Cup of Joe: Don’t Start Celebrating! You’re Not Out Of The Woods, Yet!
I think one of the hardest things for every entrepreneur, is to know when they have peaked. Too often I see entrepreneurs experience a quick boost in traffic, media attention, and sales at the beginning, and as a result they assume that they have reached the top. They end up getting lazy and spending money like there’s no tomorrow. This happens a lot with internet start ups. Fame is dangerous in business and life.
Alternatively, I also see entrepreneurs that think no matter what happens, there’s going to be something bigger right around the corner. It doesn’t matter if the largest corporation in their industry wants to buy them out, they think they are worth more.
If you aren’t used to the spikes in traffic, attention, or income, then its really hard to keep a level head. But, don’t worry there are a few things you can be doing now to help from becoming completely delusional!
- Have defined goals. When you set short term goals that you can measure you tend to focus more on the immediate and get things done. The only draw back to this is that focusing too much on the present can make it easy to loose sight of your vision. But, attaining goals is the quick way to sustaining sanity.
- Research your market. The more you know about the market you operate in the better your understanding of your current situation.
- Don’t lose sight of your roots. As time goes by you are going to become so busy with new responsibilities and events, you might find it easy to lose focus on where you came from, and all the folks you have delt with along the way. Remembering your roots will ensure that you have a sense of presence strong enough to find clarity when faced with decisions.
- Don’t drink your own kool-aid. If you find yourself constantly using marketing language when discussing your company, it might be time you lay off your own kool-aid. Too many entrepreneurs start to believe all the hype they are generating. Now don’t get me wrong, I am not saying that you shouldn’t believe in your company, but it is important to understand that the way we talk about our companies and ideas have a direct reflection on our attitude. Some language should have a marketing intent, and that’s important. But it’s also important to remember that, that’s all it is.
What ever you do to keep a level head, the most important thing is to always be mindful of your own success and humility. If you can master that then, you won’t lose sight of reality.