Ingredients For Success: Psychological Management
What does it take to build a successful business?
I had the privilege of sitting with Tapha Ngum, founder of My App Templates, for an upcoming podcast I’m working on. As a successful pioneer in the app template business, I just had to ask him, “What was the key to building a successful business?”
Psychological Management
“Entrepreneurs are not as rational and logical as they think they are. Most of the decisions we make are very emotional and not necessarily the best for a business. To succeed, you need to master your psychology in a way that helps you make the most rational, clear-cut decisions at any given moment…and you need to make a million of these. If you’re incapable of differentiating between when a decision is emotional vs rational, then you're gonna fail.”
“That’s what separates the ones who succeed: those who can manage their psychology long enough to see something through are the ones who are going to reap the benefits of running their own business.”
[Luis here: psychological management is not only crucial to make rational decisions for your business, but to empower yourself as a person. 100% is possible, 100% of the time. The only thing that truly holds us back from greatness is the voice of self-doubt in our head. Mindset is everything; learn to manage that and you will succeed.]
How do you manage your psychology?
“The way you manage your psychology is by sitting down with yourself and doing a few cognitive exercises; think about how you think.
One thing I really love doing is reading about entrepreneurial failures. What I really want to know from these is what were the psychological decisions and compromises that people made that lead to their failures. A lot of the time it was people not being able to recognize that they were making emotional decisions. After analyzing peoples failures, you get to see that a lot of the time it is a result of them not being able to manage their psychology.
I know this is true because I stayed with App Templates for a year. Had I not stuck to it and managed my psychology I would not have been able to build a successful business.”
If you could recommend one book..
The Brain Audit by Sean D’souza
“Literally the best marketing book I’ve read in my life. It shows you what the customer is thinking from the moment that they get in contact with your business until the time they pull out their credit cards.”
To catch the full interview with Tapha and other successful founders, check out the Meet The Founders podcast!
