Crippled CEO Blog #146:
When Amazon went public, I knew it was going to be huge. I said I should invest. I told other people to invest. I didn’t.
If I had put $10,000 into Amazon when it launched, I’d have $9.9 million today.
We all have stories like this — opportunities that we saw that we knew would work, but still didn’t act upon.
Why do we do this?
Because the fear of change is greater than your desire for the opportunity.
At the time, I wasn’t a person who purchased speculative stocks. That wasn’t part of my identity. Going through the steps to do that would have been changing the story I told myself, changing a small part of my life and who I am.
This happens in business, as well. For the majority of our history, my company has exclusively sold to dealers who then resell to homeowners.
Around 10 years ago, a couple of companies outside of the industry started offering a DIY version of the product that was being sold online directly to homeowners.
We could have done exactly what all of our competitors chose to do, and decided that this wasn’t a part of who we were, that we aren’t an e-commerce business, but instead a wholesale distribution business.
We didn’t look at it that way, though. We decided that we are a pool fence company, and this was just one more way to sell pool fence. This is a much easier change in perspective than reimagining your entire business as an e-commerce operation.
We are the only major pool fence brand really selling online, direct to consumers, and over the last decade, this has become a major portion of our revenues. And now, given our lock on the market, it would be difficult for anybody else to try and get in.
The pain that comes from changing stopped those other businesses from seizing that opportunity. By reframing the change into something more palatable, we were able to move forward with it and succeed. The only difference was our perspective.
We are currently in the process of making another big change in our organization. There is a little doubt that it is the smart choice, and an excellent opportunity, but the fear and pain that comes from change makes you want to stop, abort, and go back towards what’s familiar. It creeps in at every obstacle and you have to be careful not to let it divert you from your course. You just have to redecorate the opportunity so it doesn’t feel like as big of a change, so it feels like the type of thing that you would do, and then you’ll be able to do it. No big deal.
(Your mom wasn’t shying away from any opportunities last night. Your mom also gets a text from me every Sunday with a link to the latest blog post. Send a text to 561-726-1567 with the word CRIP as the message to get a link to the blog as soon as it’s up.
Did you know that I have a YouTube channel now? I do! I am putting up two videos every single week. Go search for Crippled CEO and you’ll find me. I would appreciate it if you subscribed.)