Many businesses start to flatten out or even start declining after an upcycle. There can be several reasons for that, but one reason that stands out is ‘fear’.
The entrepreneur stops experimenting and taking decisions due to the ‘fear’ of losing out. And this becomes a vicious cycle. The less decisive one becomes, the more the momentum dies. And more ‘fear’ sets in. And the more difficult it becomes to lift it back, as it becomes part of the organisational culture.
In many cases the fear stems from our personal fears around financial security.
The best way to keep that in control is to keep your lifestyle expenses below your nominal value.
Nominal value is the salary you can easily get from competing companies for your services if your business fails and you have to go and take up a job!
Once you know that your lifestyle cost is below your nominal value, you have very little to fear, and you can take difficult and risky decisions.
The biggest risk in life is “not taking risk” and “not taking decisions’.
Be fearless.
Heart @ Marketing | Mind @ Technology | Soul @ Entrepreneurship