ENTREPRENUERS should take time to identify and eliminate bad entrepreneurial habits outlined below.
Focusing too much at once
Entrepreneurship can be hectic and at times overwhelming. You will be playing lots of roles, handling lots of responsibilities and coming up with new ideas daily. However, you have to narrow your focus on your biggest priorities or else your efforts will turn out to be so thin that you’ll make no meaningful progress in any area.
Being too focused on one thing
Everyone has bad habits and that is a part of being human. But when bad habits get in the way of business success, you have a problem. Over my years of working with business, I have seen more than my fair share of bad habits. As an entrepreneur there are certain things that can keep you from moving your company forward, so it is time to discuss the ten habits you have to stop right now.
Trying to do everything
Some people start their own business and feel like they have to do everything all the time. Either they are afraid to relinquish control or they are convinced they are the only ones who can “do it right”. As your business grows, you are going to have to give up control. Learn how to give responsibility to other people now.
Sacrificing personal life
There has to be a work and life balance even for an entrepreneur. For a while, you may have to dedicate more time to work, but you should never completely give up your home life and doing this is a guaranteed way to burn out.
Getting pre-occupied with one thing
As an entrepreneur, you have pay attention to everything. If you get too preoccupied with one aspect of your new business, you are missing other very important issues, and this can keep your business from success.
Don’t set limits
There has to be a limit on all things to do with your business: the time you spend on a project, the money you invest in it, etc. if you don’t set limit things can get away from you quickly.
Don’t look for opportunities to grow
Even with a young business, you must be flexible and willing to change. If you refuse to look at opportunities to grow, then your business will become stagnant.
Expecting customers to come to you
No matter how young or established your company is, you can’t sit back and expect customers to come to you. It is your job to always actively find ways to bring them in.
Avoid disappointments at all costs
Some people start a business with an ideal outcome in mind. They want everything to go perfectly and they have a bad habit of ignoring disappointments. If you do this, you are going to miss issues that crop up in your company, and you may not get to them until it is too late to rectify the problem.
Straying from business plan
You are going to have to make changes to your business plan as your company develops, but straying too far means you lose identity. Be willing to adapt, but don’t forget what your business is all about.
Refusing to take risks Risks are quite simply part of being an entrepreneur. If don’t take risks, you won’t get anywhere. Be willing to take calculated risks and this will allow your company to grow
Following the crowd
Sometimes, entrepreneurs see where everyone else has been successful and think they should jump on the bandwagon. But an oversaturated market won’t do you good.
Once you have found your passion, go with it and following the crowd.
If you are able to overcome these bad habits, then you will find it much easier at achieve business success.
Develop opposite habits Focusing so hard on one goal, or one responsibility, that you totally neglect the other elements of your business. For example, you might be obsessed with having a “perfect launch,” but you have thought about what you’ll do in the months that unfold after the launch
Delaying creation of systems and processes
In the early days of development, most businesses are fairly relaxed. There are only a handful of workers, operating in a nondescript location, with only a handful of clients, and a few rules dictating processes, behaviours or hierarchies.
It’s not fun to create rules, systems and processes, but it is necessary if you want to scale.
Over promising
When you’re a new business, you have a lot to prove yourself, and if you want a chance at winning the best clients, you have to impress them by bending the truth and exaggerating your capacity, right? Wrong . Over promising is a short-term solution for one problem that will cause more problems in the long- term. It’s far better to under-promise than over- promise, every time.
Not taking risks
Risk-taking is a fundamental tenet of successful entrepreneurship. Starting a business itself is a risk—but you can’t stop there. Good companies don’t succeed by playing it safe and sticking to what they know; they’re always experimenting with new angles, new services and more efficient approaches. Don’t let yourself become stagnant because you’re risk-avers
Failing to delegate
It’s hard to let go of your responsibilities, especially when the business is your baby. You may cling to every task, large or small, out of a desire for perfection or just a loyal commitment to your own work, but you can’t do this forever. Learn to trust your teammates, and delegate efficiently – it’s the only way to bring the team together as a unified machine.
Micro-managing
Speaking of managing the team, resist the urge to micromanage your employees. Micromanagement breeds resentment, as it’s both a demonstration of distrust and an interference with healthy work patterns. While you’re at it, stop micromanaging other aspects of your business too; as an example reviewing your site traffic every day isn’t going to help you see long-term trends.
Being reactive instead of proactive
This is a habit that kills business because it allows those catastrophes mentioned above to happen. Reactive entrepreneurs plot a course and address challenges whenever they happen to come up; proactive entrepreneurs are always on the lookout for potential challenges, so they can overcome them before they ever become a problem.
Worrying too much about money
Yes, money is important – if you neglect your cash flow or profitability, you organization can collapse. However, money shouldn’t be your only objective. Focus on making the best possible product you can. Focus on inspiring your team. Focus on being the leader you always wished you had in your own life or in your previous career.
Never taking time off
It’s no secret that entrepreneurs are workaholics. We can’t help it—the more we work the more progress we see. However, there’s a strict upper limit to how helpful this extra work can be. Work too hard, for too many days in a row, and that habit will start to wear on your physical and mental health.