001 The “Entrepreneurs Trap” And How to Avoid it

By Tom Birchall | Podcast

Jun 30

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Episode Highlights:

This is a unique or solo episode. The Entrepreneur's Trap is one single trait that shows up as both an asset and a liability. If you don't know what it is, it may well be the very thing that is blowing up your business and keeping your stuck and spinning your wheels.

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Episode Transcript:

Do you feel like you're spinning your wheels. Do you feel like you're not getting the traction that you wish. Do you feel like you're stuck in a bog.

0:58
How to get out of the entrepreneurs trap. How to avoid it? There's a trap! It's set. Are you stepping in it? It's like those big jaws trappers use for a bear or catching the coyote or whatever it might be. Those big metal things clamp and hang on. Don't get trapped in the trap!

1:16
Do you feel like you're spinning your wheels? Do you feel like you're not getting the traction that you wish? Do you feel like you're stuck in a bog? These are things that happen. I've been there, done that. And what I realize is, I'm stuck in a trap. And it's this irony of the entrepreneurial world, and your beingness as an entrepreneur. The thing that makes you great... ends up being the thing that holds you up.

1:49
The same thing. Two sides of the same coin, one coin and there's the two sides of it right. So what are those two sides. That's what I want to talk about today.

1:59
The trap is: creativity. I've heard a number of successful entrepreneurs, and I agree with it myself, say that the key thing to being successful as an entrepreneur is your creativity. Why? Because creativity leads to resourcefulness and resourcefulness is one of the best things you can have as an entrepreneur because what you're doing is you're solving problems! You're solving challenges and problems in the marketplace you see a challenge that people are struggling with then you engineer and provide a solution to that thing.

2:31
And people pay you for that solution. That's just the basic premise of entrepreneurship and being successful in business is seeing a need in the marketplace where someone that has a problem. There it is! And you craft a solution. You engineer a solution. And the more elegant it is, the more you can charge. What we're talking about here is your ingenuity, the six inches between your ears, that came up with the solution. "Ah, Eureka! I've got a solution to that!" Maybe it's a product. Maybe it's a service. Whatever it might be. Your creativity is the very thing that's given you the wings and the vehicle to propel you forward in the marketplace to be successful and earn a living so that exchange takes place. Make sense?

3:18
However!! Here is the trap! That same creativity... is the thing that'll blow it up. Because you're bored. You're doing the same darn thing. You've been doing the same thing for weeks, months, years.

3:41
So you go "oh you know, if we took this other little thing and we added it to our service, Oooo!" It satisfies something inside you, but really? Did the market ask for it? Are you getting bored?!

3:58
That's the trap, because we start to be creative. When it's not time to be creative. And we blow it up. We get that stick of dynamite, that creative stick of dynamite we light and go, "Oh, wouldn't this be a good idea!" Ka-Boom!!

4:14
Your operations efficiencies tank. Your ability to produce the product tanks. Whenever it might be right, that you've introduced just blows things up. Maybe it's creating a bunch of customer service headache. But you thought it was a good idea. Here's the thing. 

4:35
Let's redefine what sexy is when it comes to your business and your products and your services. When you've got things humming. When you've dialled it in and you've done all that work to dial it in and tweak it and get your messaging right, and get the product right or the service whatever it is like the thing you deliver and then get your customer service out. So the whole process from "Hello my name is", where someone never knew who you were, through to getting to know like and trust you, to buying the product, to being a customer, to becoming a raving fan and saying "Man this guy this gal has an awesome product you got to buy it!" They're the your champions, you've done all that work it's amazing.

5:19
And it's fun getting to that point. I've been there. When you dial things in. It's exciting! Here's the thing, redefine boring as sexy. That's the most sexy thing! You've dialled it all in. The teams are all in place. Kaboom kaboom kaboom right you've got an ATM machine that's printing money. Be okay with that kind of boring. That is an accomplishment to be celebrated. Not messed with. Now some folks, hang on to this saying right "if it's not broke don't fix it." And there may be awareness and it's actually not dialled in, and they may think that it is as a business owner, they got a little bit of ego going on and they don't have self awareness and they don't see what's happening and they're not taking the feedback. They excuse it away and brush it off. Okay. Don't be one of those folks. Listen, have big ears, talk less, listen more right you got twice as many years as you do mouths so listen twice as much as you talk. Learn from what's happening in the marketplace with your product to get that feedback. So that's one challenge. 

