Once you hit the big time or, in today’s market, moderate success as an entrepreneur, danger is around every corner. Not danger as in bandits with sharpened weapons but things like burnout, self-destruction, poor investment and failure. Most of which, if you can believe it, are the result f self-inflicted sins.
90% of failed entrepreneurs have no-one to blame for some of their failures then themselves (the other 10% fall victim to the aforementioned bandits). Clichés are based on fact so if I were to drop the ‘you’re your own worst enemy’ chestnut, you’d understand where I’m coming from.
LifeHack have distilled the greatest mistakes that entrepreneurs make into seven deadly sins!
This is the most common sin successful business owners tend to wrestle with, especially if you’re dealing with big money. The feeling of invulnerability leads to greed and entrepreneurs start to value profit over everything else. Prevention is as simple as constantly reminding yourself that the people who work for you are worth more than any profit.
Being overly passionate comes across as intimidating and stand-offish. Emotional decisions have their place in business but if your internal compass drawn to your desires over what’s best for the business, the sins are taking control.
This doesn’t necessarily mean swooping in and eating all the baked goods in the office kitchen, well, don’t do that either. No, this is about not biting off more work than you can chew to force growth and development.
Once your business reaches a point where you don’t need to be grafting day and night to make it work, it’s easy to get complacent. Lazy entrepreneurs don’t survive, it’s as simple as that.
You should never measure your success according to anyone’s standards but your own. This goes doubly in business. Competition is healthy but become insecure about progress can lead to greater internal obstacles.
Letting your ego get the better of you when you’re at the top of ladder is the fastest way to fall off. You need to have confidence in your abilities but also be open to criticism and improvements. Entrepreneurs who don’t improve are usually pushed out.
With success comes temptation. You might have more money now but by sticking to a rigid savings routine you can keep enough disposable income out of your pocket to get swept up in material possessions.