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If you're in business, you know that 80% of small businesses fail. While this might be due to a variety of factors, the psychology behind business can certainly determine whether someone is prosperous or not. If being a business owner is part of your identity, but if your friends, partners and family members would beg to differ, this might be an indication that it's time to expand your self-awareness.
How do you know if you're really in business, or if your actions suggest you're "just kidding", and treating your business like a hobby?
Answer these 10 questions to raise your self-awareness, and in doing so, begin to gain better and more consistent results:
1. When was the last time you generated revenue? While starting your business will require an investment in both real and sweat capital, if your actions aren't generating income in recent weeks, then you might need to clarify your direction.
2. Are you learning, but not applying what you learn? If the only thing you do is ingest information, you're likely not applying it. Sometimes folks are very committed to learning, which is great. But, if you don't ever put the key in the ignition, your car's not going anywhere.
3. What are your daily work-related rituals? Successful business people have work-related rituals which lead them to repeatedly profit. For example, they have designated times for actions they know will lead to results. Because this is rewarding, they tend to repeat these behaviors to experience the rewards again! People who have hobbies only do things when they feel like it, and they're constantly responding to these feelings, rather than honoring their commitments to themselves. As a result, they don't establish a reinforcing cycle and are prone to inconsistency.
4. Do you know what you're up to? If someone asks you what your business does, who it serves, or what it's "about", could you answer? People with hobbies aren't clear, but those with a business have a clear mission that involves benefit to others.
5. Do you have goals, sub-goals, to-do lists and relevant scheduled tasks that you KNOW you'll complete in a timely fashion? To be clear, this isn't about having just any old to-do list. It is about having a to-do list that is pointed towards the goals you want to achieve. The more laser the focus, the more optimal the results. Hobbyists demonstrate more scatter and general busy-ness instead.
6. Do you have a psychologist, success coach, mentor, accountability partner and/or mastermind group? Most successful people have some if not all of these to help them. Why is that? If you're your own boss, you need to create three types of supporters: (a) mindset challengers to challenge your mindset when it's defeating (b) encouragers to remind you of your vision, your progress and the positive skills you're developing and (c) accountability holders to hold you accountable to your actions. If you don't address these, then you'll find that you'll waffle because you have no one to answer to.
7. Is it clear to anyone who talks to you that you're committed to your business and related projects? When you're committed, you demonstrate the language of commitment. This includes phrases such as, "I will be," "I'm going to," and, "When I." Uncommitted phrases include, "I'm not sure but I might be," "I hope to," and, "Maybe I'll." It isn't that you have a crystal ball and can predict the future; it is that once you commit, you're pointed toward your goal and you're definitely acting so as to achieve it.
8. Do you personalize your outcomes, or do you learn from them? If something doesn't work, do you see it as a skillset to develop, and then work to develop it? Or do you view an unsuccessful outcome as something wrong with you, and turn this into a reason to stop working at it? Business owners typically would view it as a luxury to stop working at something simply because of a failure. They hold the belief that they are going to keep going unless they're not able to keep the doors open; even then, they keep searching for options. Hobby owners look for chances to give up, quit, and/or struggle so they can blame their poor results on the market, the weather, their personality or other people.
9. Does fear stop you? Remember that FEAR stands for Fantasized Experiences Appearing Real. It exists due to your fantasy, so it's in your mind. Could you change your imagery to successful imagery? If so, then that option exists in the realm of possibility, so you might as well start envisioning it. Business owners aren't generally stopped due to the feeling of fear, even if they have to hire someone to support them through their fear. Hobby owners use fear as a reason to avoid, procrastinate, or escape from the work it takes to create a successful outcome.
10. Do you track your outcomes, and sometimes use the data to compete with yourself? Business owners tend to pay attention to how much they are spending, investing, earning, and profiting. Hobby owners are happy when they earn anything and quickly spend the money; there is a scarcity consciousness which says, "Spend it before it disappears!"
To know if you're really in business or just kidding, regularly evaluate your thinking and behaving on a regular basis. Act like it's a hobby, you'll get those results. Act like it's a business, and you're likely to improve your outcomes.
BONUS commitment step (for those who are not kidding): Start right this moment by getting your calendar and scheduling times to take regular action on each of the items above, one at a time. Write to me and share your results!
