Realistic Expectations: The Key to Entrepreneurial Sanity

Introduction: Entrepreneurial Sanity

Hello Everyone, I’m Tanner Chidester, CEO of Elite CEOs, and today I want to share some insights that are crucial for every entrepreneur: setting realistic expectations in your business. I recently had a conversation with a business owner that perfectly illustrates the importance of entrepreneurial sanity.

“I recently had a conversation with a business owner that perfectly illustrates the importance of entrepreneurial sanity.”

The Danger of False Expectations

A member of one of my paid groups, a business owner, was struggling with her lead response rate. She was disappointed that over 50% of her calls went straight to voicemail, expecting a higher pickup rate. However, in the real world, only about 10 to 20% of cold calls get answered. Her expectations were far from the reality, leading to unnecessary frustration and a negative mindset.

Entrepreneurial Sanity: The Danger of False Expectations
Entrepreneurial Sanity: The Danger of False Expectations

Aligning Expectations with Reality

When I corrected her expectations, her whole perspective shifted. Suddenly, she realized she was actually performing well. This is a common scenario in business. Entrepreneurs often set their benchmarks based on hearsay or exceptional cases, not realizing that these are not the standard.

Entrepreneurial Sanity: Aligning Expectations with Reality
Entrepreneurial Sanity: Aligning Expectations with Reality

The Impact of Unrealistic Benchmarks

Take, for instance, a business owner who claimed his sales reps had an 80% closing rate on calls. Such a figure is highly improbable in most scenarios. If a novice entrepreneur hears this and compares it to their 30% closing rate, they might feel inadequate, not realizing that 30% is actually a robust figure.

The Impact of Unrealistic Benchmarks
The Impact of Unrealistic Benchmarks

Entrepreneurial Sanity: How to Set Realistic Expectations

  • Understand Industry Norms: Research and understand what is typical in your industry.
  • Experience or Expertise: Either go through the process yourself or consult someone who has.
  • Avoid Comparing Apples to Oranges: Every business is unique. What works for one may not work for another.
Entrepreneurial Sanity: How to Set Realistic Expectations
Entrepreneurial Sanity: How to Set Realistic Expectations

The Best Approach to Lead Calling

For those struggling with lead calling, here’s my approach:

  • Double Dial: Call, if it goes to voicemail, hang up and call again.
  • Follow Up: After the calls, send a text, an email, and leave a voicemail.
  • Use Dialing Software: Tools like Phone Burner can streamline the process.

A Word on Entrepreneurship and Aging

As I’ve aged (I’m now 31), I’ve realized the value of time. I’m more willing to pay for expertise to save time and achieve my goals faster. This approach is not just about impatience but about maximizing my productive years.

A Word on Entrepreneurship and Aging
A Word on Entrepreneurship and Aging

Entrepreneurial Sanity: Conclusion

In entrepreneurship, it’s easy to get caught up in what we think should be happening versus what is realistically achievable. Remember, success is not just about hard work; it’s about smart work based on realistic expectations.

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