The 5 BIG Roadblocks to Business Success (and how to avoid them)
After nearly a decade of working with and speaking to hundreds of thousands of entrepreneurs, I have noticed that there are five common mistakes that business owners make in attempting to grow a business. While these errors can be extremely costly and sometimes fatal to the long term future of a business, they are also avoidable.
Most people who start a business want to reach the point where their business is profitable, but along the way to creating a high performing and profitable business, many people will fall into the trap of one or more of the costly roadblocks to success.
Let’s take a look at the list and you can see how many of these roadblocks have affected your progress or are still impacting your results today.
#1 BSO Syndrome
BSO stands for Bright Shiny Object and few things will slow the progress of a business more than an entrepreneur who is constantly chasing the next shiny object. You don’t have to look far to see BSO syndrome. Social media is a big BSO for a lot of small businesses who think that all their prayers will be answered if they spend hours everyday on facebook, twitter or linkedin. While all of these platforms may be worthwhile, it’s important not to allow yourself to be dragged off course by every shiny object that comes your way. One of the reasons that social media has become such a major BSO for business owners is the fact that it’s FREE! Just because a media stream like social media may be free, that doesn’t make it worth investing all your time there.
#2 No Plan of Attack
If you know me at all, you’ll know my philosophy for life is simple: Ready Fire, Aim. While I am a serious advocate of being an action taker, this doesn’t mean you should be just blindly doing things with no plan. The reason that most businesses don’t progress is because the business owner is so confused about where to start, they are paralysed by confusion. If you want to build the momentum critical to success, then you must get clear about where you are going and then create a plan of attack to implement the necessary steps in a logical order.
#3 Affirmation Mindset
Now while I am a fan of having positive affirmations, creative visualisation, and the law of attraction, you are going to need to do more than sit on top of a mountain chanting if you want to create serious business success. I can promise you that when Rhonda Byrne wrote The Secret, she didn’t then go and sit in a cave until the book magically became a best seller. Having an abundance mindset and believing you can attract what you want in business and life is great, but without a willingness to do the work, you are just kidding yourself.
#4 Magic Pill Solutions
I often see entrepreneurs purchase a product or program with the belief this will be the silver bullet; the one thing that will turn their business or life around. Then when the product or program fails to deliver their dream life, they throw up their hands and stop investing in themselves. We don’t send our children to school with the expectation that they will get everything they need in a session, a day, a week or even a year. We understand that education is an ongoing process. Yet many entrepreneurs disconnect from education, thinking mistakenly that they either have all the answers or delude themselves into believing it’s a waste of time. If you want a sure-fire way to cripple the growth of your business, stop your own growth and learning as an entrepreneur.
#5 Poor Role Models
We are the average of the five people we spend the most time with. One of the biggest determiners of entrepreneurial success is who are your peers, role models and mentors. Often business owners find themselves isolated without other entrepreneurs to bounce ideas around with. The fact is unless people have run a business, they don’t truly understand the challenges you face as an entrepreneur. In fact, most people think you are a little strange or downright mad for going into business in the first place. Therefore the worst thing you can do is be taking advice from someone who doesn’t get you. If you want to grow a great business, find a mentor who has been there and find a group of peers who understand what you’re attempting to achieve.
While making mistakes is part of the growing and learning process, the speed at which your business grows will be dependent on your ability to avoid these major roadblocks. Remember, if you want to be really successful, look at what the average business owner is doing and do the opposite. You’ll then be on the fast track to success.
Written by Paul McCarthy
Paul McCarthy is an award winning speaker and the Managing Director of the Business Support Network (BSN), a premier business development company. Paul is also the author of his best selling book ‘8 Steps To a Remarkable Business’. For further details on Paul, or to contact him, please visit his website at www.paulmccarthy.com.au
© Paul McCarthy 2012. All rights reserved.