The Business Thinking Institute in Princeton surveyed about 300 business people including 70 millionaires to identify the reasons why some people are successful in business and others are not. 70% (or more) of businesses fail and expert advice from academics, gurus and consultants over the years has not reduced it. Have you wondered WHY? Does that make logical sense? From our survey and several interviews, we identified obvious and common sense reasons why many people have limited success or face failure in business. Once I point it out, it may be obvious to you. However, the people who are ‘hitting a wall’ or failing in business do not see it when they are doing these obviously wrong things.
One of the biggest reasons why people have limited success (or failure) is because they cross from confidence to arrogance – obvious to everybody except the arrogant person.
Confidence is the deep belief that you can make a difference in the world – something you develop with experience and successes. It is an important competency for success in business and life. Confidence inspires and motivates those around you and give you the ability to step out of your comfort zone (take risks) so you can grow, innovate and achieve greater success.
Arrogance is the belief that you no longer need to grow or change. It is a belief that you give yourself, often exaggerated and without a foundation of successes or experience. It is the belief that you are better than others and that you are right and others are wrong.
Since this is an obvious thing, I will not elaborate or give examples. Just ask yourself these questions to figure out if you are arrogant, and how arrogant you may be (based on how many questions you answer affirmatively).
Confidence and arrogance are distinct with a difference – the difference between success and failure.
If you want to find out whether you have other factors that could impede your success in business, take this quick quiz and find out – http://bit.ly/BizReLQ. AFTER you take the quiz (to prevent bias), you can read the findings from the survey at https://www.businessthinking.com/content/business-reluctance.