An Entrepreneur's Worst Enemy- Procrastination
Overcoming Procrastination with Self-Imposed Deadlines
One effective way to avoid the turmoil of procrastination is to set self-imposed deadlines and recognize the importance of meeting real deadlines ahead of time. If your business insurance is due for renewal on December 15th, but you want to compare quotes for a better price, waiting until December 14th to start shopping could lead to rushed decisions or missed opportunities. Similarly, scrambling to gather tax documents on April 14th will only add unnecessary stress.
The Power of Self-Imposed Deadlines
The key is to create a personal deadline well before the actual one, forcing yourself to address potential challenges in advance. This approach allows time to troubleshoot issues that might otherwise prevent you from meeting your required deadline.
A Case Study: The Business Owner’s Pivot
Consider a business owner who sells private-label products. He decides to pivot to a different business model and exit the product licensing industry. However, as the end of his annual licensing period approaches, he realizes he still has a significant amount of inventory left. With only 30 days remaining until his license renewal is due, he faces a crucial decision:
Should he renew the license and continue selling the remaining inventory?
Should he liquidate his inventory quickly and move on to his new business?
To avoid last-minute pressure, he sets a self-imposed deadline of 15 days to sell out his inventory. If he successfully liquidates within this timeframe, he will opt out of renewing the license and transition to his new venture. If he cannot sell out, he will renew the license to prevent unnecessary losses.
Motivated by his deadline, he moves quickly and sells his remaining stock within 15 days. Because he acted with urgency, he successfully avoids another year of licensing expenses and is free to pursue his new business venture. Had he waited until the last week before the deadline, he might have struggled to sell his inventory, forcing him to either incur additional costs or delay his transition.
The Takeaway
Setting self-imposed deadlines instills a sense of urgency, helping entrepreneurs avoid last-minute stress, make better decisions, and take control of their business timeline. By planning ahead and committing to early deadlines, you can minimize delays, reduce costs, and position yourself for success in any business endeavor.
