The Psychology of Mediocrity — a Business Perspective
Your journey begins when your company secures its initial funding.
You're in the game now; the luck factor has been reduced in favor of the You factor. So far, you've been successful. It's time to confront more advanced objectives: sustained growth and financial independence.
Consider X as the total capital required to reach your long-term financial goal. The question is: how can we minimize it?
The less funding needed, the greater your chances of defying the odds and becoming a thriving success story in the long run.
Humans are wired for survival, not excellence.
Capital helps acquire key resources for growth, especially human talent, which can be one of the most expensive. One crucial and expensive resource to acquire is your human capital. The more productive they are, the less additional funding you'll require.
In order to steer clear of the statistical pitfall where a majority of companies cease operations, it is crucial to consistently exceed expectations. You must keep striving for greatness and excellence.
With the weight of responsibility, you might lean toward making ‘safe’ decisions. However, these decisions may divert you from remarkable success, prolong your path to self-sufficiency and its associated risks, or even lead you astray.
“Safe” can be risky.
Before we delve into the list of conventionalities, we must recognize that the path to prolonged business success is filled with challenges and uncertainties. It requires a strategic mindset and willingness to challenge conventional wisdom to navigate these obstacles and rise above mediocrity.
Conventional wisdom #1:
Hire experienced and familiar individuals
Experience reduces the chances of overlooking essential knowledge. Familiar characteristics may minimize cultural risks and managerial challenges.
Yet, excellence is not guaranteed by experience or by comfort.
Excellence is a product of Passion.
Highly passionate individuals are deeply committed to their profession and your business objectives. They are the ones who go the extra mile, generating excellent ideas, improving efficiency, and shortening timelines.
When hiring, give passion more significant consideration over experience and trivial personas. The more passionate your team members are, the less capital you need to invest in human resources.
Hiring for passion over convention carries risks, but these are opportunities to learn and improve. Yet you will be able to correct and learn. Embrace the risk in order to have excellence within reach.
Conventional wisdom #2:
Employ standard methodologies
Methodologies, practices, and tools have gained popularity for a good reason. They have proven to be effective. However, they were formulated in the past, and their efficiency dilutes together with their relevancy.
The present is different, and your company is unique.
Question the popularity and what has become a standard, and prevent those from slowing you down. Use them as inspiration; customize and evolve them to suit your needs. Seek out better tools, devise improved practices, and adapt methodologies to serve you better.
Conventional wisdom #3:
Mock the great ones
What worked for Google and Facebook may not suit your situation. Different locations, markets, company sizes, human resources, company stages, and numerous other factors come into play.
Once again, draw inspiration and reinvent. Avoid mindlessly following others. Quote Steve Jobs, however, prepend it with a "but…".
Conventional wisdom #4:
Growth and headcount go hand in hand
They don’t have to.
Reduce this correlation by automating processes as much as possible, ruthlessly improving efficiency, and eliminating glass ceilings for your passionate hires, allowing them to expand their impact and propel your company toward its long-term goals at a faster pace.
Understanding the psychology of mediocrity is crucial for achieving sustained growth and financial independence for your business.
By minimizing the capital needed by focusing on excellence rather than mere experience, companies can defy the odds and become continuously thriving success stories. Embracing passion, questioning popular methodologies, reinventing approaches, and easing the correlation between business and headcount growth are vital strategies to overcome mediocrity.
Businesses can carve their unique path to success in an ever-changing landscape by continuously striving for improvement, customization, and innovation. Remember, it is the pursuit of excellence that sets long thriving companies.
An effective way to counter mediocrity is to invest in your leadership team. My Leadership Power Boost service is designed to help current and future leaders break free from complacency, challenge the status quo, and cultivate a mindset of continuous improvement and innovation. I seamlessly integrate into busy schedules, offering real-time, hands-on support that makes an immediate impact. Each session focuses on practical strategies that leaders can apply right away, ensuring not only visible, short-term improvements but also fostering lasting learning. Additionally, my Leadership Trusted Partner service provides ongoing, personalized support for CEOs and entrepreneurs, guiding them through complex challenges and maximizing their leadership potential for sustained transformation.
If you found this article helpful, please 👏 and follow!
Interested in delving deeper into this topic or need personalized guidance? Reach out to me at orenykb@gmail.com for dedicated consultancy tailored to your specific needs. I’m here to support you on your journey.
