All entrepreneurs know the highs and lows that come with running a business. But when things go wrong and we don’t get the results that we want, it can really shake us. So how can we avoid those dreaded freak outs and proactively find solutions?
In today’s episode, Nicki and Kate dig into the very practical steps you can take when you are faced with entrepreneurial challenges, no matter how big or small. Listen in to find out why thinking objectively can make problem-solving a more effective (and even enjoyable!) process.
Looking for closed captioning or a transcript? Watch the episode on YouTube!
A Sneak Peek at the Episode
[1:43] When business owners face a challenge, it’s easy to panic and either shut down completely or try to solve it in many different ways. Whether you’re having a big freak out or a small one, Nicki and Kate’s process offers practical steps to help you.
[5:02] The first step is to recognize that you’re feeling a particular emotion like fear, anxiety, or disappointment. You might also notice physical symptoms like an elevated heart rate, tension, or having trouble sleeping.
[7:01] When you feel negative emotions, it’s easy to go down the comparison trap and look at what others are doing. This only worsens the feelings you were already having, so try to spot when scrolling on social media feels draining rather than inspiring.
[8:41] Once you’ve identified what your feelings are, take the time to view it as objectively as possible. Look at the facts of each situation and separate them from your emotions.
[12:41] If you are having trouble getting to the facts, write down the thoughts that you’re having and then evaluate those thoughts. Is it a judgment or is it something you can prove?
[14:15] Once you have an idea of the facts, then you can start trying to figure out what the actual problem was and what you are trying to solve. What did not happen the way that you wanted it to happen?
[15:48] It’s important to recognize that there may be multiple problems or interrelated issues that need separate solutions.
[17:15] It’s not just the outcome that you want to look at objectively, but also all of the different inputs. Take some time to list out all of the different inputs and symptoms that got you this result.
[20:40] Once you have your list of inputs, brainstorm hypotheses about why you think that this particular outcome happened.
[23:05] Explore all the possibilities and test out each hypothesis until you find out which element makes the biggest impact. Having an order of operations for this process makes it much more controlled and focused.
[26:55] If you’re live launching just twice a year or once a quarter, it’s much more difficult to get the information you need to improve things in your business. When you test on an ongoing basis, you get feedback faster, and can progress more quickly.
[27:54] If you want to stick with your business and be successful, you have to find a way to get yourself out of the fear and keep taking effective action.
Mentioned on this Episode
- 3 Successful Online Business Tactics I Wish I Knew … Before I Did the Opposite
- The Big Problems With Live Launching & Evergreen
As with every episode, we highly encourage you to listen to the entire conversation! But, here are a few of the highlights:
“If you’re feeling fear or feeling a little knocked off your game, if you’re feeling frustrated, if you’re feeling any of these things, it’s okay. You’re in really good company because guess what? All of the rest of us feel that too! But if you want to stick with your business—and I hope that you do—but if you want to stick with your business and if you want to be successful at this, you have to find a way to get yourself out of the fear or get yourself past the fear and keep taking action anyway—and not in a scattered haphazard way.” – Nicki
“When you experience challenges in your business, it’s really important to start to learn how this manifests for you. I know I personally tend to get a little bit of panic and I feel it in my torso, it feels constricting in the very center of me and that’s how it manifests for me. And now that I notice that feeling, I can work through the rest of the steps in this process.” – Nicki
“There could be layered problems in here, so in some situations where you might have that ‘I’m working too many hours and I’m not hitting my sales goal’ or something like that, the solutions for something like that, they could overlap. You could find a solution that reduces your hours and helps hit your sales goal but it could also be that they need two separate solutions that work together.” – Kate