Starting a business can be a tough journey with ups and downs. Many entrepreneurs often get stuck thinking too much and waiting for the right time to act.
In a straightforward conversation with an entrepreneur, Tim Huntley from An Entrepreneurial Life came across an insightful observation. The entrepreneur compared their situation to a concept from the documentary “Waiting for Superman.”
In this situation, “Superman” represents funding. The entrepreneur believes that once they secure more funding, all their technical problems will disappear, they can achieve significant growth, and they’ll get noticed on platforms like Techcrunch. In essence, they’re waiting for a savior to magically fix their business.
This phenomenon can be termed the “Waiting for Superman” syndrome, and it’s a type of entrepreneurial procrastination or E-Procrastination.
E-Procrastination appears through statements that usually start with “Once we…” It’s a mindset that postpones action until conditions are perfect or until a miraculous solution appears. Many first-time entrepreneurs fall into this trap, continuously pointing out issues that seem to hold them back from moving forward.
Example for The “Waiting for a Savior” Syndrome:
“If we had a better website, we could start talking to partners and customers.”
“Once we file some provisional patents, we’ll be ready to talk to investors.”
“First, we need to finish our business plan and executive summary, then we’ll be ready to pitch to investors.”
“Once we have funding in place, we can hire programmers to jumpstart our development.”
Ironically, the Lean Startup movement emerged as a response to the “Waiting for Superman” syndrome. It emphasizes taking action through numerous iterations and making progress long before a product is considered “ready.”
While the Lean Startup methodology promotes action as a cornerstone of success, many entrepreneurs still struggle with E-Procrastination, especially when faced with uncertainty and risk. Human nature often seeks reasons to delay action when the journey becomes unclear and filled with challenges.
Confrontation is a significant underlying factor in E-Procrastination. It involves facing customers, investors, partners, or the market with your new idea and company. It means exposing yourself to potential rejection and the failure of your efforts. Thus, it becomes tempting to stay behind closed doors and strive for perfection before stepping into the spotlight.
E-Procrastination doesn’t mean entrepreneurs are inactive. On the contrary, E-Procrastinators are often very busy, but they focus their energy on tasks that delay their success. The irony lies in the belief that they’re diligently preparing their product and company for success.
Now that we’ve given a name to this syndrome, it’s crucial for entrepreneurs to recognize when they’ve fallen into the E-Procrastination trap. Successful entrepreneurs possess a bias for action, especially actions that directly impact their customers, partners, investors, or the market. They live by the mantra: “Just Do It.”
In conclusion, the ‘Waiting for Savior’ syndrome is a cautionary tale for all entrepreneurs. While striving for perfection is commendable, it should never immobilize you into inaction. Embrace the Lean Startup mindset, be proactive, and remember that progress often arises from taking that initial leap of faith. So, don’t wait for a superhero to rescue your business – take charge and make it happen.