As per Harvard Business Review, continuous personal development is critical for job advancement. Along with factors such as professional fulfillment, impact on a person’s surroundings are also heavily influenced by one’s desire to learn and grow. The self-help industry and self-proclaimed leadership schools gained a lot from people’s desires to improve, but business failure rates remain incredibly high.
As per the US Bureau of Labor Statistics, nearly half of new businesses fail in the first year. This statistic is far worse when looking at global trends. According to statistics from the US Small Business Administration, nearly 80% of new businesses fail in their first year. Additionally, the expected lifespan of small businesses is only eight years. What are new entrepreneurs doing wrong?
As per the research done by the University of Notre Dame, motivation remains the most sought-after myth all new business owners chase daily. However, motives for success vary from one individual to another. For Lorraine P. Jordan, an esteemed real estate veteran leading the number one Keller Williams Group in Canada, more than just motivation keeps her in business.
Willpower, time management, wits, obsession, flexibility, and devotion are all personal qualities everyone possesses for different things. However, focusing on the wrong goal might be the mistake that buries a business, and it can happen fast. For Lorraine P. Jordan, being able to face one’s demons and constantly challenge oneself to grow is the most important thing a business owner can do.
Personal growth is not something that comes fast, says Jordan. For her, growth is a continuous life experience; it’s not limited to conquering one obstacle. For example, her first real estate experience happened when she was very young. Lorraine P. Jordan sold her first property when she was still in high school. That experience pushed her to follow a career in real estate.
However, she felt that she was missing out on something. After seven years of trying to grow her business, she decided it was time to focus on personal growth. After all, people like to follow good leaders. After only one year with her mentor and coach, her drive for change and unique challenges led to her business doubling.
Jordan freely shares her personal story with her teammates, firmly believing in hands-on mentoring. This approach has led to her career surviving for over 30 years, with numerous proofs of her success. Now, when she is stuck on a problem, her first response is to research the issue and do her best to find the solution. She often goes back to a Mel Robbins quote: “Doubting yourself is normal. Letting it stop you is a choice.” She believes that fear usually controls people’s instinct to try and push through adversity. Furthermore, in those hard moments, Jordan also remembers Napoleon Hill’s words – “Whatever your mind can conceive and believe, it can achieve.” That’s why Lorraine P. Jordan believes that staying informed and researching other people’s success can help people overcome every obstacle on their path to success.