Warren Buffet famously said that the most successful people say no to almost everything. As micro business owners we often don’t have that luxury. If we said no to almost everything, we’d be bankrupt and out in the cold before the end of our first year. Saying no to things like a sales pipeline we’ve never tried before (simply because we’ve never tried it) or a new procurement channel (simply because it’s new) would almost certainly spell a quick end for our businesses.
“As micro business owners, we don’t have the luxury of saying no to almost everything, no matter what Warren Buffet tells us.”
Saying no is more than just declining to take a meeting. It isn’t just the art of turning down a prospective employee. Saying no as a micro business owner first requires that we identify our niche, expand our expertise, and conduct our businesses in accordance with relevant laws and regulations. If we are not doing those things, we are likely not in a position to turn down business of any kind to begin with. The reality is that when we are first starting out, we feel compelled to say yes to everything that we encounter, because we feel that we have no alternative. Or, more precisely, we feel that our only alternative to saying yes is complete financial ruin. We have bills to pay, and if we don’t say yes to everything, we feel that we probably won’t be able to pay them. Thankfully, this just isn’t true.
While there may be some benefit to the mindset of saying yes to everything – often referred to as the “hustle” mindset – saying yes to everything also leaves us powerless, overworked, exhausted, and stretched too thin to effectively deliver on any of those things we agreed to do in the first place. The hustle mindset has been overglorified, overhyped, and overstated. For some reason – and I am inclined to believe it is because of our inherent entrepreneurial drive as fixers and people-pleasers – we have come to view “hustle” as a good thing, and it’s not. Not always, anyway. Somewhere at the intersection of hustle and mental health, one can find the optimal balance – and it starts by saying no.
The hustle culture that has taken over the business world is putting immense pressure on small business owners. They are expected to work long hours, make quick decisions, and always be available. This constant pressure leads to burnout and bad decision-making.Burnout is a serious issue that can have major health consequences. It is characterized by feelings of exhaustion, cynicism, and ineffectiveness. When small business owners are burned out, they are less likely to make good decisions for their businesses. They may cut corners, take risks, or make poor investments.
The hustle culture also puts pressure on small business owners to always be available. This can lead to them making poor decisions when they are tired or stressed. They may also miss important opportunities because they are too busy working.The best way to combat the negative effects of the hustle culture is to learn to say no. Small business owners need to set boundaries and priorities. They should also take time for themselves and their families. When they do this, they will be able to make better decisions for their businesses and avoid burnout.
When to say NO
There are a few key instances when you should say no to an opportunity as a microbusiness owner:
- When the opportunity is not in line with your business goals – if an opportunity does not further your business goals, it is probably not worth your time or resources.
- When the opportunity is too risky – Sometimes an opportunity may be too risky for your business, and saying no can help you avoid financial ruin.
- When the opportunity is not feasible – If an opportunity is not feasible, it might be best to pass on it rather than try to make it work and potentially fail.
- When you are already stretched too thin – If you are already spread too thin, adding another commitment can do more harm than good. It is important to know your limits and stick to them.
- When the timing is not right – There may be some great opportunities that come your way, but if the timing is not right then saying no might be the best choice. This could be due to seasonal changes or personal circumstances.
- When you don’t have enough information – If you feel like you do not have enough information about an opportunity, it might be best to wait until you do before making a decision one way or the other.
The bottom line
Learning how and when to say no can be a difficult but necessary skill for any microbusiness owner. It is important to remember that when you are running your own business it can be tempting to take on every opportunity, however, learning the delicate art of saying ‘no’ can help you stay focused and achieve success in your field. By setting clear boundaries and understanding what works best for your business, you will be able to make decisions with confidence and grow as an entrepreneur in the long-term.