If you are an entrepreneur, you will know what I mean if I talk about the “rollercoaster effect”.
We’ve all been there.
It is simply a part of being an entrepreneur. You have ups and downs all the time.
In the morning, you send several emails to potential clients on your CRM. They are warm leads, you’ve talking with all of them, and they have interest in your services.
The only problem, they have no rush in hiring you. Nobody responds your emails, and if the did, you have a vague answer like: “oh, well, it’s interesting, but we don’t need it at the moment”.
There are not more contacts to follow up. Your whole world collapses.
You ask yourself all kind of questions…
“Where will I find the next customer this month?”
“Should I pay for LinkedIn Premium to generate new leads?”
“Do I have the right services?”
You go at lunch immerse on an “entrepreneurial depression” and a voice inside you say: What the hell am I doing?”.
Then, in the afternoon, a guy that you met at a networking event send you an email. He has a friend interested in working with you.
The world is awesome again! The rollercoaster goes up, and let’s start again.
Do you feel identify with any of the above? I’m sure you do. Don’t you?
Why do you fall so deep with every little “failure”?
I don’t like fail, especially if I am the one who is failing. Do you like it? I bet you don’t.
Why is this?
Well, in short, we can say that we are humans and our minds are not natural prepare to fail.
Particularly in a social environment, because failure keeps us away from being socially accepted.
And this is the big thing.
When a client says to you, that your prices are too high, or they are not interested in your products.
Or maybe you send a business proposal to a prospect and he never replies to our follow-up emails and calls.
Is not your business who fails, nor your products or services.
You feel that as a PERSONAL FAILURE.
And this is the huge mistake that every entrepreneur does all the time. Me, you, and everybody.
So relax. Let’s don’t take it so personally.
The secret mindset to become a fail-proof entrepreneur
Here is a little secret, you will never fail if you act as a researcher.
Ok, let me go a bit deep on this.
Let’s think for a moment how a researcher works.
Put yourself in context. Imagine a typical researcher, crazy hair, big moustache and a long tongue.
(Yes, this is how I imagine a researcher, right?)
Ok, let’s say the scientist is working on a huge project. Something that will change everything in his career.
How does he work?
He will test in the laboratory some hypothesis to prove X theory, analyse the results, take some conclusions and move on.
Two options here: are the results a step in the right direction? Or puts the researcher in a wrong direction?
- Hypothesis A “CORRECT”
- Hypothesis A “INCORRECT”
In case number 1 he is a bit closer to prove the whole theory. In case number 2, he is analyzing what was wrong, and how to change it to test Hypothesis B.
Analyse the results, take some conclusions, do the change, test again, and so on…
Is he failing? Of course, not. He is just testing a hypothesis, analysing the results, discard what doesn’t work and keep what works.
Why don’t you work the same way with your business?
What if you are not an entrepreneur and you are a researcher testing hypothesis? You don’t need to prove the whole Theory in the first six months.
Building a business takes a lot of time, involves passion, dedication, patience and constancy.
Take your business as a process. You are the researcher in charge of that process, and you need to test so many different things to figure out what works FOR YOU.
Let’s say you are struggling with email responses in your follow-up process. This is your Theory.
Now you need to test the different Hypothesis.
- Hypothesis A: sending an email three days later of your phone call, with the subject email X and a link to your website to directly buy your product.
This is not working well. Ok, then what can you change?
- A different subject on the email? Maybe you need to improve your copy?
- Send the email five days later rather than three days?
- Maybe you don’t have a clear proposal in your email?
- Do they need a second call before go ahead?
There is a lot of different things you can change to figure out what’s working and what not. This is all part of a massive process.
You don’t need (and you can’t) to be right with every action or process (this is every hypothesis) the first attempt.
So keep calm, embrace the process and move on.
You know what the best part is? When you validate a Hypothesis, you can use it forever, and you will know the kind of results you will get.
Don’t you feel relax and light after this?
How do you overcome the entrepreneurial fail? Let me know your ideas in the comments below.