How could success possibly ruin my business? Well… as humans, we seem to experience increased motivation when faced with urgency, uncertainty and/or failure (or at least I do). Why is this? And does it mean we only work well under pressure?
When you have your own business, or are running someone else’s, you need to be aware of the quicksand that can pull you down.
You see, if I said to you, you have to have X amount in sales by the end of the month or I’m closing your doors, you’re probably going to bust your butt getting those sales. And if you’re saying, “Nah, I don’t do well under pressure” then entrepreneurship/management isn’t for you.
BUT… If you’re rocking it and your monthly retainers are giving you a nice pillow, then that urgency can start to slip. And slip it will, unless you develop a smart business-led mind. You never know when catastrophe can hit – just look at the market bust we’re still trying to climb out of.
A company may have to down-size, cut budgets, etc. Or maybe you have an off month and it causes a client to jump ship. My point is you never know when things are going to shake, so make sure the hunger for new business never dies.
Lucky Number 7
Along with keeping the hunger for new business comes another way to secure some sanity – multiple income streams.
When I was younger, my mentor told me to develop 7 different income streams, and to never leave all your eggs in one basket. So it’s something that has been a goal for a while and will come to fruition in the near future.
If you own a business (1 income stream) and that business has to fold, then what? If you have 7 different income streams and one has to fold, then you still have 6 others to keep you afloat. Is this a sure plan for success? Not at all – but it will help you to develop an open mind and break out of the silo’d thinking that we’ve all been taught is the way to success.
What are your thoughts? Do you have any experiences you can share to help guide others who are lost? The floor is open
“To do more for the world than the world does for you, that is success.” – Henry Ford.
image: Jen-the-LibrarianTags: business, marketing, potential, strategy