What are the dangers of overconfidence within your LNC business? Would you see the danger signs and have the ability to make adjustments?
Self-confidence fills your world with joys and abundance that you can’t get without it. However, it’s possible to step over the line where it benefits you and become too confident.
Overconfidence can lead to dangerous situations. It can damage you, both personally and professionally, and the fallout from these disasters can hurt your family as well.
What are the dangers of overconfidence?
Consider these qualities that can develop from overconfidence and lead you down a tortuous path:
Taking too many risks.
Are you taking unnecessary risks because you feel powerful and able to control them? Perhaps you are accepting cases that are way out of your field, and you are confident you can handle them. And then you find yourself spending many unbillable hours trying to learn the basics.
Risks can’t be avoided completely, but overconfidence can convince you to take too many of them. At some point, you won’t be able to control the consequences of your risky decisions. Collaborating with a skilled subcontractor who knows that field would reduce your risks.
Inability to see mistakes.
Mistakes can occur in every aspect of your life, but overconfidence can make you blind to them. If you believe you never make a mistake, then it’s time to reevaluate your confidence levels.
Mistakes provide important learning opportunities. By ignoring them, you’re not getting the full benefit of the mistakes.
Overconfidence can lead to blaming because you feel like anything that goes wrong can’t be your fault. It always has to be due to someone else’s shortcomings or behavior. You blame the attorney for not giving you all the facts or records. Or you blame the opposing counsel for beating you up (figuratively) in a deposition.
However, by blaming others, you’re risking your business success. You’re also losing the opportunity to grow and learn from the situation. Responsibility is an important aspect of success.
The Dangers of Overconfidence When You Refuse to Learn and Listen
Refusal to learn.
You may believe that you’re done learning. I remember my nursing school classmates who threw away their books at graduation and told me they’d never have to learn again. Even at the age 20 when I heard this, it sounded so wrong to me.
LNCs know there are always new things to discover. Overconfidence in your abilities and knowledge may prevent you from learning the very ideas or skills that will bring you success.
Those who are successful advocate learning more, regardless of how much you already know. A skilled LNC business coach can guide you into learning the new concepts, marketing ideas, and technologies that will serve you well.
Researchers have found that learning is a life-long experience that benefits the brain and body. You don’t have to go back to school or take extra classes to learn. You can read, write, or take online courses.
Refusal to listen.
Overconfidence may lead you to ignore the advice of others. You may also have difficulty listening to feedback or criticism.
It’s important to listen to the comments that others make because they may have valuable insight. They may see an aspect that you’re missing. They may be able to help you avoid mistakes or formulate a plan that jumps you forward toward achieving a goal.
Cutting it close.
Overconfidence may make you cut things too close. You may miss a deadline to turn in a report. That can be deadly to an attorney’s case.
Your inflated confidence levels may make you believe that everyone will just wait for you. The reality may differ from your expectations, and you may end up losing opportunities or dealing with serious consequences.
Shortly after I became an entrepreneur I hired a colleague to write some test questions for me. As the time got close to the deadline, I called her to ascertain her progress. She had started the work but was not close to finishing it. I told her if she missed the deadline I would not pay her. She was astounded. And turned in the work on time.
Predicting the future.
Research has shown that overconfidence can lead to inaccurate predictions. For example, you may believe that your LNC business will take off like a flash. I know LNCs who quit their full time job, fully expecting to immediately get work to replace a full time income.
In my experience, it takes time for attorneys to trust LNCs and for word of mouth to do it magic. You can shortcut that process by working with a seasoned LNC coach.
Your judgment may not be correct.
Your overconfidence can make you ignore important elements of the current situation that affect your future.
Of course, it’s important to have confidence in your LNC abilities and skills, but realistic expectations and ideas contribute to your wisdom and make life easier. Avoid letting overconfidence dim the bright future you can create with your unique talents.
Pat Iyer is president of The Pat Iyer Group, which develops resources to assist LNCs in obtaining more clients, making more money, and achieving their business goals and dreams. Pat is an LNC business coach. Contact her using the contact form on LegalNurseBusiness.com to set up a time to speak.
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