Video Production Business Tip – Making Better and Wiser Decisions

People say all the time to face your fears and to not let fear get in the way of what you want to achieve in life.

I agree for the most part but I also want to add that I think a little bit of fear is healthy.

Should fear keep you from trying something new? Not necessarily.

Should it keep you from doing something stupid? Absolutely!

Early in my career as a video business owner, I had NO FEAR which helped me grow the company very fast. However, it also helped me drive the company into the ground when the economy tanked and we lost our two biggest clients within a few weeks of each other. It was a tough situation to be in and it was one of the challenging phases of my video business.

For almost two years, I had close to $60,000 in revenue per month from these two clients. Then, with a blink of an eye, it was reduced down to less than $2,000 in monthly revenue.

Fear would have convinced me to start letting people go so I could preserve the cash flow of the company. (I kept everyone on way too long.)

Fear would have helped me realize that it wasn’t healthy to drain my personal cash reserves so that we could keep running the video production business as if nothing ever happened.

It wasn’t until I came dangerously close to losing my marriage back in 2009 that fear helped me realize I needed to shut my first company down so I no longer had to answer to my business partner and so that I could start making decisions that were best for my family… not for everyone else.

My current company has been more profitable with just one full-time employee than my previous company (with 8 full timers) ever was.

Of course, I learned a lot from my previous failure which makes it even easier to succeed this time around. However, I also believe I’m more successful now because I run the business with the fear of knowing what can happen to a company (and a family) if you don’t run it properly. It’s one of the driving forces that helped me maker wiser and better decisions.

Does fear get in the way sometimes of me accomplishing more, faster? Sure. Based on my personal experiences, I’ve learned that slow and steady will keep me in business indefinitely and that getting in a hurry has the potential to cost me everything.