The Unintended Consequences of Being Successful
While the definition of success will vary depending on who you ask, everyone strives to be successful in their personal and professional lives. Much has been written about how entrepreneurs and executives should “hope for the best and prepare for the worst”…But what happens once your business experiences initial success or substantial growth? What do you do now?
We here at Talley LLP believe that success is something that is continually created, not acquired. It is created by aspiring individuals who have no limits in terms of how they approach and execute creativity, intelligence, ingenuity, talent, persistence and determination. We’ve worked with countless inspirational athletes and entrepreneurs over the years and picked up some pointers along the way. Here are a few that we’d like to share with you as you chase down your own personal version of success.
Keep a positive attitude. Many entrepreneurs and executives face unexpected negative consequences after experiencing initial success, such as anxiety over being able to maintain their “winning streak”, fearing that they are being set up to fail, and experiencing the envy others feel towards their accomplishments. While some stress may be a good thing, when stress turns into anxiety, it can be detrimental both to your mental health and to the health of your business.
Set bigger goals and work “backwards”. Once you’ve achieved initial success, map out your next long-term goal or objective and work backwards to figure out what it will take to accomplish it. But why start at the end? Many times, the end-result seems so far away and impossible to reach. Through backward planning, one can mentally prepare him or herself for specific challenges and milestones that need to be achieved to reach an important goal.
Don’t be afraid of letting go of the “we’ve always done it this way” mentality. You are bound to run into unforeseen challenges as you achieve success and grow your business. For an example of this, see our business lesson write-up on Pablo Escobar. A business in growth or scale mode faces a whole new set of different challenges and opportunities that may require a change in attitude and approach. Your ability to recognize this can mean the difference between spinning your wheels and achieving your next milestone.
Talley LLP understands the challenges facing entrepreneurs with generating and protecting income. Whether you’re looking to improve your profitability, build your brand through a business transaction, or wish to guarantee your legacy through estate planning, Talley is the consulting and financial services firm dedicated to strategic business solutions that deliver meaningful results.