In the past few years, the law of attraction has become popular with entrepreneurs. The law of attraction is the idea that thinking positive thoughts brings positive things into your life. According to the law of attraction, envisioning yourself crushing your business goals should cause it to happen in real life.
The law of attraction also states that being pessimistic does the opposite and causes negative life events. So if you worry about your business closing down, you might unintentionally make your worst fear a reality.
I don’t believe the law of attraction is a good principle for business owners to follow. I think you need to be a little pessimistic in order to run a successful business, so I don’t practice manifestation. Here’s why.
Why I Don’t Follow The Law of Attraction
Don’t get me wrong—I believe in the power of positive thinking to a certain extent. After all, studies have shown that practicing positive self-talk can improve your health and make you a better, more confident leader.
But I think the law of attraction takes things too far because it discourages you from entertaining any negative thoughts. Refusing to consider the risks involved in running a business can hurt your company in the long run, so I don’t follow the law of attraction.
Negative Thinking Is Crucial To Business Success
Part of creating a solid business plan and running a successful company is mitigating risk. There’s a whole field dedicated to managing risks in business called enterprise risk management.
Companies large and small face a number of threats on a daily basis. If you collect sensitive data from customers like credit card information, criminals may try to hack into your system so they can steal it. Retail stores and restaurants have to deal with customers who shoplift or dine and dash. Businesses can also face interruptions due to natural disasters or lockdowns, which hurts their bottom line.
Because external threats like criminals and natural disasters can cause your business to lose money, you need to have a plan in place to deal with them. You may need to beef up your data security to prevent hackers or develop loss prevention strategies to deter shoplifters. Business interruption insurance can also help you cover expenses if you have to shut down due to a natural disaster or other emergency.
In addition to day-to-day threats, companies also face larger strategic risks. For example, if you launch a new product, there’s always a chance it won’t sell many units. That’s why many businesses perform consumer research before they spend money on developing a new product line.
As you can see, business owners need to spend time thinking about what could go wrong in their business. If you fail to consider worst-case scenarios because you’re following a principle like law of attraction, your business could suffer. Identifying areas where you could perform better is essential if you want to stay ahead of the competition. So you should always try to strike a balance between negative and positive thinking when running a business.
Taking Action Is More Important Than Mindset
Another reason why I don’t like the law of attraction is because I think it places too much emphasis on mindset. Your mindset does play a role in your success or lack thereof. Studies have shown that visualization techniques can actually improve your performance. If you have to give a big speech, for example, imagining the applause you’ll get if you do a good job can psych you up and help you give a better talk.
There’s no doubt that mindset is powerful, so believing in yourself and your company can definitely help you accomplish your business goals. But mindset isn’t the only key to success. Taking action toward your goals is more important than visualizing yourself achieving your dreams.
The law of attraction states that positive thinking will attract good things into your life. But you can’t just wish and hope for a six-figure business to fall into your lap—you have to go out there and build one. And unfortunately running a profitable business is going to involve some negative thinking so you can properly manage risk.
Do you believe in or practice the law of attraction in your business? Why or why not? Let me know in the comments section below!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.