Success In Entrepreneurship Is Not Guaranteed
- Apr 2, 2023
- 4 min read
Written by: David Campbell, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Small business owners play a critical role in the economy, driving innovation, job creation, and economic growth. However, success in entrepreneurship is not guaranteed, and small business owner faces many challenges and uncertainties along the way. To navigate these challenges, small business owners need to develop and maintain certain mindsets and behaviours that are essential for success.
According to research, there are four key factors that drive small business success: beliefs, feelings, actions, and results. These factors are interconnected and influence each other in a cyclical manner. Let’s take a moment to explore each of these factors and their impact on small business success.
Beliefs
Beliefs refer to the mindset and attitudes that small business owners hold. Positive beliefs such as a strong work ethic, resilience, and the belief that success is achievable, can drive small business owners to take action towards achieving their goals. Conversely, negative beliefs can hold small business owners back and prevent them from taking action towards their goals.
Beliefs can be shaped by various factors, including past experiences, cultural upbringing, and social influences. For example, a small business owner who has experienced failure in the past may develop negative beliefs about their ability to succeed in entrepreneurship. On the other hand, a small business owner who has been surrounded by successful entrepreneurs may develop positive beliefs about their own potential for success.
It is essential for small business owners to cultivate positive beliefs that align with their goals and values. This can be achieved through various means, such as personal development, mentorship, and surrounding oneself with positive influences.
Feelings
Feelings are the emotions that small business owners experience as a result of their beliefs. Small business owners who hold positive beliefs tend to experience positive feelings such as motivation, excitement, and enthusiasm. On the other hand, negative beliefs can lead to negative feelings such as fear, doubt, and anxiety.
Feelings can have a significant impact on small business owners' behaviours and decision-making. For example, a small business owner who feels motivated and excited about their business is more likely to take risks and pursue growth opportunities. On the other hand, a small business owner who feels fearful and doubtful may avoid taking risks and miss out on opportunities.
It is crucial for small business owners to be aware of their feelings and manage them effectively. This can be achieved through various means, such as mindfulness, positive self-talk, and seeking support from trusted advisors.
Actions
Actions are the steps that small business owners take towards achieving their goals. Positive beliefs and feelings can motivate small business owners to take action towards their goals. The actions that they take can have a significant impact on their results.
For example, a small business owner who believes that success is achievable and feels motivated to pursue their goals may take actions such as developing a business plan, networking with potential customers and partners, and investing in marketing and advertising. These actions can lead to positive results such as increased sales and revenue.
It is essential for small business owners to take consistent and strategic actions towards their goals. This can be achieved through various means, such as goal setting, time management, and seeking advice and feedback from others.
Results
Results are the outcomes of small business owner’s actions. Positive results such as increased revenue or customer satisfaction can reinforce positive beliefs and motivate small business owners to continue taking action towards their goals. Negative results, on the other hand, can lead to doubts and negative beliefs.
For example, a small business owner who experiences positive results such as increased sales and customer satisfaction may feel more confident in their ability to succeed and be motivated to pursue further growth opportunities. Conversely, a small business owner who experiences negative results such as declining sales or customer dissatisfaction can be lead to doubts and negative beliefs. This leads to a redefinition of our belief system.
And so, on the basis of our beliefs we influence our feelings as they relate to a particular situation. Our feelings effect the actions we take which in turn impact the results we see. From these results, we redefine our beliefs and the cycle continues.
You may recall the child’s story of "The Little Engine That Could". In the story, a train full of toys for boys and girls, needs to be pulled to the town on the other side of the mountain. Several engines reject the opportunity for various reasons but then a small train engine believes in itself and its ability to climb a steep hill, despite its small size. The engine's positive belief leads to positive feelings of determination and motivation, which in turn lead to actions such as pulling the heavy load up the hill. The engine's success in reaching the top of the hill reinforces its positive belief and motivates it to continue taking action towards its goal. The classic phrases of “I think I can, I think I can, I think I can” as the engine pulls to the top followed by the exhilaration of “I knew I could, I knew I could, I knew I could” as the engine tops the summit and descends the other side, followed by a resounding “whoohoo” of the engine whistle. The fable illustrates the importance of positive beliefs and their influence on feelings, actions, and results.
David Campbell, Executive Contributor Brainz Magazine
David is an exceptionally experienced executive coach. He is an exceptional public speaker who challenges the way organisations and individuals think in relation to business and life. has led reform within a number of organisations and brings a unique understanding of the pressures in both the public and private sectors. He understands the changing requirements and time frames within the business environment and has considerable experience in leading, managing and coaching geographically dispersed (remote) teams. David brings a new insight into the way we think into our success in business to realise exceptional results.
