What psychological factors limit the growth of a business? For a while now I’ve been contemplating an article on the psychology of business growth and factors which stand in its way. I’ve been involved in online business for a while now and have had a fair share of struggle too. Plus, I’ve always had an interest in self development for a number of years, and of psychology.
So it seemed a good idea to combine two of my favourite topics: affiliate marketing (online business) and psychology. So what psychological factors limit the growth of a business? Here’s a few of the things which I have personally discovered regarding my own personal journey.
What Psychological Factors Limit The Growth Of A Business? Needing To Be “Right”
You’ve probably seen the TV program which is hosted by Gordon Ramsey “Hotel Hell”. If not, it’s a very telling overview of this topic. Gordon comes into a hotel or restaurant establishment where the person in charge is ‘stuck in their ways’. They have become so stubborn and ‘set’ that they refuse to see the light even when a top chef and hotelier is telling them as it is. Swearing and abuse aside, it’s a very good watch, or maybe that’s because of the swearing!
Wanting to be “right” is definitely something I’ve personally experienced in my online business journey too. In fact, I have become so stuck in doing things “my way” that I suffered for it for several years. In my defence, I was attempting to build an online business by blogging which I knew was a long term strategy. But when I was able to let go of “being right” about my strategy, I was able to apply other, more effective strategies and get faster results.
However, nothing is guaranteed in the online world. It is after all a business and not a hobby. Which leads nicely to another subject – mindset. Knowing when you have lost your way is a good thing, even if it hurts your pride. And taking advise it tough for entrepreneurs who want to be “the boss”. However, if your need to be right outweighs your desire to succeed, you have a problem, especially when you don’t recognise it.
What Psychological Factors Limit The Growth Of A Business? How You “See” Your Business
Whether you think of your business as a job, hobby or passion will have an effect on its outcome. Do you see yourself as “playing” in your business to keep yourself entertained? Or are you serious about using it as a tool for financial and time freedom? What does your business mean to you, really? If you’re using it to keep busy and “buoy up” your self image to “show off” or big up your ego to your friends, you’re probably seeing the results on your bottom line as a reflection of this.
A business owner must have a long term view of their business and be able to see a ‘vision’ of where it is going. If they don’t, they will likely get caught up in low impact actions which don’t drive their business forwards. Often this might be things they enjoy rather than are really needed. I’ve definitely fallen into this trap. This happens especially if someone is transitioning from an employment into a business. In employment, you’re paid the same amount however productive you are. In business this isn’t the case. So habits you take from a job don’t necessarily apply to an online business for instance.
Dwell in the long term outcome you want from your business and then use the outcome to inspire a daily plan which is aligned with that goal. If you haven’t set a goal for your business, it’s likely you won’t hit it!
Psychology And Your Business – Self Image
Yes self image is massive in your business growth. Unless you’re growing, chances are good that your business isn’t either. Your business can’t outgrow the thinking you are bringing to it. So you will always be the glass ceiling of a business you own and run.
Are you putting yourself in the company of other more successful business owners? Or are you struggling on alone amidst the complainers and moaners who secretly want you to quit (more on this later). How do you see yourself, honestly? Are you secretly quitting in your mind, or do you see yourself as a success? What tired thoughts dominate your mind when you are feeling up against it? Do they outnumber the positive encouraging ones?
How do you feel in groups of people and how do you talk about yourself when meeting new people? All of these interactions can say something about how you perceive yourself, which in turn is going to, in some way, determine your results in life.
See Psycho-Cybernetics for a good resource on developing the self image.
Psychology In Business – You And Your Peer Group
Peer groups are another useful indicator for your business. Ideally, you would surround yourself with a number of positive people who are doing much better than you are in business. They would be encouraging and helpful and give you something to aspire to. But in reality, we often have a mix of people around us who offer differing levels of help and support.
There’s a common thread which says you can tell how much someone earns by the average income of their closest circle of friends. “Birds of a feather, flock together”.
Your group of friends is therefore pretty important to the success, or lack of, of your business. If you are surrounded with others who don’t want you to succeed, your journey will be that much harder. Why don’t your friends and family want you to succeed? For a few reasons. Often your success will change the status quo and your status among your friendship group. This will be felt by those around you not as something to celebrate, but as a sign they are falling backwards! So even if on the surface they are with you, secretly they can be trying to undermine your efforts and get you to quit. That way, it’s much easier for them.
Ideally, find a group of people who want the same as you and hang around them; not the doubters and haters who want you to quit. If you’re worried about losing friends if your business succeeds, consider what kind of friends they actually are if they don’t continue to support you!
