Mental toughness and success in small business

Mental toughness - what is it and how is it relevant to starting and running a successful small business?

Well one thing's for sure ..... If you've been running a small business for the past few years and you've been able to survive the GFC and continued uncertainty in the wider economic environment - then you've probably got what it takes mentally.

If you're  thinking of going into small business, mental toughness is a business capability that will be just as important in your commercial success as any other business skill such as planning, basic accounting or sales and marketing.

• Elite athletes have it

It's generally accepted that for any athlete to reach the elite level, they must possess mental toughness.

Over the years perhaps you may have seen as a spectator, certain "gifted" players competing in their selected sport - whether it was football, tennis, cricket, baseball, soccer or basketball for example, who seem to have been blessed with enormous natural talent. And yet some of these gifted sportsmen and women have failed to achieve the heights that their inherent potential had promised.

And you've seen other players with less natural talent go on to achieve victory and win respect for their sporting accomplishments. Why, many of us have asked at some point, did that person with all that natural talent, not win the race or win the tournament?

If we look at tennis by way of example, in 2001 Lleyton Hewitt won the US Open and in 2002 he won Wimbledon. At 20 years old he became one of the youngest players in the history of the sport to become the number one ranked men's tennis player in the world.

And yet as a player, his peers did not perceive him as having any particularly formidable tennis weaponry .... except for his tenacity. He possessed no killer serve, no knock-out forehand and wasn't very strong with his volleys at the net. But his opponents always knew that he would never give up!

Over the past ten years, Australians have admired him as a Davis Cup tennis player who many times has fought back from two sets to love down, to eventually win his matches in five sets. Hewitt was and is a spirited fighter - someone who you could trust would leave nothing on the court.

In many different sports, in contrast to Hewitt, we've seen other players at times that we've suspected of "tanking" ....... Maybe because it was stinking hot playing conditions, or perhaps the game seemed hopeless to them once they had fallen too far behind ...Whatever the reason, it seemed they had lost heart and no longer gave it their all, they would simply go through the motions of appearing to compete ..... But they just wanted to get back to the locker room, have a shower and wait for an easier game. It was not that they were lacking in physical fitness either - it was more they were lacking the mental stamina and the positive attitude necessary to endure the adverse conditions..

• Bad stuff sometimes happens in business

So what about mental toughness in business? ........  As you know, things do not always go as planned in business. Although good forward thinking should help to prevent many difficulties, never-the-less there will be some bad stuff that inevitably will happen. Events beyond your control will seem to come crashing down upon you and bring with them feelings of frustration, disappointment and maybe anxiety about the future.

For example, occasions when you might unexpectedly lose one of your biggest customers, or a new aggressive competitor enters your marketplace, or your computer system crashes and you lose important data, or sales plummet because of a loss of consumer confidence in the economy, or you discover that your business partner has been ripping you off .......

Mental toughness is having the stamina to persevere and the faith in your ability to bounce back. It's about putting your focus on finding a solution, rather than just complaining about the problem. And as Henry Ford said, "Think you can or think you can't - you're usually right"

• What characterises people with mental toughness?

Like Hewitt on the tennis court, people in small business with mental toughness don't give up, in spite of adverse conditions. They are persistent and determined. Like Sylvester Stallone who was knocked back by more than fifty film producers until he found one who was willing to take a risk in making "Rocky"  ....... And like J.K Rowling, the English author who was knocked back by more than one hundred publishers, until she found the one who was willing to take a risk on her book, "Harry Potter"

Mentally tough people are resilient. They bounce back from disappointments and look to the future with a positive mindset. They have a deep belief in the value of what they are doing and keep their eyes on their goal.

They have a strong work ethic and invest the time in relentlessly seeking to improve what they are doing. .

When things go wrong, they focus on what they can control - and quickly adapt to the things they recognise are beyond their control. They avoid distractions and also avoid making excuses - taking responsibility for any mistakes they make.

However they recognise that nothing great will ever be accomplished without periods of so-called "failure" ..... But they are not daunted by temporary set-backs. They look for the learning to be gained from their experience, and then focus on doing things better next time. This type of thinking means they are not constrained by a fear of making a "mistake"

As an entrepreneur and small business owner, you might gain some inspiration from remembering that Walt Disney was millions of dollars in debt before his company became a giant. He said "Although you may not realise it at the time, sometimes a kick in the head can later prove to be the best thing in the world for you"

And let's not forget that Steve Jobs in 1985 was forced to resign from Apple - and yet came back to lead the growth of the company to become one of the most successful organisations of the past decade.

• The long game for success

For most of us in small business, if success is to be achieved it will be accomplished over time and be measured in years rather than months (Although this is not true of all who have succeeded - there are examples of those who have quickly seized an opportunity in the marketplace and through their boldness have made a windfall profit).

However for most of us, the best advice is to recognise that small business success will be the product of a good idea, combined with careful planning, thoughtful execution and regular diligent appraisal of our progress. It is likely to be a success that is borne from taking a long term view of our business, and having the ability to rise above short term set-backs and persevere towards our goals.

