You’ve probably seen articles about the qualities of a successful entrepreneur. Today, we will take another direction and talk about what you need to do to cause serious damage to the company. Fears, insecurities or overconfidence, certain patterns of thinking and untimely decisions may lead to a situation when an entrepreneur will destroy his/her business.
Entrepreneurs regularly face many challenges. They need to increase sales, expand the customer base, hire good employees, manage finances and restore order in the documents. But the biggest challenge that an entrepreneur may face is the restriction or overestimation of his/her features.
1. Constantly think about the profit
The main goal of any business is to make money. But when profit-making becomes an obsession, this may spoil the relationship with customers. In the company with the main principle “Profit is our top priority” all workers are under tremendous pressure because they seek to increase income and pay less attention to quality customer service.
Advice. Do not forget about the human factor. When making decisions, remember what your customers need.
2. Be extremely confident
Confidence helps the business grow, but arrogance can destroy it. Excessive self-confidence can lead to the fact that an entrepreneur begins to underestimate the risks and accepts unbearable obligations, spending resources on the impossible high goals.
Advice. Do not take hasty decisions. When you see a new opportunity, take a break and jot down several development scenarios before making a final decision.
3. Be a “creative” personality
A good idea stimulates business, but too many ideas can give the opposite effect. A businessman who gives too many initiatives confuses employees and may forget about the main goals of his business.
Advice. Select the ideas to help promote the company in the right direction. This will increase your value in the customers’ eyes.
4. Control everything
Entrepreneurs who prefer to take full responsibility can cope with everything on their own pretty well. But with the growth of their business the need to control everything begins to interfere with the focus on activities that are of paramount importance for the growing business.
Advice. Hire employees, train them and share responsibilities with them.
5. Distribute the tasks ineffectively
Delegating responsibility is very important for business development. But it is not easy to effectively organize this process. Entrepreneurs often delegate the task management to an employee and begin to control him/her completely, quibbling over trifles. This behavior may eventually cost them dearly.
Advice. If you want to delegate some of the tasks, select the right person, give him/her detailed instructions and be patient. Development of independence in your team will require time and effort.
6. Follow the chosen course, even if it has proved to be ineffective
Stubborn and persistent entrepreneurs tend not to deviate from the selected erroneous strategy, even if the results repeatedly fall short of expectations.
Advice. Make a gradual schedule and follow the indicators, whether there is progress or not. Be prepared to change the course, if necessary.
7. Be shortsighted
Very often entrepreneurs literally fall in love with their idea or product. A strong desire to succeed and the inability to look at the project from aside lead to the fact that businessmen cannot notice significant shortcomings.
Advice. Look at what you offer to the market objectively. Seek advice from the people who can help you look at the situation objectively.
8. Do not build social ties
Durable and versatile social ties are good for the growth of the company. But many entrepreneurs find it impossible to build an effective system of social relations, or adapt it to new conditions as the company develops.
Advice. Select a strategy according to which you are going to build social connections. Do not forget to update the strategy when qualitative changes are needed.
9. Be biased
The entrepreneurs, who have achieved some success, often begin to overestimate themselves. They take into account only the information that confirms their opinion and just do not pay attention to the one that does not fit their point of view. So they start to take wrong decisions.
Advice. Communicate with the people who share different views. Let them criticize your ideas and methods. This will help you look at the situation objectively.
Sometimes it is easy to change your behavior, and sometimes it is difficult. But at least you now know where to start. Assess your strengths and weaknesses. Adopting good habits and rejecting the behaviors that can negatively affect your business, you can achieve amazing results. Remember that the more you develop at a personal level, the more developed your business becomes.