Childhood And Your “Money Blueprint”
A list of limiting factors in creating more abundance and wealth wouldn’t be complete without a mention of your childhood and “money blueprint”. Everyone has a past which isn’t necessarily supportive of their new goals. Particularly if someone has never had much success before, it can be difficult to overcome the many internal conversations which don’t support your new outlook towards money, income and wealth.
Just think back to the many discussions, arguments or conflicts which you may have been privy to as a child. What did your parents think about money, spending and saving, for example? How did they talk to you about money? Did they agree about money issues or was there a conflict between them? It’s possible your life is a result of attempting to resolve your parents’ conflicts around money, particularly if you’re struggling yourself in this regard.
It’s also possible to take unhelpful behaviour patterns from childhood which once worked to gain attention from a parent, but which no longer work as an adult in business. One example of this is a “poor me” control drama which works as a child but as an adult it stifles your growth. You’ll actively create problems and limitation to give more weight to your “oh dear poor me” persona. Look for ways you relate to others and how much you complain to notice this trait.
Unconscious Beliefs Around Success
As a child, you don’t get to stand up for what you believe in. All that information just goes straight in to your subconscious mind and this becomes your money “blueprint”. So if your parents had beliefs about money and income which were not very supportive, this could have affected your subconscious beliefs about money and income.
For example, many people pick up beliefs such as:
- Money doesn’t grow on trees
- Rich people are greedy
- You just need ‘enough’ to get buy
- Money isn’t important
- Work for love and not money
If a parent has “installed” an idea in your mind about money, it’s very difficult to get past it if you don’t want to be judged (in their mind) as “greedy”, for example. Trying to please a parent might just be the barrier to your business growth if this is going on.
What Psychological Factors Limit The Growth Of A Business? – Fear Of Success
Fear of success is a big factor in curbing your own business unconsciously. Perhaps you’re worried about a large tax bill? More money equals more worries? Or maybe you’re thinking about all the responsibilities you’re projecting into the future if you start doing really well? I was definitely worried about tax implications until I started learning about tax laws and caught up with by book keeping.
If you’re anything like I was, the thought of more tax dealings and keeping up with added book-keeping was a huge factor which kept me from moving forwards with my online business. I got some good advice from the online community I am part of and also spoke to my accountant who gave me some great advice. Just having some more information gave me the confidence to overcome a lot of fears around this subject. (You can join an online business community by signing up on this site for the free video series. See affiliate marketing mentors for more info.)
Internal Conflicts Around Money And Success
Here’s another very subtle key to why your business might not be growing at the rate you truly desire. If you in any way are envious or disparaging towards those with money, or wealth, you could be sabotaging your own success.
If you’ve never had money or success, you can carry some negative ideas about those who have had and particularly those who display their success. The first time I owned a BMW car I noticed quite a lot of anger and resentment coming my way. It was harder getting out of junctions and I received some unpleasant attention. I had only bought the thing second hand and it soon dawned on me how expensive it was to run! But it was a glimpse into some people’s attitude towards those with money. I have to say I’ve had my moments of envying those who have done well too.
But by carrying resentment towards success, you set up a blockage towards your own success. How can you strive towards attaining something you despise?
General Outlook on Life
What’s your general outlook on life and the world? Do you have an optimistic outlook? Or do you see the world as doomed to self destruction. This is something I recently uncovered about my own personality. I had a fatalist personality in that, I pretty much expected bad things to happen not good. This trait isn’t great for a business because you can’t fail to include your overall outlook in the workings of your mind. And if you mind is somehow involved in your business (which it is), you’ll create what you expect.
Two attractive forces which are mentioned in several books on the law of attraction (see law of attraction pdf for a few of my favourite books on this subject) are that which we expect and that which we desire. If these two forces aren’t aligned, and if we really want to succeed, but really expect to fail, we’ll work against our best efforts to prove our deep seated view and model of the world.
Old 9 To 5 Mentality
Many would-be entrepreneurs look to building an online business as a means to escape 9 to 5 life. Unfortunately many of them bring their 9 to 5 mentality with them. With a regular job you get paid for just turning up. A 9 to 5 can teach you a number of bad habits. For example, on the tough days in a 9 to 5 job you can avoid work as much as possible. You still get paid even for a sloppy job. So long as you don’t get caught slacking off it’s no big deal. This can train you to be unproductive and take your pay check for granted. An online business requires a different approach.
With an online business your earnings are in your hands. You must take full responsibility for your income or lack of it. If you don’t accomplish much your pay reflects this. So check your mindset when it comes to working. You’ve got to be far more productive in an online business or you won’t get paid at all. Make sure you are focused on money producing activities and not being a busy fool: working on actions which you prefer rather than those which pay.
Did I Miss Anything?
I hope this article has given you a few insights to what psychological factors limit the growth of a business? Please leave a comment or share the post. If you’re interested in learning how to start an online business from scratch, please sign up for the free video series on this website.
