10 Updates

Are You Holding Yourself Back, Even Though You Don't Mean To?

Apr 5 2014, 8:39am CDT | by

The comment from one of the most successful men on the planet surprised me. I have known him casually for years, and one day I  got him talking about his very early days. This is a man who has...

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16 weeks ago

Are You Holding Yourself Back, Even Though You Don't Mean To?

Apr 5 2014, 8:39am CDT | by

The comment from one of the most successful men on the planet surprised me.

I have known him casually for years, and one day I  got him talking about his very early days.

This is a man who has created a worldwide retailing empire–you can find his stores just about everywhere on the planet where they believe in capitalism–but it all began with one small shop.

“Back  when I was starting, my dream was to make $15,000 a year from that one store,” he told me. “That would have been about 50% more than my Dad ever earned in his best year and would have been enough for me to buy a new Buick every three years.  I thought if I could accomplish both those things–earn $15,000 a year and buy a new car fairly often–I would have it made.”

Well, he obviously succeeded beyond that, as proven by his place on the Forbes 400.

But his comment about his relatively modest (in retrospect) goal for success–just having one successful store–got me thinking about all the entrepreneuers I’ve met, as well as all the other people in general, who seem to be settling for less than they could possibly be.

Is the Second Hurdle the Toughest?

I have never seen a study on this, but it seems there are awful lot of people who really stop trying to grow after their initial success. If they were are in my friend’s situation they would have stopped after opening that one store.

Now, if they stop because they are content –that one store gives them all the money they need; they feel fulfilled, and wish to spend their time in other ways–then I have no quarrel.  We all need to lead the lives that make us happy. Your definition of success is the only one that matters in your life.

But, often that isn’t the case.

Often people stop trying to grow for exactly the same reason so many other fail to try to start in the first place. They are scared they might fail (in their attempt at trying to come up with an encore, in this case.)

Or they think the concept of growing is too difficult.  Scaling an enterprise and/or increasing its scope is different from creating something from scratch. And so people back away from the challenge.

To me, if you accept either reason for stopping, you are short-changing yourself, even if you are not doing it consciously.

How you develop your second product/service/store can be remarkably similar to how you created your first.  You overcome the fear that comes from moving into the unknown again, by taking a small step, pausing after you do, and building that learning into the next step you take.  The smaller the steps, the less risky each one is.

Yes, scaling is different and involves an increased level of complexity and ambuigity, but others have done it. Talk to them.  What did they do? How did they do it? Who did they bring in to help?  This is not exactly uncharted territority.

If you don’t want to grow your company any further, as a result of deep thought about how you want to spend your days, I applaud you.

But if you are choosing not to do it out of fear, break down you next potential goal into a series of the smallest steps it will take to accomplish it. Then, take the first step and see what happens./>/>

Maybe you end up taking a second step. Maybe you don’t.

But in either case, you won’t be limiting yourself.

###

Paul B. Brown is  the author of Own Your Future: How To Think Like An Entrepreneur and Thrive in an Unpredictable Economy.

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan ...
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Update
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6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

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Update
8

6 weeks ago

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Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

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KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was reject ...
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Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammu ...
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Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states la ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry M ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

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JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 mil ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme 2 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrar ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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