Ever heard of the ‘success trap’? If the answer is no then you’re not alone. The ‘success trap’ refers to a state of mind which affects many successful entrepreneurs. If unnoticed it can leave you lagging behind the competition with a trail of missed opportunities, unfulfilled goals and burnout.
What is the success trap?
The psychological condition labelled the ‘success trap’ occurs when a business person has been successful in one particular area and becomes focused on maintaining that success to the detriment of everything else. Commonly this might mean neglecting research and development to explore other related areas or products. It could also mean neglecting self-development and market opportunities outside of those already explored.
The consequences of the success trap
Business stagnation
The obvious danger is the stagnation of the business. The ability to react to market change is vital if you want to stay relevant and ahead of the competition. So a business that has had success with a particular product or service may find it difficult to shift to a different kind of product or service or mode of delivery.
An obvious example is technology which is constantly evolving and affects many different kinds of business. For instance, recruitment has traditionally been handled via recruitment agencies and online advertising. Big data and AI might make it possible to target potential employees in the same way Google or Facebook target a potential market for a product or service. Targeting candidates for vacancies via social media is already common place.
Other examples might be media driven with certain behaviours or product attributes becoming popular because a celebrity is championing it or because of a news item.
Business’ that embrace opportunities as they evolve are the ones that will sustain their success over the long term.
Mental health
Another serious consequences of the ‘success trap’ might be your mental health and life outside of business. If you focus on your business to the exclusion of your health and family it will have an impact on your relationships. It may lead to burnout and mental breakdown.
This is associated with the ‘success trap’ because it involves an inflexible template of how to do business that has brought success in the past and therefore must be followed. Taking time to look at your business, reassess its direction and methods and invest in yourself is important if you want to avoid this outcome.
Performance
Such a rigid attitude to how you do business may also impact your performance. This is because you reject the ideas and input of others that might challenge how you believe things should be done to achieve success. The result is to stifle innovation.
Avoiding the success trap
The first step in avoiding falling in to the ‘success trap’ is market research. Never assume your customer is happy just because they haven’t complained. If sales slump don’t make assumptions. Do your research.
Keep a close eye on market changes and product or service demand. Industry newletters, social media and industry events are useful here. You need to be aware of trends in your industry so you take advantage of any opportunities such trends might present.
Staying ahead of the competition is about research, taking measured risks, exploring new ideas in all areas of your business and staying ahead of developments in your industry.
Communication with your customers, staff and others in your industry should never be undervalued. Trends are often communicated informally as well as through the normal channels.
Never neglect yourself. Updating skills and knowledge is all part of staying connected with change in your industry. No matter how busy you are, training and development should be a priority. As is a healthy work/life balance.
And finally…
The ‘success trap’ is more common than most business people might appreciate and a rut all too easy to fall in to. Avoiding the ‘success trap’ is a conscious decision to be open to new ideas and approaches to doing business. Take time to network, read up on industry matters and seek the ideas of others. A successful business is responsive to market changes, innovation and opportunities.
Being able to reimagine how you do business in reaction to change is crucial. As is being able to recognise and pursue new opportunities if you want your business to be successful in to the future.