In closing, let me share with you some words from the Scottish poet Robert Burns that come to mind when reflecting on the nature  of mental toughness and the challenges of running a successful small business
"Courage does not always roar like a mighty lion ....... Sometimes, it is but a small voice within, and it whispers to you quietly to get up and try again tomorrow"

By the way, if you're interested in reading more on how to cultivate the right attitude for small business success - then have a look at Developing Positive Thinking and some more great advice can be found in Self Motivation Tips

Brian Carroll is the founder of Performance Development, a corporate training company based in Melbourne that specialises in management skills training, leadership development and executive coaching.

To be successful in your business, know when to walk away

Winners know when to quit

If you run a business or have been thinking of starting your own small business, you've probably heard a lot about the importance of persistence and tenacity, and never giving up.

You may have taken to heart the motto "Winners never quit and quitters never win" ....... Well, get ready for a jolt, because Seth Godin says that's all NONSENSE !

Persistence can sometimes be wasted energy

Who's Seth Godin, some of you will ask? ..... Seth Godin is the founder of the online mega-successful business, Squidoo. He is a best selling author of numerous business books and he is a firm advocate of knowing when to walk away from a venture that is not proving to be a worthwhile investment of your time, money and effort.

In his book "The Dip - The secret to success is knowing when to quit and when to stick" Godin says that winners know when to quit, but they do it at the right time.

The Dip refers to the long road between setting yourself a goal and the journey involved with eventually succeeding in achieving it. Initially there is a sense of excitement, hope and optimism which has motivated you to try something new ....... but then along the way there will come the inevitable obstacles, pitfalls and barriers that you will encounter.

There can be pain, intense frustration and disappointment - and a considerable investment of energy and endurance is required to have any chance of finishing what you started. But if you can get to the other side of this pain, and get through this "dip", then you can emerge stronger, smarter and more capable.

Achieving your goal can bring tremendous feelings of satisfaction - as well as perhaps significant material rewards, depending upon the nature of the goal. The critical question to ask yourself is, will the goal be worth it? Is the pay-off you're going to receive worth what you will investing to get through the dip? Or is your time, energy and effort going to be better served by being directed towards a different venture?

Godin observes that there are some people who invest a lot of their time and effort in battling the hardships - only to give up just before they are about to emerge out of the dip. This is like a marathon runner who has run 20 miles only to quit with one lap to go - what a wasted effort!

The other thing Godin says you've got to watch out for, is what he calls the "cul de sac". He says if you get into a dip, at least if you push hard enough you stand a chance of getting out and things improve. But if you're in a cul-de-sac, then no matter how hard you push you stay where you - like a car spinning it's wheels, using up petrol but going nowhere.

So before you enter the dip, be sure the new goal that you're setting yourself in your business -  or the new project you're about to initiate, or the new product line you're looking at releasing - is worthy of pushing yourself hard and persevering through to the finish line. Otherwise it's simply going to be a drain on your energy and divert you from other initiatives that could prove much more productive.

It's just dumb to persevere with a no-win situation

So remember Godin's advice, winners recognise when to quit early - and when to go the distance.

Good generals know which battles to fight - and the battles to walk away from. As Kenny Rogers sang in the Gambler, "You've got to know when to hold  'em,  know when to fold 'em, know when to walk away - and know when to run". You should never allow the fear of a loss of face to prevent you from making the wise decision.

Don't be afraid to walk away from a no-win situation. Know when an investment is just not producing a satisfactory return - and don't be scared to sometimes simply cut your losses and quit.

By the way, if you decide to push through, you might like to get some tips on mental toughness

Here's a cute summary of the "The Dip" philosophy, explained by a six year old (with a bit of prompting from his dad)

About the author
Brian Carroll is the founder of Performance Development, a training business in Melbourne, Australia.  He is an experienced management coach with a passion for helping people achieve their goals in life and business. You can find out more about Brian at his Google + profile

Success in Small Business - What does it mean?

No doubt, you went into small business with the intent of being successful. But what does success really mean to you ..... how do you personally define it?

• Success in the start-up stage

At different stages of your business cycle chances are that your definition of success will change.

For many of us, the early days of starting our small business is simply about survival. Success is very simply defined as making more money than what we are spending. At the end of the week after all of the numbers are added up, as long as we are seeing black ink and not red ink in that final nett figure, then there is a sense of hopefulness about the viability of our business..

There are plenty of 12 hour days often supplemented with working on the weekends - but all of the hard work seems worthwhile, and our enthusiasm carries us through.

As we steer our business through the challenges and frustrations of the"start-up" stage, we see signs of success in the long term relationships we are beginning to establish with our customers. We are building trust and developing a local profile, slowly establishing a wider base of regular customers. Our anxiety starts to ease and our confidence in our business model begins to grow.

