How Finite Thinking Might Be Boxing You In
Episode 554: Show Notes
It’s been a while since we’ve done a Boss Talk Strategy Hour Edition of the podcast. Usually, we bring on a guest but, today, it’s just us, and we’re discussing how finite thinking might be boxing you in. Simon Sinek famously tells the story of when Blockbuster’s board of directors viewed Netflix’s subscription model in the early 2000s. The CEO of Blockbuster said, “We must change our subscription model to compete, as streaming services are guaranteed to increase.” He was rejected by the board because Blockbuster earned 12 percent of its annual revenue from late fees and, well, you know the rest of the story. Blockbuster is no more and Netflix is the dominant force in the market.
Why did Blockbuster turn down explosive growth and the chance to remain relevant for just 12 percent of their revenue? Well, by focusing on short-term, fixed goals, they inhibited their growth because they were blind to their long-term vision. Making decisions based on what is working for you right now isn’t the best strategy if you want to continue to innovate and scale your business. While it may seem scary, embracing an infinite mindset and basing your decisions on where you want to be is the key to success in an ever-changing world.
Listen on your favorite podcast player
In this episode, we share some of the surprising influencers in your business that could be distracting you from making CEO decisions, how to execute based on where you want to be versus where you are today, and when to shift from finite thinking to future-focused thinking. We also highlight the importance of trusting your intuition, not letting your goals hold you back, and taking your future into your own hands, so make sure to tune in today!
Influencers in Your Business that Can Derail You from Making CEO Decisions
This can be an especially difficult conversation in the small business realm. We’re not looking at businesses that are making hundreds of millions of dollars, not because their decision-making doesn’t have huge impact, but because Abagail and Emylee personally understand what it’s like to pivot and make changes based on immediate results as small business owners. Ultimately, you need to remember that you are the CEO of your business. Your board of directors is your friends, family members, and other people of influence in your life. Of course, you bounce your business ideas off them, especially when you are just starting out, but you would be shocked how much influence you are giving away to people who don’t have the long-term vision of your business in mind! As CEO, no matter how big or small your business currently is, you are the only person responsible for its success. Sometimes, that means tuning out the thoughts, opinions, and concerns of the influencers that make up your ‘board of directors’ and focusing on the path ahead of you rather than looking at the ground directly beneath your feet.
How to Execute Based on Where You Want to be Versus Where You are Today
In order to have (insert goal here), a multimillion-dollar business might not be the only way to get there. For many years, Emylee lived in a silo that forced her to view her business as the only way for her to achieve her personal goals. It took an uncomfortable process of unlearning for her to see that Boss Project doesn’t have to be her only vehicle for success, but it can be one of her vehicles. What can your business do to open doors for you that aren't necessarily selling more products, reaching more people, or creating new offerings? Letting go of finite thinking is an essential part of expanding your vision for the future. Now, you might be a forward-thinker in terms of goal setting or envisioning what you want your life to look like, but you also have to make strategic decisions right now that reflect those goals. Believe it or not, being a futuristic thinker can actually hold you back! Executing based on where you want to be versus where you are today starts with an understanding that setting arbitrary targets and deadlines only set you up for failure in the long run and creates a toxic cycle of disappointment, frustration, and burnout. Your goals for the future aren’t limited, why should you be?
Learning to Trust Your Intuition and Stop Overthinking
Honing the skill of not overthinking is essential because it’s actually when you overthink that you make the wrong decisions. When you learn to stop overthinking and trust your intuition, your very first response will usually be the right one. When it comes to finite versus infinite decision making, Abagail and Emylee have been thinking about revamping their customer experience and some of their products over the past year. Part of that involves figuring out whether this is a decision that is going to work right now or whether it’s a decision that endures for the long term. As a result, they have been paralyzed by indecision! There is a fine line between waiting for clarity and waiting too long to take action, and the bigger your business gets, the more you have to lose, and the more cautious you tend to become. We get it! We often talk about how we miss being scrappy, grassroots, baby business owners who just threw ideas at the wall and saw what stuck! Now it feels like if we do the same thing, we have so much more to lose if something goes wrong. We also know, however, that if we rely too much on external guidance or overthink something to death, we won’t make the right decision for us and our business. Remember, the only wrong decision is one that doesn’t align with your goals!
Taking Your Future into Your Own Hands
Observing the way others run their businesses is a healthy method of comparison. We can learn so much from seeing how others have gained their success, but assuming that you are in some sort of minority because your business doesn’t look and function exactly like your competitor’s is where imposter syndrome comes into play. We personally hate what the term “imposter syndrome” has come to mean today and how many BIPOC, LGBTQIA+, and women business owners we know say that they suffer from it. If you don’t feel like you belong in a space, it’s likely that you haven’t been represented in that space for long enough for you to feel validated in your position there. There are so many people out there telling you how you are supposed to live, how much money you’re supposed to make, what you’re supposed to be charging, how you’re supposed to show up every day, how many times you need to post, what you need to post about, what your content needs to look like, and we call bullshit! You have to give yourself credit for what you have built! It’s time to take your future into your own hands, stop comparing yourself to others, and build the business that will earn you the financial freedom you need (and deserve!) so you can stop surviving and start thriving! Your decision making power is within your own grasp and YOU get to design life you want for yourself.
Quote This
The only wrong decision is one that doesn’t align with your goals!
Highlights
Influencers in Your Business that Can Derail You from Making CEO Decisions. [0:04:47]
How to Execute Based on Where You Want to be Versus Where You are Today. [0:08:42]
Learning to Trust Your Intuition and Stop Overthinking. [0:16:32]
Taking Your Future into Your Own Hands. [0:30:42]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
KEY TOPICS
Finite vs. Infinite Thinking, Mindset, Goal Setting, Decision Making, Imposter Syndrome
