How Fear and Self-doubt Can ‘KILL’ Your Business

by | Jan 14, 2021 | 0 comments

A big fear for many business-people is self-doubt. Hesitating to pull-the-trigger and relying too much on the past to predict the future – these all get in the way of our and the business’s best interests.

Never let your fear decide your future

These fears cloud our decision-making but there are several things one can do to prevent or diminish there negative impact.

Make Decisions at Your Most Rational

Self-restraint doesn’t come easy as we all have a tendency to gratify immediate desires. The key is not to make important decisions too close to when they’ll take effect. Shifting decision-making to a moment when your most rational self is running the show can be very effective in curbing impulsive decisions.

Commit Yourself

Focus on the goal. What is it you are REALLY trying to accomplish. Take out the biases and realize that all things are grey and not black or white.

Re-frame Your Gains and Losses

People are far more motivated to avoid a loss than they are to rack up an equally large gain – called loss aversion, it’s a real issue with business people at all levels. Although you must measure loss/gain you can not be so fearful of loss that it impacts your judgment to pull-the-trigger on a decision that should be made in a timely fashion.

SelfDoubt

We all have trouble assessing probabilities which can skew the way we gauge our performance. Until otherwise proven, don’t believe it’s anything but chance when things go well. It’s easy to be blinded by your successes, which is why it’s so important to have an objective way to assess your outcomes.

So, going forward, figure out what biases you have, use self-restraint, and assess your successes rationally.

Now Move Forward!

By Jim Lavorato

Jim Lavorato is the founder of 4M Performance which is designed to assist businesses to survive and thrive in these uncertain times. Jim launched an entertainment-related company in 1988. He was at the forefront in cinema technology and helped spearhead the movie industry's transition to digital presentation and distribution. He also co-founded the Arboreal Group, an environmental consultancy. He has published articles on the motion picture and media industries and is a contributing editor for ScreenTrade magazine and writes a blog "Cinema Mucho Gusto". He is a certified SCORE Mentor in the SCORE Greater Phoenix Chapter and lives in Scottsdale, AZ. Learn more about Jim in his "About" page.

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