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After you compliment and stagnant have run your business for a while, it is easy to become complacent and stagnant. For example, two years ago my online store barely grew in the double digits because I sat back and did not try many new marketing strategies. It not because I was being lazy but rather that I did not know what I did not know. I did not have anything new to try, because I was not aware of the possibilities. This happens when you stop surrounding yourself with people who challenge you. One of the ways we keep going our businesses is by not getting lost in the echo chamber of mediocrity.
After I quit my job and went full time as an entrepreneur, my life was pretty easy. Systems and other people were running my businesses. I was spending time with my family. And money was pouring in. It was easy and tempting to coast, I did for a while.
But when I began to see how everything started to slow down, I extrapolated from that how I might soon be out of a job if I did not stay ahead of the curve. I am not paranoid and do not mind relaxing but a little foresight can keep an entrepreneur in business for a long time. Oftentimes, though, the experience of running a business can be so demanding and exhausting that you do not have any time or energy to consider new growth strategies.
One of the easiest ways to stay aware of what is happening in your industry and niche is meet regularly with peers. Personally, I meet with several mastermind groups on a regular basis, usually weekly. All businesses are inevitable headed toward failure unless the owner is constantly keeping the company afloat.
You can do this by working yourself like a dog or you can be smart about it. Put yourself in the company of other business owners who are successful and see what they are doing. Listen to them and share your own experiences, finding ways to help each other succeed and recover more quickly from mistakes.
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