There are some behaviors that you must avoid as an entrepreneur because they can have adverse effects on your business. This article habits ten habits every entrepreneur who aspires to be successful must avoid. You will discover that most of them deal with the personality of the individual.
1. Failing to Plan
Any businessperson who fails to plan is in for a rude shock. You can compare this practice to sitting on a time bomb that is just waiting for the opportune time to explode. A successful entrepreneur must have a clear structure for each day of the week like any other office employee. You have to plan for both your business and time. The fact that you are your boss does not imply that you become unaccountable. Set easily quantifiable and defined benchmarks that you can track on a regular basis. You also need to hold yourself accountable for accomplishing these objectives.
2. Not Appreciating Advice
You may find yourself making more mistakes and working hard just because you refuse to listen to advice. You need a mentor who can guide you or else you may miss on some opportunities within the industry. The challenge with some entrepreneurs is that they behave as if they know everything and are not ready to listen. Make sure you take advice from people who have experience in the industry unless you want to fail.
You will agree with the fact that sleep is an important health factor in the life of any human being. However, oversleeping is a bad habit that entrepreneurs should shun. The fact that no one will ask you that you have come to the office late does not imply that you sleep too much. It’s advisable to go to bed early and wake up early. As an entrepreneur, you need to wake up earlier than those people who are employed. Most of the successful entrepreneurs all over the world wake up by 3:00 am. The mind is usually fresh and can achieve more in the morning hours. You also need enough time to prepare before you begin your day.
4. Bad Alliances
An entrepreneur should be careful with the kind of people he is doing business or spending most of his time together. You need to avoid the people who will be pumping negative energy into your life. A businessperson should associate with like-minded individuals. One of the things that cause most small businesses to fail is the wrong partnership. An entrepreneur should be very keen while choosing his close associates. The kind of friends you have should add value to your business idea. The close associates should give you hope even when things seem to be tough.
One thing you will discover as an entrepreneur is that complaining does not help you in any way. Things may be tough, but you need to handle each situation as it comes. Trying to pass the blame to other people will just worsen the situation. All you need to do is to own up the situation and start looking for an ideal solution. The probability of an entrepreneur who likes complaining recording success is very minimal. You must learn to take ownership of any mistake that you make because we learn from the errors we make.
6. Overpromising Clients
Some new entrepreneurs may be eager to steal clients from their competitors and storm onto the scene by making promises that they cannot keep. You need to be humble because some of these businesspersons have been in the industry for several years. Clients will completely lose their trust on you once they discover that you cannot keep your word. It is a bad habit for an entrepreneur to overpromise and underdeliver. Ask yourself why your competitor is not doing what you are promising to do despite his experience. The best way to win loyal customers is building relationships and not making bold promises. You can take pride in your work by overdelivering on the realistic promises that you give to your clients.
7. Setting Unrealistic Expectations
Have you come across a young person who begins a business with having the notion of being financially independent or becoming a self-made millionaire? This idea is brilliant, but you must understand that it takes time. You cannot meet some of these expectations within a few months unless you are doing some form of illegal trade. You can have these ambitions for the long run. Most of these ideas are fallacious, and you cannot realize them in the real world.
Remember a business will always take time before breaking even. You need to be patient or else you can abort an excellent business idea. The challenge with some young entrepreneurs is that they allow greed to be their primary driving force. It’s wise to study your industry and make realistic and accurate cash flow projections. As an entrepreneur, you should not allow greed to guide your strategic planning process.
8. Failing to Balance Work, Leisure and Family Life
One advantage that entrepreneurs have over the employed individuals is that they can plan their schedule. In fact, some people resign from formal employment just to avoid the eight to five routine. However, most entrepreneurs find it hard to set boundaries between leisure, work and family time. You may find relationships falling by the way and friendship and family suffering. Entrepreneurship encompasses hard work that can take up to 40 hours a week. However, you must understand that you need time for your family. You should also not spend more time on leisure and forget about your work. Make sure that you use the flexibility that you have in the right way. You always have to set aside time for everything.
9. Not Learning How to Say No
Most entrepreneurs find it very hard to say just no. Our parents have raised us up in a manner that suggests that saying no is a taboo. A customer or business partner may give you expectations that you know are impossible, but you just accept because you don’t want to hurt him. Any entrepreneur who aspires to be successful should be comfortable with using the word no. The most important thing is to communicate in the right manner. You may be regarded to be a liar just because you did not want to stand with the truth.
10. Having Negative Thoughts
You cannot succeed in your venture if you harbor negative thoughts. Negativity has a direct impact on the quality of work. You will not have any dedication towards your business if you allow negative thoughts to come from the inside. This kind of thinking will be evident in the outcome that you produce. Make sure you put your best foot forward towards the attainment of your dreams and shun any form of negativity.
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