I love hearing small business success stories. Whether its from the entrepreneurs I interact with face to face or through interactions in the blogosphere, nothing quite beats hearing the stories of small business owners and franchisees that have achieved, if not their dreams, then a milestone or two along the way.
Yet, small business success is not so much a destination as a journey. Just when you hit your best year ever, your competitor introduces a potentially disruptive product. Just as your accountant stops complaining about your margins, your cost of goods increases 20%. And just as you achieve your greatest success, it begins to sabotage you.
Success can be its own enemy. Here are 7 reasons why:
- Success makes people less driven,
- Success causes people to overinflate their abilities (they fall in love with their own press),
- Success causes people to ignore risk,
- Success causes people to believe they can be successful in fields where they lack the skills, knowledge or network that enabled them to be successful in the first place,
- Success causes people to stop learning,
- Success causes people to rely on the tools that made them successful in the past, even when new tools are required, and
- Success makes some people less pleasant to be around.
Obviously, success is great. No matter how we define it, success is what all of us in business strive for. But the potential pitfalls are worth noting, if for no other reason that ignoring them makes achieving success in the future that much more difficult.
Comment away. What are the other pitfalls of success?
Hi Adam,
I can relate to this list. I have worked with many successful business owners, and your article really highlights some of the pitfalls that they fell into – most of all failing to adapt and relying on what worked for them in the past. Not to mention, people who are successful due to luck, really seem to fall victim to some of the traps above. Some people just fall into situations and it truly does not prepare them for what’s around the next corner.
Thanks VP. I agree. I think it really comes down to the ability to understand where the present differs and doesn’t differ from the past.
Number 3 on the list is hunting me. I never looked at the concept of diversification until my main website was penalized by an algorithmic change. I learned from this mistake and I am moving on.
Everyone wants to become successful. That’s what I always believe. Some people are only too scared to strive for it or too courageous too get it no matter what it takes. And you’ve raised your point well, “no matter how we define it, success is what all of us in business strive for”! Great post!
Lisa, I agree. I think all people want success — the question is how do they define it.
Thanks for the thoughts!
Stop me right away if I’m about to bore you to death with my philosophical stories, but have you read the Hegel’s story about the Master and the Servant?
In short, he states that the Servant is in the far better position than the Master because he has to work for every bit of possession, knowlegde and freedom that he gets. At the same time Master simply takes his for granted.
He says that Servant’s spirit and his life are more enjoyable and more productive, while the Master decays.
All until the Servant becomes the Master
So, you’re the first person to mention Hegel on this blog, for that you get points. Also, the analogy is very apt. Thank you.
Thank you for making me feel so welcome at your blog, Adam! I’m looking forward to our exchange of thoughts and ideas here.