Sometimes, success or failure depends less on external factors and more so on an entrepreneur’s mindset. Indeed, as economists have noted dating back to the 1930s, psychological factors have major impacts on economic behavior.

Here are the three biggest psychological impediments to entrepreneurial success and how to overcome them:
 

1. Perfectionism

 
For entrepreneurs, practice doesn’t make perfect; action does. You simply cannot wait until you are 100 percent ready before you take action.

I remember thinking that I needed to write out 25-page business plans before I could do anything. After all, that’s what I was taught in school. In reality, by the time your “perfect” business plan is out of the printer, it’s already dated.

We always want to think things all the way through, but sometimes you need to just go for it, foregoing your perfect business plan and winging it with a five-page deck instead. The hardest part of giving up on perfectionism is to “own” your decision. While it is never going to be easy, if you let go of perfectionism, you will achieve better results.
 

 

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