We are seeing that our business is generating a consistent profit and we now set our sights higher. Success is no longer being satisfied with survival, it becomes associated with business growth.

• Success in growing the business

We may start to employ more staff. We set about trying to systemise the business so that it is not so dependent upon us.

We set ourselves higher goals around improving our market share ..... We start taking a longer term view and think about social media strategy and more carefully positioning the business. Success is no longer being measured solely in revenue and bottom line, it is now about increased market awareness of our brand and how we are perceived.

We are prepared to take some risks and invest in exploring new opportunities, perhaps expanding into new markets. There is a greater readiness to take a short term loss in the pursuit of longer term gains.

For many people at this stage in their business cycle, success is also now about being recognised and respected as a leader within their wider industry.

The benchmarks for measuring business success have well and truly lifted. We are no longer satisfied with equalling last year's financial targets - they must be surpassed. It seems our mantra as we look to the future becomes all too readily ...... Growth, Growth, Growth

• Success, but at what price?

Regardless of whether you are in the start-up or growth stages of your business, it is important to reflect upon how you are defining success.

If it is just about money, could you run the risk of paying too high a price for becoming wealthy?  It's all well and good to find yourself now being able to buy a bigger house by the beach or drive a new car that makes a statement - but will you have someone to share it with?

Will financial success compensate if you have sacrificed relationships along the way with your family and friends. Will you be able to enjoy the fruits of your financial success, if you do not have good physical and mental health to accompany it?

At the end of your time here on this planet, do you think you will be reflecting upon your bank balance, or about the difference you've made to the lives of the people around you?

Yes, business success can be about achieving financial freedom. But it can also be measured in the level of job satisfaction that you experience and your overall sense of happiness, purpose, balance and well-being in your life. As corny as it sounds, we need to remind ourselves that success is as much about the journey as it is the destination.

And by the way, if your energy needs a bit of a boost, have a look at Self-Motivation ..... and if your spirit needs a bit of uplifting, you could visit Inspiration

• So, what is success for you now?

After many years, I've finally come to understand that success means different things to different people. There have been too many times when I have been guilty of trying to impose my values and definition of success upon others ....... However, I would conclude by encouraging you to simply pause and reflect upon this.

You may be be judging your business success by the fact that you have been achieving your goals. Just make sure that you do not sacrifice what really matters along the way. Don't limit any audit of your success to just your bank balance.

But whatever your definition of success, I hope that you enjoy it.
You can find many more tips and resources at Small Business Management

Seven habits for small business success

One of the most popular self-help books of the past twenty years is Stephen Covey’s Seven Habits of Highly Effective People. The habits and principles that he describes in his book I believe are very relevant to anyone who wants to achieve small business success.

Let us briefly summarise the seven habits – which are a mixture of principles and paradigms that can become essential foundations for your own personal effectiveness in your business …

• Habit 1: Be Proactive

Covey describes this as taking responsibility for your choices and the subsequent consequences that follow. Although you have been influenced by events and circumstances in your past, never-the-less you are now able to make your own decisions about the life that you want to lead as you look to the future. Give up making any excuses.

• Habit 2: Begin with the End in Mind

Determine and clarify those deeply important values and  core principles with which you wish to navigate  your life. Clearly envision the type of characteristics that you want to cultivate in all areas of your life – setting clear goals for yourself in business, health and relationships

• Habit 3: Put First Things First

Plan, prioritize, and execute all of your week's tasks based on what is important rather than what is urgent. Evaluate whether your daily efforts and activities are aligned with your values. Regularly appraise whether what you are doing will advance you towards achievement of your goals. This self-discipline will help you prevent getting side-tracked or caught up in other people’s agendas or dramas

• Habit 4: Think Win-Win

When differences with others arise, as they frequently do in both personal and business relationships - strive for mutually beneficial solutions when you are problem solving. Seek to negotiate outcomes that will work for the both of you. Value and respect people by understanding a "win" for the both of you will more likely lead to sustainable relationships.  

• Habit 5: Seek First to Understand, Then to be Understood

When you genuinely listen to a person, so often this causes a natural reaction in them to  reciprocate by listening to you in return. Listening to other people with an open mind will build a foundation of respect and trust for any relationship you have with them – whether it is your partner, your customer or your supplier.

• Habit 6: Synergise

Look for ways you can combine the strengths and skills of the different people in your business through positive teamwork. In doing so, you will be able to achieve goals that no single individual would have accomplished alone. Get the best performance out of a group of people by engaging them with meaningful opportunities to contribute and by displaying positive and encouraging leadership.

• Habit 7: Sharpen the Saw

You must develop ways of renewing your energy and ensuring that your lifestyle rejuvenates your spirit. A proper balance in your life, between work, rest and play is essential if you are going to enjoy the fruits of your labor. Personal growth, the achievement of your goals and long term success will come from the consistent application of your principles and healthy routines.

These habits may well provide you with seven of the keys needed for achieving success in your small business. For many more great articles on self-improvement, visit Personal Development