Perfectionism, in psychology is referred as a personality trait when an individual is constantly striving for flawlessness and setting excessively high performance standards, accompanied by overly critical self-evaluations.
Now the questions is are you your own biggest critic? Is nothing you do ever good enough to meet your own standards?
Perfectionism can result from a rigid mindset in which you don’t change your expectations based on present situation your are in. For example, you started a business or a creative endeavour, you set certain standards and expectations for your business. But now as you get into this business even further or going deep into the creative process, you realize that only if you had access to extra resource things would be even better.
Now, in order to obtain these resources you start focusing on ways to get more resources so you can achieve the standards and expectations you had initially set for this product.
As a result of focusing your energy into obtaining more resources to achieve the desired result, let’s say you get more resources, such as more financial support to fund your business or let’s say you got a better more expensive film camera or DSLR. Now, you are equipped to produce the best product possible. Or that’s what you think initially.
But what happens now? especially during the creation phase you have to go back and re-align yourself with the product because you have been focusing on totally different tasks and not the creation itself. As a result of this distraction you were able to secure extra resources but you got distracted from the end goal and that delayed the launch or the shipping date for the final product.
Its happens to almost everyone, because all of us have high expectation of ourselves. But they key thing we forget is what will eventually bring you substantial income or recognition is not the first thing you released but the second or the third version of it after tweaking the actual product based on the feedback you receive.
For any business it’s super important to ship first and this is especially important for small businesses and entrepreneurs, especially since we don’t have the same budgets as the big corporations.
Samsung and Google are the best examples of this, ship fast and tweak later. I still remember the first smartphones released by samsung, they were laggy and were full of issues.
But Samsung wanted to validate the market since they had already seen smartphones success from Apple, so there was proof of concept but the question was will that apply to Samsung and their vision. So they shipped it fast and then after 7 or 8 versions we now have the current Samsung flagship devices that have outsold iphones
There are primarily two models of small businesses
- VC – Backed Startups
- Bootstrap Startups
VC backed startup
It is ideally a business that is backed by a venture capital firm and they take equity in your company. But be mindful of the equity you give because if your business is complex you might be going for a second round of funding and if you gave away large equity in the first round you will have tons of difficulty in the second round or you will have to give up as much as 80-90% of your company.
There are also other options of acquiring funding for your business or creative endeavor. Such as angel funding, crowdfunding, equity crowdfunding and other seed funding ways which we will discuss on later episodes.
These companies start with little capital, or capital funding coming from the Entrepreneurs personal savings. For example JOLSID.com is a bootstrap company, we don’t have major funding behind us and we are doing this with limited resources and funding it from personal savings.
The reason many Bootstrap startups fail fast is because of the lack of funds and advice available to them vs the advice available to the VC (venture capital) backed startups.
According to Wall Street Journal 3 out 4 VC backed startups fail. You will find out by the end of this 5 episode series why that happens.
Back to our no. 1 mental barrier of Success which is Perfectionism.
If you are a VC backed startup this buys you a little bit of a room to be a perfectionist. But I am sure the Venture Capitalists backing you would push you to ship the product fast since they have more on the line than you. We would still not recommend being a perfectionist but to be adaptable to changing market conditions,
Perfectionism can also lead to second-guessing, procrastinating, feeling constantly overwhelmed, or giving up and not trying.
Perfectionism can be dangerous to your brain and body: An article in the Review of General Psychology found that perfectionists are more likely to struggle with depression or anxiety and more likely to commit suicide. Perfectionists have conditional self-esteem, which means that they can only like themselves or feel good about themselves when they do well. But nobody can do well all of the time.
Now go ahead and put your creation out in the market and validate its proof of concept