By: Christian Harbeck, Franchise Partner at ActionCOACH
Entrepreneurs share very similar characteristics – they are determined, confident, self-driven and many demonstrate a strong appetite for risk. It is these positive traits that drives success. On the flipside, these characteristics can result in entrepreneurs resisting the support and guidance from others when facing business failure. Why? Because when you are decisive and used to being in charge, it is difficult to accept help.
Here are the top three causes – Pride, Prejudice and Price
Pride becomes an inhibitor
One often talks about pride and ego in the same sentence. As if having an ego is a bad thing; it really isn’t. Your ego is your sense of self-worth, it is what makes you the confident entrepreneur you are. The problem is most of us don’t like being wrong or not having an answer, so we resist the support of others – as if their input would somehow make us unworthy. This is a natural human condition and probably our biggest downfall as a species.
The reality is that pride creeps up on you, when you are used to doing things alone, as with many entrepreneurs, your frame of reference becomes “how do I solve this?” or “I should know how to course correct”. This going at it alone thinking becomes a habit over time. This mindset actually stops you from seeing the reality of a situation, it limits your ability to find better solutions and it can ultimately be the death knell of your business.
Fear of being wrong is prejudicial
Fear lurks in the subconscious mind like a slow growing disease. We all have fears – some big and some small – but it is our ability to look inside ourselves and accept the vulnerability that comes with maybe being wrong, that propels us forward to be a stronger business builder.
The fear of being wrong is a very common prejudicial belief system and there is no shame in that. However, if the fear stops your business from getting ahead, then you should realise it is time for a change. In my experience, business owners who are more open to discuss the difficulties they encounter are more likely to make the necessary changes before they become a business threat or are facing business failure.
Making mistakes actually gives you the opportunity to learn, adapt and grow. Let’s face it, a successful business aims to make profits to sustain its employees and owner. By accepting that there are times when you need guidance, you can inject new life into a problem and ultimately sustain a healthy growing business for yourself and your employees.
You can only benefit from having a fresh pair of eyes on your business
Help is a business expense
There is a misconception that business advice and professional guidance are pricey. The reality is nearly every millionaire has at least two (or more) coaches or mentors to help them get perspective, challenge their thinking and provide systems and tools that have proven to work. Successful entrepreneurs view a business coach, mentor or any kind of professional development as an investment not an expense.
You can only benefit from having a fresh pair of eyes on your business, and the advantage of an additional set of skills to take an in-depth look at the structure and the day to day running of your business.
Ultimately, this knowledge allows coaches to suggest changes at an operational and structural level of a business that allows it to operate more efficiently and to reach key business objectives. A coach can enable you to be the best marketing manager, or sales director, or training coordinator.
As difficult as it may be for business owners, trusting an outside business expert to come into your business can literally save you from business failure – especially during tough economic times. After all, a business coach and an entrepreneur have the same goal, for the owner and the business to achieve big success.
About the author: Christian is an ideal ActionCOACH, who is passionate about taking businesses and their owners to the next level. As an entrepreneur with strong work ethics and honesty, he constantly demonstrates persistence and resourcefulness in finding and creating innovative solutions that support and assist his clients.