make much like the one you’d make after biting into a green lemon and warns you the decision you’re about to make is probably a mistake. How about the look on your face when you’re interviewing a potential new employee and they start telling you all the benefits they will “require” if you give them the job. Or, when your 16-year old daughter introduces you to her 22-year old boyfriend. Or, better yet, when your controller tells you the new service you just introduced last month is losing money for your business every time you perform it. Listen to your Cringe Factor, it’s your personal and business compass. It will guide you down the right path if you listen and follow its warnings. It’s telling you to reconsider the situation.

So, what’s really holding you back? Is it fear of failure, fear of success or fear of consequences? Are you acting like the Turtle and not taking some chances? No pain, No gain. Sometimes you just have to follow your gut and take a chance. Are you allowing the pain of something in your life or business to occupy time and energy that could be applied to positive and productive pursuits? Get rid of them and move forward. And lastly, are you listening to the Cringes in your life that are telling you “don’t do that”? Listen to the Cringe and don’t ignore its warning.

Your business success is determined by and how you make decisions. Bad choices, missed opportunities and not getting rid of obstacles could cost you your business. Don’t be afraid to do what you know you must do.

Gary Seibert is a life-long entrepreneur, with experience in developing small businesses to highly successful international companies.  Currently, as CEO of the Small Business Resource Association, Gary devotes his life to helping other aspiring entrepreneurs.  He can be reached at [email protected].