4 Paradoxes to Balance When Starting Your Own Business
Running a business is never going to be straightforward. There are challenges along the way, and difficult decisions that could go either way.
For example, the person who suffers through years of financial loss and eventually turns their business into a huge success is held up as a hero, but the person who keeps persevering through the losses but never makes it out the other side can be seen as “hard headed.”
There are always paradoxes in business, and as the owner of a small business, you’ve got to learn to balance them. Here are just some of the balances you will need to strike.
Understanding Risk Without Being Afraid of Risk
From the moment you get your business idea, the path is full of risk. If you’re not aware of the risks, then you’re surely going to struggle, and yet, if you understand the risks so acutely that they scare you, then this can have huge consequences on your decision-making.
For example, a medical practice has to invest in a large amount of equipment. So, when it comes to replacing an aging Keeler pocket diagnostic set, do they take the risk and invest in quality, or do they preserve their limited budget and make do with what they’ve got?
You’re going to need to make important decisions, and to do this, you’ve got to understand risk, and be willing to take it on in the right circumstances. It’s one of the first paradoxes you will be faced with, and you will get it wrong sometimes, but the more experienced you become, the more you will find the right balance.
Self-Motivate but Don’t Get too Gung-Ho
When you’re running your own business, you’re in charge of motivating yourself. You’ve got to push yourself on to new levels and drive your business forwards. The other side of this is that you’ve also got to be disciplined and not make rash decisions.
Successful businesses take careful planning, and most of the time you can’t go in all guns blazing. Instead, you’ve got to find that happy balance, where you’re eager to take action, but are willing to take the time to make sure that that action is the correct one.
Be Optimistic and Yet Realistic
There’s no point starting a business if you don’t think it’s going to get off the ground and become a success, so clearly a level of optimism is needed. However, this optimism has to be balanced by realism.
You can’t afford to kid yourself into thinking everything is going brilliantly when it clearly isn’t. Instead, you need to find the right balance where you understand what is going on, you’re willing to take the steps that are required, and you have the belief that those steps will help you achieve success.
Learn From Others While Trusting Your Instincts
There are many people from whom we can learn and seek advice. However, when you run your own business, you’re the person who is responsible for what happens and you’ve got to be able to trust your own instincts.
Other people’s opinions are useful, but the buck stops with you. If you can learn to seek other people’s advice and learn important lessons from them, while staying true to your own instincts, then you’ll strike a great balance for your business.