Unfortunately, New Year resolutions are often well-meaning but not realistic and actionable. Even those that start well often run out of steam very quickly and become just a memory with good intentions; there is always next year.
Putting things off until the new year has been a trait that we have adopted over the years. Is there some magic in starting something new or re-starting a project in the new year? The answer is no, but the new year certainly creates a marker and a project date to aim for.
When we think of individuals with an entrepreneurial flair, we invariably think of people who are self-starters, highly motivated, and individuals with a very positive outlook. While that may be true of some entrepreneurs, it may not apply to most would-be entrepreneurs.
Many such individuals use the ‘new year’ as their marker for starting a new business, a business that has often been in the making for some time, perhaps it is even a business plan resurrected from last year that didn’t get off the drawing board last year. While many have a start-up date in mind and the new year is the focal point, very few will start their new venture in the early months; there will always be a reason or many reasons why one can and should delay any positive action. As we say, there is always next year!
Procrastination will win the day, and the project will be shelved for another year or two. Does this automatically mean that procrastination is a bad thing? Is it holding entrepreneurs back and stifling their creative abilities? Naturally, there are answers that are for and against such an argument.
Perhaps one of the most persuasive arguments for putting things off for a year or less is that the individual is not ready to launch a new venture. Starting any business requires planning and in-depth research. If that is not completed, it makes little sense to press ahead with a business opportunity lacking a solid business plan and marketing plan that has been built on solid research and facts.
Putting off the research and due diligence is another matter for the serious individual; while a new year deadline to start a business may not be realistic, a timeline should always be established, determining when the research will be complete and enabling rational decisions to be made as to the potential starting date or otherwise should the research indicate that a start-up is not feasible.
Procrastination can be a positive factor when used in conjunction with a timeline to reach a specific goal. Similarly, procrastination may well be appropriate if an individual does not feel mentally attuned to a start-up business. Not being ready with research completed and a positive mindset is a good reason to delay moving forward until such time as all the components fall into place. Creating unrealistic deadlines often increases an individual’s stress level. Starting any new business will bring its own stress elements without adding to the score with self-imposed deadlines and conditions.
There are circumstances where a delayed approach can be a positive factor, and putting things off for the time being is the right thing to do. The procrastination approach should, however, be coupled with a realistic timeline for moving forward.
There are justifiable reasons for taking a delayed approach, but there are also strong reasons why putting things off without a definitive start-up plan can harm the venture once it finally launches.
The lost opportunity aspect is probably one of the main issues contributing to that detrimental effect. If research shows that a specific time is the right launch time, but the would-be entrepreneur chooses to delay the start for whatever reason, then it is possible that the venture will miss out on the opportunity that that time afforded. Often, there are time slots that, when exploited, can be truly beneficial in the growth cycle of any business. To benefit from such cycles, one needs to be operational and able to take advantage of market conditions that have been determined to be favorable for a start-up.
Missed opportunities can have severe repercussions on the livelihood of the entrepreneur and their business overall. If a new business is entering a market that historically is cyclical with predictable ups and downs, then waiting for the next up-cycle may be justifiable. Finding the right market niche and time frame is essential for all entrepreneurs so procrastination can be a plus and a minus in the timing equation.
Clearly, there is no simple answer as to whether procrastination is good or bad. Delaying a business startup, as an example, may leave the business owner in a more favorable position to build the business structure, hire and train personnel, and ensure that adequate finances are in place to cover the start-up period and the inevitable contingencies that will arise that have not been budgeted.
Getting all the pieces in place before getting started makes sense, but the other side of the argument is how long it takes to get them together and at what cost. Hindsight is perfect, but we rarely can re-play events and take advantage of hindsight.
Finding the right mix of doing things today or tomorrow is part of the real key to success, but more importantly, it is not just determining when the right time is but putting your plan into action at that right time. When it comes to starting a business, procrastination clearly has serious advantages, and similarly, it has a severe potential downside.
If you are prone to procrastination, then at least make it work for you, ensuring that if you put things off it is for the right reasons and that you get back on track once the adverse conditions have passed.
