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The power of low expectations

The power of low expectations

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 In “Same as Ever,” Morgan Housel shares how, for the last 150 years, on any given day, the stock market went up only 50% of the time. Yet, over any given year, it rose 68% of the time. And even better, over any 20-year span, growth was seen 100% of the time. With this, he illustrates that you often experience failure or loss in the short term. But, if you stay in the game long enough, you’ll almost certainly see a gain. It’s like playing poker when you’ve stacked the deck in your favor. You’ll lose a few hands but eventually come out on top. The key is to stay in the game long enough. Which is also true for growing a business. As I’ve said before, growing a business is hard. And it’s not for the reasons many people think. It’s not so much about coming up with some brilliant revolutionary idea or having the IQ of Einstein. 99% of the tasks you perform when growing a business are easy – at least, no more difficult than a typical job. The real challenge is winning the mental game: Dealing with the pressure of making decisions amidst constant uncertainty, staying motivated without a boss breathing down your neck, maintaining focus, and pushing through when things get hard. If you can win that mental game, chances of success are high. So, let’s talk about one critical aspect of doing just that, which is managing your expectations. With this article (and podcast), I aim to convince you that keeping your expectations low is one secret to winning the mental game. I’m excited about this concept because I believe if you take it seriously, it can… Improve your chances of successImprove your experience of growing a businessImprove your resultsLower your stress levelsand even make you happier. Listen to the podcast version of this article here, which includes extra content. Listen right here or on your favorite podcast app! HS052 – The power of low expectations First, let’s talk about… How to ruin your day even when you’re winning. Many of us start our businesses for more freedom and control so that we can enjoy our lives. However, entrepreneurs often end up with a business that consumes their minds, even in their free time. They want freedom, and what they end up with is constant stress. I don’t think that’s the case for everyone, but it’s more common than ever. Its cause is a combination of several factors. For the sake of this article, I’ll focus on two of them that I see as most relevant. #1 – Good old human desire We always want more. No matter how much we have, we want more. The funny thing is how we fool ourselves. We think that once we achieve our next goal or acquire a certain amount of money, we will finally be happy and content. Yet, most billionaires are still out hustling for more. That’s because of a well-known feature of our psychology, the arrival fallacy. No matter how much we have, the goalpost keeps moving further into the distance. You may think you’ll be content once your business generates consistent income. Then, when you get there, you realize you’d like to make a little more money and work fewer hours. Once you accomplish that, you realize you want to take it even further. If this goes on for long enough, and you work hard enough, you may eventually build a multi-million dollar business. And when you get there, you’ll probably want more. Is this bad? Not necessarily. It’s just human nature. The problem is when you try to do too much too fast and when you expect instant amazing results. That’s when you get hit with constant disappointment, even when you’re doing well. And that’s where the second factor comes into play… #2 Social media Social media is amazingly effective at stoking desire. We see all of these people doing amazing things, and it anchors the expectations for our own lives. Social Media distorts our perception of reality. Since everyone shares the best of their lives, we constantly see people doing better than us, and we rarely see the struggle that got them there. Everywhere you look, someone is better looking, making more money, and having more fun than you. This is especially true for entrepreneurs. Hundreds of successful entrepreneurs online make millions per year and live amazing lives (at least, that’s what they show). Then, they tell you that you can do the same. They stoke your desire and anchor your expectations at a super high level. For example, you may see someone running a multi-million dollar business offering to teach you how to do the same. They usually make it look easier than it is and imply that you can get results fast, essentially anchoring your expectations much higher than reality. Sure, with their help, you may get there faster and easier. However, getting there will still take years of struggle, hard work, and failure. In reality, following in their footsteps is ten times harder than it seems, and success is nowhere near guaranteed. Those super successful people have been at this for at ...
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