Like most entrepreneurs, I am far from a wallflower. Like you, I prefer sailing my own ship—especially as a leader.
For the sake of a metaphor, we’ll call that being a captain.
To me, being a captain means taking on challenges as they come on a ship I can design, staff with fellow scallywags, and direct towards new oceans. Not all seas are calm however, and every voyage will involve some amount of improvisation.
Today’s blog (the first of two in a series) will examine the different kinds of decision-making that can impact the way you do business. I dedicate any lessons inside to the perfectionists, the apprehensive, and the slow-and-steady’ers who might be missing out on time-sensitive opportunities.
Setting Sail in a New Business
Years ago, I was stuck on how to structure a new venture with a partner.
Of course, this is both an exciting and frightening time for an entrepreneur. On one hand, I could apply everything I’d learned over the years to make a better business than any of those I had worked on before. On the other hand, any mistakes would be all mine—nothing to fall back on but my own wiles.
To give my partner and I the best chance of success, we knew an accounting model would have to come first. From there, we would be able to build the right infrastructure to cover our basic needs and create new opportunities for growth. Luckily, accounting and business processes are where I excelled. But, as anyone who lives too much in their head knows, even the most experienced person can turn into their biggest critic when hesitation and ambition are at odds.
The Downfall of a Seeker
I followed my heart, even if it went nowhere.
I didn’t feel like a captain at the time. Instead, I was a “Seeker.”
I asked all kinds of experts for recommendations on how to structure the business, both within and outside the industry. I even polled five different professional firms for their expertise.
Two years later, I still hadn’t made a decision. We were getting farther and farther behind the opportunity, and my partner was understandably confused.
“You seem sort of lost?”
Lost at sea, maybe. But a sea of my own design.
Strengths and Weaknesses of a Perfectionist
Seas have rhythm and momentum of their own. In fact, it’s often those very winds and waves that create the movement we need to succeed and grow our businesses. It’s only in having the right resources and experience to leverage these natural forces that sea travel is possible at all, let alone profitable.
Like so many un-seaworthy fools, I thought I could master the seas with preparedness. I was waiting for a perfect understanding of my new field and didn’t want to make the wrong move. In my hesitation, I made no decisions whatsoever. Sadly, the sea didn’t wait for me.
I called myself a captain but was only swabbing the deck with data. Juggling small problems between two hands, all the while missing the bigger picture
But is preparedness all bad? In some ways, sure, I needed to act faster and more decisively. In others, I needed to treat myself better and have faith that I could handle whatever challenges arose.
In short, I needed to start being more of a captain.
Pros and Cons of Preparedness
If you’re hesitant, it’s not all bad! Below are a few qualities we’ve come to expect from our clients who tend to be slower to start.
What You Can Expect as a Seeker |
|
Positives |
Negatives |
| Risk Avoidance Hesitancy may lead to a cautious approach, avoiding potentially risky ventures. This can protect individuals from financial loss and other negative consequences associated with business failures. |
Missed Opportunities Hesitation can lead to missed opportunities. Delaying action may result in competitors gaining an advantage or the market evolving beyond the point where the hesitant individual can make an impact. |
| Thoughtful Planning Hesitant and “seeking” individuals may spend more time on careful planning and analysis before starting a business. This can lead to a well-thought-out business strategy, reducing the likelihood of making impulsive and uninformed decisions. |
Personal Stagnation Overthinking and excessive hesitation may lead to inaction and a lack of progress. Individuals need to take the necessary steps to start a business to avoid getting stuck in their current situations and missing out on potential growth and personal development. |
| Maximizing Stability Avoiding the stress and uncertainty of entrepreneurship can contribute to greater emotional stability and a more balanced lifestyle. Some people prefer the security and predictability of a stable job or routine—the key is not letting it stop you entirely from launching your enterprise. |
Regret and What-Ifs Long-term hesitation may lead to feelings of regret and “what-if” scenarios. Individuals who consistently postpone starting a business may wonder about the potential success and fulfillment they could have achieved if they had leaped earlier—even years later. |
Conclusion
So, how do you capture the best of both worlds? Preparation alongside the action needed to get ahead as an entrepreneur?
The trick is never to stay dry-docked. It all starts with movement.
For instance, taking the uncertainty of cost controls and leveraging predictable leasing plans is one strategy for turning the unknown into something you can reasonably prepare for. Even talking to a financial partner is a powerful way to get the ball rolling and the oars moving.
As for me and my partner, the path forward was ultimately simple. Once I committed, it was easy to jump into the water, start paddling, and reach our goals in record time. All it took was a rough map and a dive into the unknown—a far cry from the perfection I expected.
Risks are natural, and we’re here to make them even more manageable. In part two of the blog, we’ll examine more in-depth on how a captain takes the cards they are dealt and turns them into winning moves. Seriously. There are some solid tips coming. Until then, we’re here for all your leasing and navigational concerns. Get in touch today for your custom quote!
