October 31, 2022
Why do some entrepreneurs seem to succeed effortlessly while others struggle? After years of building my business, I’ve realised that success isn’t just about luck or hard work—it comes down to a few key principles that make all the difference. Here are three simple but powerful ideas that have helped me create a profitable, scalable business, and how you can apply them to your own journey.
In my early coaching days, I had a conversation with a fellow coach who was struggling. She told me she thought I was a better coach than she was, yet I was more successful. When I asked about her activity levels, she mentioned she had only done four or five consultations in the past year. Meanwhile, I had completed 125 consultations, 44 podcast interviews, and held numerous speaking engagements. The difference? Action.
Many entrepreneurs hide behind screens, focusing on social media and branding, but they forget to take real, impactful actions. It’s not just about being busy; it’s about being effective.
One of the first concepts I want to share is survivorship bias. Did you know that only 5% of businesses make it to the 10-year mark? I’ve run two businesses that are nearly a decade old. The key to my success? I had no plan B. When I started coaching, I committed to making it work, no matter what challenges came my way.
This mindset is crucial. If you’re constantly worried about short-term wins and losses, you’ll never build a sustainable business. Instead, focus on the long game. Here’s how:
Next up is action bias. Many people spend too much time planning and not enough time doing. They get stuck in a cycle of procrastination, fearing what others might think or worrying about failure. But here’s the thing: if you don’t take action, you’ll never know if your idea will work.
Instead of waiting for the perfect moment, start small. Here’s a simple approach:
Finally, let’s discuss Kairos Bias. This concept comes from Greek philosophy, contrasting two types of time: Kronos, which is about filling your time with activities, and Kairos, which focuses on the quality of those activities.
In business, it’s easy to get caught up in doing a million things. But what if you focused on just a few high-impact activities? Here’s how:
For example, one podcast interview I did led to 3,000 leads and £250,000 in new business. That’s the power of focusing on the right activities.
To sum it up, if you want to be a successful entrepreneur, remember these three ideas: survivorship bias, action bias, and kairos bias. Stay committed, take action, and focus on high-impact activities. If you do this consistently over time, you’ll find success.
If you have an idea that’s been holding you back, don’t hesitate to reach out. My goal is to help you overcome those fears and achieve your entrepreneurial dreams. Let’s chat and see how we can unlock your potential!
Survivorship bias in business is the tendency to focus on successful entrepreneurs or companies while overlooking the vast number that have failed. The article suggests countering this by adopting a long-term mindset, committing fully to your business without a 'plan B,' and building a financial safety net to ensure your business can endure challenges and outlast competitors.
To apply the action bias, you should prioritise doing over excessive planning. Instead of waiting for a perfect product, start by talking to potential customers about your ideas, selling a minimum viable product early on, and using the feedback you gather to continuously iterate and improve your offering.
In a business context, Kronos refers to chronological time, the hours you spend being busy and completing tasks. Kairos, on the other hand, refers to opportune, high-quality time. The article advises focusing on Kairos by identifying and prioritising the 20% of activities (like strategic partnerships or key marketing efforts) that generate 80% of your results, rather than simply filling your schedule.
A good idea is only a starting point; success is determined by execution. The author highlights that their success came from taking significant action—like conducting 125 consultations and 44 podcast interviews in a year, while others with similar skills struggled due to inaction. Consistent, impactful action is what turns an idea into a profitable business.
