Is being a perfectionist good for entrepreneurship? It all depends. The results that come from striving for perfection can sometimes be a very good thing. But if perfectionism in business leads to being overcautious, constantly avoiding risks and playing it safe may also undermine the success of a business. In the case of a startup, trying to create the perfect business plan, which doesn’t exist, can spell doom when a new business never gets off the ground.
This article will give you some tips for avoiding perfection paralysis, and how to identify and avoid pitfalls so you can make actual progress with your new business.
Are you a perfectionist in business?
Building a business strategy and having a business plan are both important for a company to succeed. However, focusing too much on being perfect can hurt your chances of success. Many years ago, when I worked in the startup world, a friend of mine always had trouble sending emails. He was essentially paralyzed trying to write the perfect email, rather than simply engaging in the task.
These same issues often emerge when it comes to creating a business. Choosing the right name, branding, and logo can be overwhelming. When developing a business plan, it’s easy to get caught up in whether or not all your numbers are correct, or if you're using the right words and phrases.
Often, perfectionism is rooted in the fear of making a mistake. However, a bigger danger is avoiding taking action at all. Many mistakes are inconsequential, or can easily be fixed, and can be used as learning tools for the future.
How to redirect your perfectionism
Have a detail-oriented mindset
Strive to be detail-oriented instead of a perfectionist in business. Double-checking a form for errors without obsessing over it is one example of being detail-oriented. Being detail-oriented also involves understanding what to look for. If this is your first time starting a business, for instance, you may not know how to write a business plan or what sort of things to include in it.
However, until you have made mistakes in writing a business plan, or in another aspect of entrepreneurship, it’s difficult to know what's missing from your plan and what to keep an eye out for. By avoiding perfectionism in business and striving to be detail-oriented instead, you can avoid the problem of trying to focus on too many things at once and instead zero in on what is actually important to making your business work.
Be adaptable
Perfectionism often leads to tunnel vision and an unwillingness to accept change. When you're starting a new business, unexpected things will come up. Adaptability is how well you respond to changes and new developments.
Let's say you started an e-commerce business and you're eagerly awaiting your first product shipment. After the shipment arrives and you open the box, you realize they sent the wrong product. Adaptability will allow you to quickly resolve the issue—perhaps you can integrate the product into your store or simply get the shipment exchanged—without getting too hung up about it.
Being adaptable and not obsessing over incorrect details will prevent you from becoming stuck.
Embrace failure
A common problem that comes from being a perfectionist in business is trying to avoid failure. Failure avoidance often has the exact opposite consequence of its intentions and causes people to never get started in the first place. Many businesses fail to take off because the entrepreneurs are worried about the business “not making it.”
Entrepreneurs should embrace failure and mistakes because they offer excellent opportunities to learn. Sometimes lessons can be painful, but it’s still possible to mitigate any damage through careful planning. Both Bill Gates and Jeff Bezos recognize that failure is part of the process. It's one step in the process toward success.
Focus on goals and progress
Goals can be simple—like opening a bank account—or big, like building a business to sell and earn money for retirement. Identifying your goals and sticking to them is critical to avoid becoming stuck.
For example, SpaceX experienced numerous failures with its early rocket launches. Today, the Falcon 9 is being heralded as potentially the safest rocket ever launched. Elon Musk has a huge vision for SpaceX, but the takeaway is the same for any business owner. Having clear concrete goals can help you develop a plan for making progress and moving forward with your business.
Find a balance between analysis paralysis and extinct by instinct
The last thing we need to touch on is analysis paralysis and its twin, extinct by instinct. Analysis paralysis is just what it sounds like—becoming so preoccupied with analyzing the situation that you never actually move forward. Extinct by instinct is the opposite; it’s where you make decisions based only on your gut feeling.
Find a balance between the two extremes. Don’t sit around waiting for the ideal moment; instead, make an assessment and then act when the opportunity presents itself. Of course, if everything you do is based only on instinct, then you are just as likely to wind up in trouble as if you never took action at all.
Taking a balanced approach pays off
It’s important to be mindful of mistakes when starting a business and building a business plan. Many entrepreneurs are successful because they seek perfection in everything they do. However, this perfectionism can unfortunately create problems for a business and prevent it from making progress.
By taking a more balanced approach to your business and embracing adaptability, you will better ensure your future success. Rather than trying to do everything all at once, focusing on goals and progress will give you direction. Developing your skills as a detail-oriented entrepreneur will help you focus on the things that actually matter.
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