Entrepreneurs Need to Learn to Say No

Having too much on your entrepreneurial plate will spell failure for your business. Knowing how to say ‘no’ is the most important way to prevent this.

It takes certain traits to become a successful small business owner. Probably one of the most important is to grab opportunities by the horns and wrestle them to your advantage. The flipside is that we end up trying to take on more than we can handle. If you've ever seen any of those "rodeo gone wrong" videos, you know that a single bull is more than plenty. You also know how bad things can get when the cowboy falls off.

As an entrepreneur, it is also very important to determine just how much you can actually take on before you bleed yourself and your business to death. As NewBrand Analytics CEO Kristin Muhlner said, "We've become so awful at saying no… People are trying to accomplish too much, and they're killing themselves in the process."

In the first place, as a small business owner you already have a lot on your plate. There are so many different roles you have to play, so many diverse tasks to accomplish. Having a "superman complex" will burn you out, and quick. This often also leads to immense strains in relationships with family and friends. To top it all off, you'll probably end up completely ineffective at running the business.

Prioritize

You don't even really need to do most of these things. Of those you do need to do, it is important to prioritize. Learn to determine what can realistically be done within certain time frames, and make a note to do the less urgent stuff when you have more time. Discard the rest, and always leave ample time for all other aspects of your life.

Delegate

Honestly assess what tasks you can effectively handle yourself. Delegate the others. This includes weeding out most things you find unpleasant, which can also lead to inefficiency and procrastination. On the other hand, it is also important to delegate properly and to the right people, but that's another story for another day.

Choose your niche

There are also many people and groups that will ask you to do all sorts of stuff. These often seem like business opportunities that you shouldn't waste. However, this tends to make you do stuff that isn't a really good fit for your goals, while also making you miss out on those that are. "When people thumb past your name in their mental rolodex," says J. M. Henderson of Secret Agent Research, "you want them to associate you with a very specific area of expertise, not call you when they have odd jobs or projects that you maybe sorta could do in a pinch."