There are two types of fear when doing business. One is the general fear of trying to do something new. And no, it's not bs.
Investors and day traders know what I am talking about. Fear and greed are two things that influence the market movements, they are two main forces behind the market. Fear that the stock prices go down and greed that makes you believe it goes up. Yes, that's extremely simplified explanation, but it really is all about fear and greed.
When doing business, these same factors influence you and your company, influence the results you are able to bring to the table for you and your shareholders. Not exactly the same way as in stock markets, but similarly.
Fear
There are two types of fear when doing business. One is the general fear of trying to do something new. And no, it's not BS. I know none of us wants to admit we are afraid of anything. None of us wants to admit (especially to ourselves) that we are way too conservative just for the sake of being conservative. We are afraid of trying out new solutions, solutions that might take us to our new highs. We are afraid to try these new things. What if it won't work? What will happen then? People like the good old thing they have got used to. We really do.
Even if the old thing is to try out new things all the time - for that person the fear would mean being afraid of settling down.
You don't want that fear. Of course, very often it really is not a good idea to go along with anything new, no. But make sure you make the decision of not doing anything new not because of the fear inside you.
The second type of fear is actually succeeding. Sounds kind of stupid, doesn't it? It sure does. Yet all of us tend to feel this type of fear at one moment of our life or another. If you don't believe me, just think about it for a moment. If something really good would happen to you tomorrow, would you be ready for it? Yes, most of us think we are, but aren't we often saying no to things for the simple reason that they might actually work? And then it would start to influence our current well-being? Maybe not the best example, but think about it.
Or what would your parents feel if suddenly you earned 100 times more than they did? Do you think they'd feel somewhat badly because they haven't achieved as much and start feeling bad about it? Or what about your friends - would you be able to handle all the loan requests from your friends? Are you afraid that achieving something big, especially where's money involved, will ruin or simply change your relationships with them?
These are all actually understandable fears. Yet, when you start thinking about it - are they really anything else than just worrying about nothing? And that worrying keeps you from succeeding. Because due to the worry you aren't doing your best.
Greed
Look at the current financial crises (that is fortunately just coming to an end) - what was it caused by? Hugely, it was caused by greed by banks all around the world.
Greed in business makes you do things differently. Instead of looking at the big picture - like you, your partners, nice long-term income - you look at the short term gains. What if I sold my business now? I'd get a lot of money. And then you sold it. Afterward you start to understand that if you hadn't sold your business, you'd be making 3 times of the sales price within a year. It's understandable, money in the pocket is money in the pocket, but by always looking at the small picture with greed in your wide blue eyes, you'll never make it big time. You never get far enough before you manage to sell yourself again.
Greed - not a good thing.
Lack of discipline
Discipline, the way I define it - is the ability to stick to your own plan. It's similar to decisiveness. Yet not the same. You need to BE ABLE to stick to your own plan. That's the keyword here. Being able to do what you set up to do. Many people lack discipline. And lack of discipline results in random action, often random thoughts, and decisions based on no actual plan.
You're probably assuming now that I'm that discipline freak you can find in movies everywhere. No, actually I'm not. How do you think anyone could write about things like fear and greed and lack of discipline without actually experiencing these three things himself? I know exactly what I am talking about. And I can tell you one more thing - talking about it is a lot easier than actually acting on the knowledge. It's not an easy task, keep that in mind. And you might lose track dozens of times.
But even the fact that you're trying dozens of times to keep discipline, stay away from greed and forget about fear, the simple fact of trying to do that again and again, shows you already do have some discipline. Discipline, fear and greed can be managed. You can learn to do it. And then become more successful in business, in life, than you've ever been. It's all possible. No strange brainwaves, no secrets, no help from the higher power, just plain old you doing what you should have done already a long time ago.
If your thinking is sloppy, your business will be sloppy. If you are disorganized, your business will be disorganized. If you are greedy, your employees will be greedy, giving you less and less of themselves and always asking for more." Michael Gerber
