A Matter of Your Pride!

Welcome back to the last blog of the series of “10 mistakes an Entrepreneur makes while Scaling up”

To understand this 10th mistake in depth, we have a practical example we all face at a point of time.

Below are 2 scenarios a business owner could fall into:

Case 1

“We are in the business of ‘floor and wall’ finishes. Our business is very old school. Although I have tried modernising it, there is a limit to which we can grow. I am alone at the top and there’s only so much one can do. The greatest challenges we face in our business are the number and types of finishes that are now available to the customer and he is spoilt for choice. Their minds have become fickle, and on top of that we keep losing our talent to new businesses that keep popping up.

We are amongst the old and reliable ones, yet customers want to try out new people. I think, this business is at the end of its life now. Technology is changing so fast that it's almost impossible to keep pace. Don’t you see how that company in the domain of providing digital photo albums went bankrupt since phones started providing auto albums! I think times are tough and we are not in the right business anymore.”

How many times have you heard of such talks or furthermore been a part of this? What do you think is the real problem? Is the business or industry really sinking? Why cannot this person see any hope? Why can’t this person grow?

Now, compare the above conversation with the one below:

“The business of floor and wall finishes is becoming even more attractive. We have been in the business for a long time now and our customers truly rely on us. In fact we have mastered the trade for the just around the longest time. With so many new entrants in this trade, the industry is finally warming up. For so many years, we were the only ones.

I have carried this out alone for so long, and I can only imagine where our business can be as more people ‘who are better than me’ come on board. With such rapid advancement of technology, so many new choices, there is a lot more we can now do and offer. I am full of ideas that I have devised from years of experience, we will provide such solutions to customers that could change so much!

You must have heard of that company that provided digital frames and died doing just that, they did not innovate. With the new tech, I am excited at the opportunities before us. I am proud to have been the pioneer in our industry, it’s time the world realised how much we can do to make their homes, offices and factories far more convenient and pleasant spaces.”

Think about this for a few minutes, what were the key differences in the 2?

Case 2

I remember when I used to work for a synthetic yarn company nearly 2.5 decades ago. I used to meet their top management. The founder always suggested a ‘doomsday scenario’ due to unfolding competition and poor margins. The entire organisation was distressed and kept hedging themselves with new businesses in different industries just so that they could survive the poor oncoming prospects of their industry. All their businesses died, trying to survive. At exactly the same time, another company in the synthetic yarn business grew on to become India’s most well known and largest company called Reliance.

If you now recall the differences you noticed in the first case study and the second. What did you realise?

Well, the key difference was a matter of perspective. “It was a matter of Pride.”

Amongst all the mistakes Entrepreneurs committed on the path of scaling up, one that is the most common and the most painful is when they stop having “pride” in what they do and offer to the world in terms of their goods and services.

When there is no pride,self-belief and conviction, it is natural for self-doubt to creep in. Not having Pride in what you do is like questioning your own existence. It is only when a vegetable seller on a street has pride in what he does, that he will have a desire to grow, to innovate, to think of new ways to market, to communicate, to do things in a manner that will make him a favourite with his customers.

Do the 5 following things and gain back your pride

Gain your pride back!

Read all the “10 most common mistakes and entrepreneur needs to avoid while Scaling Up.” We commit these mistakes Unconsciously. That is why these are mistakes. When you start committing these consciously, they become crimes and cause tragedies. Attempting to bring a change in your habits, behaviors, attitudes, beliefs, values, convictions, or even ideas may bring around a change and offer a temporary reprieve or even prosperity. But always remember, it is merely a change from one idea to another, one habit to another, one value to another. It is exactly like moving houses or even relationships! There is misery and suffering at the end of the road of each idea, belief or conviction. These remain unconscious ways of working through life. There is peace or happiness in this method as well, but only in passing, only temporary.

Become a Conscious Entrepreneur. This is the only method where you overcome the compulsions of your unconsciousness and its forces of habits, beliefs, attitudes, convictions and everything else that makes you illusive.

This was the 10th of 10 mistakes an entrepreneur should avoid while scaling up!

Tune in every Monday to follow this series.

Here are the links to previous mistakes:

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