Business Coaching / The Psychology of Business
In business, as in almost every area of life, reaching success is 80% psychology and 20% mechanics or strategy.
Most of the challenges each of us face in business are the same whether they be financial strains, team management, growth and expansion, leadership issues, innovation, lack of resources, or marketing; finding solutions to each of these obstacles is unique and specific to each individual. This is because the real barrier in each of these challenges is psychological, and is therefore specific to you, the business owner. Having the right skills or strategy in business is indeed important, but with the right psychology, you can easily access or create the strategy. Think about that statement for just a minute. Every strategy in existence was created by someone with the right amount of hunger and desire. Therefore, it is our thoughts, our questions, our internal hunger, our beliefs and our emotions that are the true key critical ingredients for business success. A business coaching program helps align these elements.
To consider the validity of this statement, let’s start by considering the importance of having hunger in your business. What is hunger? My belief is that hunger is the driving force of either inspiration or desperation that makes us willing to do whatever it takes to make things happen. It is the internal force that is so strong that it is going to make damn sure that you are not going to stay where you are. You will work long hours, travel large distances, you will take risks and make massive action steps, whatever it takes to make your dreams come true. That hunger is the fuel that drives most people forward. Is having a sense of hunger in your business important? Absolutely it is. But what creates it is different for everyone. And so is what kills it. As I stated above, each solution is as unique as the person behind it. However, all hunger, or lack thereof, is created or reduced in the mind, i.e., our psychology. And without being fully aware of this, we slow down, and take fewer actions and become far less effective, and put in less effort. Most people don’t need more skills. They don’t need to be told that they need to know their numbers or do a better job at marketing. More often than not, they just need a better question. A question that will wake up their hunger, challenge their limiting beliefs, or tap them back into the emotions that are created by reminding them how far they have come. Once you are able to unlock the mind the truth that Napoleon Hill shared many years ago becomes true -“Whatsoever the mind can conceive, and believe, it can achieve.” All of the solutions are found in these three key words… Conceive, Believe and Achieve.
As I stated in the beginning, this is a moving target for every individual. The biggest chokehold on any business is the psychology of the person running it. Unlocking that psychology will never be summed up in a sentence or a paragraph.
The Story of the Hammer
One day a long assembly line in a large factory suddenly stopped moving. A critical piece of equipment brought the factory’s entire assembly line and overall production to a complete halt. Partially finished products were backed up all through the factory, panic quickly set in as tens of thousands of dollars were lost for every minute that this one assembly line was shut down. The workers looked around nervously as engineers worked frantically to bring the machine back to life.
Hours went on – no amount of fiddling by the operators or floor engineers could get the machine fired up. No one on the factory floor knew how to get this element of the production line back online. Upper management and the companies most senior executives became frenzied as they didn’t know what to do either. They knew there had to be a way to get this resolved and online or they would lose an enormous amount of money.
The chief mechanic was called in and he insisted that there was only one expert who he knew could correct the problem quickly so the factory could be online making money again. Needless to say, the expert was called in. When the expert arrived, he examined the halted machine from this angle and that angle, skillfully moving all around for about ten minutes. He then went and removed a hammer from his toolbox. He walked up to the machine and inspected one specific spot before he struck the machine once with the hammer. A loud whack was heard throughout the factory floor. Suddenly the machine came back to life and started running at full capacity. Goods started moving smoothly down the assembly line at full rate and the factory was back online. The workers sighed a sigh of relief. The corporate executives rejoiced.
The expert then presented the chief mechanic with a bill for $10,000. “This is outrageous!” the mechanic exclaimed “10,000 dollars to hit a machine with a hammer? You spent ten minutes here just to hit it with a hammer!!!! I’ll require an itemized bill for this!”
The expert pulled out an invoice sheet, wrote a few things down and then presented the chief mechanic with the following itemized invoice:
- Hitting machine with hammer $1.00
- Knowing where to hit machine $9,999.00
In Business, knowledge is essential. Having the wisdom that allows you to effectively apply that knowledge is priceless.