The Fear of Success: a Productivity Killer

Welcome fellow business owners, innovators and trendsetters!

Jim Cendoma here with the latest edition of the Industrial Observer newsletter!

In years past, it was common to hear about the ‘fear of failure’ as a prime motivator for many successful entrepreneurs.

Today, in the lightning-paced digital world, the sentiment towards “success” has shifted more towards the dark side.

The ‘fear of success’ has insidiously become one of the biggest obstacles for entrepreneurs to overcome.

Failure and success are opposite sides of the same coin. Both can bring hardships. Let’s dive right in and examine both with the following understanding — whichever side of your coin is facing up, change becomes imminent!

On the Road to Success, Change is Imminent

The first thing to realize — there is a common bond between entrepreneurs: once everyone realizes you are serious, you will be surprised and overwhelmed by how much others are willing to help.

On the flip-side — failure can take hold when one lacks the resiliency to keep learning and growing from experiences, or, unwilling to take solid advice from mentors.

Failure can also be an indication your plans (to date) are less effective than originally thought — thus, changes are necessary. Marketplaces constantly change, so must your strategy to address them.

There have been many entrepreneurs/business leaders so dedicated to their original plans, they find it difficult to let go and find themselves declaring bankruptcy. Consider the stories of Kodak or Sears as good examples.

Mentors: Your Guiding Lighthouse to Success

Remember — your mentor is your guiding lighthouse to success. You are the sailboat out in the ocean; seeking solid ground.

Remind yourself (if you must) — your mentor has sailed the sea before you, and genuinely wants to see you succeed. Pay heed to their advice; and apply said advice accordingly. And, show gratitude for their willingness to help you.

The Trap: The “Success” Side of the Coin is Up

Let’s say the success side of your coin is up. Now what? “Everything is great! We just had three of our most profitable months to date!”, you say.

Therein lies the trap.

Many leaders and entrepreneurs are done in, through their own hubris. They’ve seemingly been through the rough times, clear sailing is ahead and they start to do goofy things like undermining their success and nay-saying the mentors who helped them get on the right path.

During the launch phase when resources are tight, they operate as effective as possible with the funds are readily at hand. Now cash is flowing and they are more lenient, maybe blowing it on expensive cars, boats and extravagant vacations.

Sometimes, much worse: gambling, sex, and drugs. I’ve seen it too often — people completely forgot the discipline it took to get them where they are now and how to maintain a company on track consistently.

Navigating Changing Lifestyle Habits

The fear of success appears most often at this point — where the new entrepreneur realizes they must change their lifestyle habits.

They may have to leave long-time friendships behind — “Show me your friends, and I will show you your future”.

They leave the job they have been complaining about for years, and the thought of long hours without overtime pay is unpleasant.

Their toxic boss, is all of a sudden is a nice guy: he is just misunderstood.

Funds now need to be diverted to the business launch, instead of spending too much time and money on unnecessary things.

Entrepreneurial success can bring many changes, and some just have difficulty bringing themselves to grasp the difficulties surrounding it, so they begin to free fall.

It can get even worse — they begin to bring down anyone close to them such as mentors, partners and investors!

It’s Okay to Ask For Help When You Need It

Most successful entrepreneurs are generous and quick to jump at the chance to help others succeed.

I’m grateful to say it’s been my good fortune to be able to ask for help, and then pay it forward.

Remember it’s okay to ask for help when you need it. It is far better to muster the courage to ask for help, rather than shooting yourself in the foot.

The 3 Archetypes Along the Entrepreneurial Journey

There are three archetypes available along the entrepreneurial journey:

1. The Dreamers (aka, wannabe-entrepreneurs)

2. The Wannabes (or posers)

3. The Real Deal

The Dreamers

The Dreamers love lounging around, relaxing and talking about all the things they would like to accomplish.

They’re ALL talk, no action, even when someone offers to throw money their way. It’s just, “too much responsibility” (or some other sour excuse).

This is the one most likely to begin sabotaging themselves early on, as fellow entrepreneurs/mentors begin to demonstrate how to make a dream a reality. Beware of Dreamers! There’s nothing short of heartache in their wake.

The Wannabes

Next up — The Wannabes (or posers).

Today, everyone and their mom seems to want to be an entrepreneur — it’s chic and cool, and feels like you’re part of the “in crowd.

The good news! — everyone CAN be an entrepreneur — especially during the product launch phase!

Things like crowd-funding, (Kickstarter, for example), allows everyone to take part with just a few dollars. A ‘tip’ if you will. A minimal, no-risk investment in a product launch.

Once the product takes off and the company goes public, you have bragging rights.

Our team of investors has utilized Kickstarter as a product launch on several occasions, as both a good funding source, and an effort to stay current with today’s funding opportunities.

It’s important to keep in mind — in the long term, it’s much harder than it sounds. Rules are constantly changing and it takes a solid marketing campaign similar to any other business endeavor.

The Real Deal

Finally, the Real Deal — the person who has a vision of how the future can be, and a burning desire to see it through — come hell or high water.

When it came time to say goodbye to my ten years of a well-paying manufacturing career, many of my friends and family had trouble seeing my vision and said, “Well, you can always go back to your old job.”

If this is your mindset, I will not sugarcoat this one smidge — you may as well just keep your old job.

Change is The Only Constant (in Business & Life): Embrace It!

Once I made the shift from employee to full-blown entrepreneur, I realized my need to embrace change — both professionally, and in my lifestyle.

The first big change was to prioritize my health and fitness. As the wise saying goes, “Health is wealth”.

The only thing of which could stop my journey was a loss of health, or my untimely death. It was time to shape up, build energy and stop spending money on needless things, a complete lifestyle change!

I evaluated my circle, eliminated time-wasters, and expanded to like-minded people — people whom were interested in learning and growth.

Avoid getting wrapped up in your success.

Be aware of the failure that success can bring.

Acknowledge it, and when you approach the inevitable bend in the road — go the other way!

Need a Solid Business Mentor?

Call me! I’m happy to explore new mentorship opportunities: (607) 731-9032

I’m available Mon-Fri from 10am-6pm (EST).

Or, send me a message via the contact form on my website: https://jamescendoma.com/contact/

Have solutions! Will travel!

-Jim Cendoma

About the Founder of Industrial Observer

Jim Cendoma is an innovative technology enthusiast, all around good guy, and business owner who explores the intersection of innovation and entrepreneurship. Follow his insights into business trends and innovations and learn more from his 35+ years of entrepreneurial experience by following Jim on LinkedIn. (https://www.linkedin.com/in/jimcendoma).

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