Cup of Joe: An Entrepreneur’s Worst Enemy
A few weeks ago I had lunch with a couple of SEOs. Both of them own their own businesses. We discussed briefly a specific niche that they had both worked in and they both mentioned how it was extremely competitive in the search engines. I remember one of them saying that because it was so competitive there was no chance for a new company to come in and compete.
Our discussion shifted to affiliate marketing and the huge potential for SEO’s to do well with it. Once again they both mentioned that all of the lucrative niches are already being dominated, and there wasn’t much point to getting started in them.
I have been thinking a lot about that conversation the last few weeks and something didn’t feel right. It seems like every time we started to talk about a new opportunity the conversation turned negative. I have since come to realize that the culprit wasn’t bad ideas, or limited insight, but rather something much more sinister, negative thought.
An entrepreneur’s worst enemy is negative thought.
No, I am not turning into a self help guru. Nor am I going to obsess over the power of positive thinking. Instead I want to take a look at how negative thoughts can hurt your business.
Take the example above. There are two ways to view competitive SEO niches:
- Oh man this niche is so competitive! It would take a lot of work to succeed and I don’t think I can do it.
- Oh man this niche is so competitive! High competition means that this is a valuable market to succeed at. If I can work hard and become successful at it, I can make a boatload of money!
Receiving critical feedback:
- I keep getting critical feedback. It must mean my products and ideas are horrible and I should just quit now and stop wasting money.
- I keep getting critical feedback. Wow this is like free user testing. Looks like I don’t need to pay for market research. If I apply this feedback in the right places and continue to learn from it, I can make my product/service better than my competitors.
Lack of starting capital:
- I need more money to make my idea work. I can’t think of any ways to get it, so I should probably move on to an easier and cheaper idea. or just wait til I get lucky.
- I need more money to make my idea work. This is an awesome opportunity to find investors or business partners to help make this idea a reality. Not only will I be getting the backing needed, but I will also be building a strong foundation of folks that support my ideas.
No matter what the situation, you have two choices. To think negative or to think positive. As you can see from the examples above the choice you make can completely shape your success. The best part about this is it’s your decision. You have control over your ideas and business. No one forces you to succeed or fail. When you think about it that way, it’s scary, but also extremely empowering. So the next time you have a negative thought in business and in life, look for the other side and see if there are other opportunities you might be passing by.