6:33
But if you're dialled in. And you're bored. Be happy with that! Celebrate it! And look at that as being very, very sexy. Very, very good, very very awesome. And don't let the creative, the lack of applying your creativity to your business blow it up. By you coming up with some hair-brained idea, right. Oh, if we just did this, or heard someone the other day, say they wanted that. So let's add that. Possibly but do that very slowly. Because you've done all this work to dial it in. Now to scale it. Just scale. If you can get to the point where there's no hold up in the system. It's just customer as many customers as we put through the system we make revenue. That's awesome. If you've gotten to that point where all you're doing is just making money. Because everything is dialled in. Your clients are being served. They're happy. You're happy. Customer service is humming along and not too busy not too un-busy right. We're doing good we're holding our customers hands on as well. Our sales process is dialled in on the front end. We're communicating with people our story and our value that we give in the marketplace. Like all these steps in the value chain, are all dialled in and humming along.

8:00
Don't blow it up. Redefined boring as sexy. Don't let the creativity that made you successful as an entrepreneur be your demise. I've seen it time and time again where people begin to blow stuff up and they just didn't need to, and their business has tanked. Because they were bored, and they didn't redefine board as an awesome thing at like a measure of accomplishment. And they are sitting in want. 

8:31
How can you do that? Here's a few things you can begin to get clear. There's a three step process. Talk about all the time with my clients and folks with programs. Get clear, make a plan, get results. This three step process. Get clear. So get clarity. Make a plan for what you're going to do. Engineer it. Strategize. Get input. Get feedback And then start getting results. That's that three step process you can walk through and use your creativity in that. And as you work in that framework of getting clear, making a plan, and then executing it. Implement, implement, implement, right, go do. Start getting the results. 

9:10 When you're at that results phase you take the feedback loop back up to the front right to get clarity again on a little piece you got to dial in. Get clear, make a plan, get results. Get clear, make a plan, get results. Get clear. Make that plan, your best plan you can come up with in the moment. It’s not going to be perfect. If you're a perfectionist out there. Let me release you of that perfectionism. I'll out myself. I've been there and done that myself. And it's something that you can get over. Let it go. It's good enough. We need to just keep moving forward here because we're going to iterate right, we're going to repeat the process. I'm going to gain more clarity, by implementing. I'm going to make a new plan. Adjust. I'm going to get results. Do that experiment. See what's happening. Okay, good. Then repeat. Let me adjust a little bit with getting more clarity. See it cycles like this, and you just spiral up, spiral up, spiral up. When you've accomplished that goal. Just stay focused on it.

10:07
And don't let the lack of creativity happening in your business experience, begin to mess things up. So walk through this framework of getting clear, making a plan and getting results. And what that equals is getting focused. Stay focused to walk those things through the end. And you can to avoid the trap of blowing stuff up. 

10:36
So that wraps it up for today was this episode of the entrepreneurs trap of avoiding it. Realizing that creativity is the very thing that makes you successful but it can also be the thing that could be your demise. Don't let the demise happen. Stay focused, get clear on what you're doing. Make a plan, get those results, dial in all the steps of your value chain from "Hello my name is…” to they there are raving fan of me, and you and your business. And then be happy with it, just lock it in and begin to scale that don't change a thing. If it needs changing sure but generally don't get creative don't add things to it and the entrepreneur's trap will be avoided. 

11:17
Thanks for listening! If you enjoyed the show please rate and recommend. Highly of course! On iTunes. On Overcast or wherever it is you subscribe to your podcasts. You can get more great information on this episode, it’s show notes, and our other episodes and shows, at TheProfitableMaverick.com. That’s The Profitable Maverick.com. Until next time, get out there, live more, love more, and be a more profitable Maverick!

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About the Author

Tom Birchall is the founder of Mavericks Business Academy (MBA). When he is not conversing with an entrepreneur about life and more profitable business awesomeness he will be talking about his kids, playing ice hockey, the drums, or geeking out about digital marketing. Oh, and then there's root beer floats! ;) Clients tell him he is "smart with a heart!" He believes a smoothie a day keeps the doctor away and telling someone you love them is amazing!

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