360° Coverage : Are You Holding Yourself Back, Even Though You Don't Mean...

2 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...

Filed under: news

 
 
 

25 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
2

4 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

4 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Man dies two years after being struck by stray bullet
Santiago, Sep 30 (IANS/EFE) A 23-year-old Chilean man died after two years in a persistent vegetative state as a result of being shot in the head unintentionally by a law enforcement officer during a student protest in October 2012, his family said Monday.
 
 
Over 2,000 Germans volunteer to help battle Ebola
Addia Ababa, Sep 29 (IANS) Over 2,000 Germans have heeded the government's call to register as volunteers for deployment to fight the Ebola virus disease outbreak in Guinea, Liberia and Sierra Leone, the African Union (AU) said in a statement Monday.
 
 
India open minded, wants change, Modi tells top US executives
New York, Sep 29 (IANS) India is open-minded and wants change, Prime Minister Narendra Modi told top executives of American companies, including Google and Citigroup, during a high-powered breakfast meeting here Monday.
 
 
World hunger falls but 805 mn still chronically under-nourished: FAO
Abu Dhabi, Sep 29 (IANS/WAM) Despite the overall progress made in global hunger reduction, 805 million people are estimated to be chronically undernourished in 2012-14, down more than 100 million over the last decade, and 209 million lower than in 1990-92, the UN's Food and Agriculture Organisation (FAO) said Monday.
 
 
 

Latest from the Network

Christina Milian throws Lil Wayne birthday bash
Christina Milian threw her boyfriend Lil Wayne a surprise birthday party last week. The 33-year-old singer arranged a secret bash at the Malibu Rocky Oaks Estate Vineyards last Wednesday (09.24.14) so that her rapper...
Read more on Celebrity Balla
 
Cheryl Fernandez-Versini cried when she saw Kimberley Walsh's baby son
Cheryl Fernandez-Versini burst into tears when she met Kimberley Walsh's baby son for the first time. The 'Crazy Stupid Love' hitmaker was overcome with emotion when she locked eyes on her best friend's new bundle of...
Read more on Celebrity Balla
 
'Chalein saath saath', US tells India
Washington, Sep 30 (IANS) Once shunned by America, Indian Prime Minister Narendra Modi was the guest of honour at a private dinner hosted by US President Barack Obama ahead of their formal summit Tuesday to reset...
Read more on Politics Balla
 
UN chief to attend WTO forum in Geneva
United Nations, Sep 30 (IANS) UN Secretary-General Ban Ki-moon is scheduled to travel to Geneva of Switzerland Tuesday to attend a forum held at the Headquarters of the World Trade Organisation (WHO), UN spokesman...
Read more on Politics Balla
 
Katie Price disapproves of Miley Cyrus's hairdo
London, Sep 30 (IANS) Former model Katie Price says she does not like it when singer Miley Cyrus wears her hair "really short". The 36-year-old discussed her likes and dislikes about celebrity hairdos in an interview...
Read more on Celebrity Balla
 
Kelly Brook slams McIntosh, calls him needy, insecure
London, Sep 30 (IANS) After splitting with fiancé David McIntosh, actress-model Kelly Brook has slammed her former beau saying he's a very needy and insecure man. McIntosh is rumoured to have cheated on Brook with his...
Read more on Celebrity Balla
 
Modi arrives in Washington for summit meeting with Obama
Washington, Sep 30 (IANS) Indian Prime Minister Narendra Modi arrived in Washington Monday evening for his summit meeting with US President Barack Obama. US Deputy Secretary of State William Burns received Modi at...
Read more on Politics Balla
 
Jessie J tells parents about sex life
Jessie J tells her parents about her sex life. The 'Bang Bang' singer admits she's enjoying romancing different people at the moment but has told her mother Rose and father Stephen that her plans to have children will...
Read more on Celebrity Balla
 
Tracy Morgan blamed by Walmart for failure to wear seatbelt
Walmart has claimed Tracy Morgan's life-threatening injuries were ''caused'' by his failure to wear a seatbelt on the day one of their drivers ploughed into his car. The retail giant is being sued by the former '30 Rock...
Read more on Celebrity Balla