How to Raise Standards as an Entrepreneur

Why do some leaders and organizations seem to falter after a massive success while others don’t? Patrick Bet-David believes the answer lies in how leaders and organizations react to success.

There are two reactions to success, the first is –  ‘Oh my gosh, I Just made 200,000 last month.’ And they go on cruise control never to be challenged again.

The other reaction is –  ‘I did x, y, z and made 200,000. What if I do x, y, z and a, b, c? Could I make a million in a month?’ These people keep pushing and give their all no matter what because they stay committed to their high standards.

What separates these two reactions? There are seven reasons why leaders and organization fall victim to the first way of thinking and lower their standards.

7 Reasons Companies, Leaders, and Organizations Lower Their Standards

1. Leadership Loses Hunger

   1. Right after a massive victory, win, or success their stomach is full, and they lose that hunger and just bask in their own glory.

2. Forget How Work Gets Done

   1. Psychologically you don’t expect as much effort from everybody else because you’re not putting in the same effort after a win.

3. Become People Pleasers

   1. When you don’t give your role as leader everything you have, you stop leading and start needing to be like by everybody.

4. Rewards Without Work

   1. When organizations fear losing people, they just start giving titles away. “Big thinkers are not driven by titles. Big Thinkers are driven by doing big things” – PBD

5. Different Pages

   1. Dividing your team into the people who earned their reward and those that didn’t, causes everyone to pursue different directions instead of the same one.

6. Vision is Too Small

   1. If your vision is too small, your high standards get dropped because the goal is reached too quickly.

7. Leader’s Heart is Gone

   1. When the leader’s vision is too small, they lose that fire and start making excuses that they are too busy. But in reality, their heart is no longer in the business.

How do we avoid this because we don’t want to see this happen to our company? Watch this video with everyone on your team, be honest with each other and transparent even if it hurts a little bit. Go through the seven reasons above to find where you lost your high standards and then think about these next steps.

5 Things to Think About Before Raising Your Standards in Your Organization

1. Define High Standards

   1. Don’t be general when it comes to your standards, be specific to the ‘T’.

2. Communicate and Reaffirm Those Standards

   1. Everyone needs to know your standards, so you need to communicate and recommunicate them to everyone on your team.

3. Sell High Standards

   1. Your team needs to be sold on these new standards because they need to see that it works. They also need to know that you, as the leader, are buying into these same high standards.

4. Drive High Standards

   1. Become a master re-reminder of your high standards to show them why they should recommit to high standards. Pump up your team to energize and excite them to deliver a consistently high standard.

5. Be Willing to Make Tough Decisions

   1. Occasionally, you need to prove your commitment to these high standards by making the tough decision to let go people who aren’t keeping that high standard. Everyone will realize really quickly that you’re not playing.

Recommended video to watch: 21 Differences Between Managers and Leaders 

 

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Founded in 2012 by Patrick Bet-David, our goal is to impact entrepreneurs around the world through value and entertainment. We are the #1 channel for entrepreneurs because of the best interviews, best how to videos, best case studies and because we defend capitalism and educate entrepreneurs.

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