Do We Need to Be Paranoid to Survive?

In today’s session, we were inspired by a David Attenborough documentary. Why, you may ask. Well, the animal world is very relatable to the business, and entrepreneurial world. The hunter/prey mentality.

Are you the hunter? Or are you the prey when it comes to business? Are you the cheetah or the gazelle?

Your instincts would automatically go towards the cheetah. However, the gazelle’s curiosity and paranoia certainly have entrepreneurs alert and on their toes. The never-ending-worrying-about-the-future type of paranoid.

We go around the topic by first asking… Is it bad for our health? Have we really become the prey? And what should an entrepreneur be?

The Moat

Colin shared his experience as an entrepreneur, “our businesses are always at risk. The key, then, is to build a moat around it to protect it”.

How? Discover your X-Factor, as we have discussed in previous sessions. What is it about your business that makes it stand out? As soon as you figure that out, get a trademark or a patent. Secure your business before it crumbles.

“If you’re not paranoid, you’re not going to survive. If you are paranoid, you’ll build that moat.” (Colin Quote)

Believe it or not, most entrepreneurs are not paranoid, so they don’t build a moat, and they don’t spend the time to build the defenses. Instead, they’re only focused on the growth.

Your army won’t be protected, and you can’t go to war without a shield. You may have better success if your defense is as strong as your fight.

Isn’t an entrepreneur’s life all about speed?

Michael and Colin both agreed that the best way to save your business, in the long run, is to be ahead. Be the first person in line and in front of the rest. If you’re ahead, how can others catch up?

You need to be paranoid from day one of launching your startup.

One way to do this, as Michael shares, is by doing a mental SWOT analysis of your business frequently. He thinks about the strengths of his business and then moves on to the weaknesses. Where are the exposures and the cracks in his business? Where are his big opportunities, and where are the threats?

Michael will then consider what defenses he needs to create in order to fill in those cracks and protect his business from the cheetah.

But don’t overdo it; balance is key

If you’re too paranoid, you’ll end up shooting yourself in the foot. You don’t want to get the idea that everyone you encounter is out to get you and miss out on opportunities.

Your mindset will trick you, and it will make it very difficult to focus, be creative, and build partnerships.

“Not everyone is out to get you… there are actual people who are honest and trustworthy and want to work with you and help grow the business.” (Jeff Quote)

A good level of paranoia should lead you to always have a plan B. No matter what you do, you have to assume that something could go wrong, and if it does, you have a backup plan.

There’s a big difference between paralyzing fear and protective fear. The one that protects you is the one you want to focus on. When you feel paralyzed or stuck, it may mean that you’re overdoing your paranoia.

Use this to your advantage, figure out how you will proceed when things go wrong, and always keep in mind that problems can be solved. You just need to take action.

Read more here: https://startup.club/do-we-need-to-be-paranoid-to-survive/