The life of an entrepreneur is full of excitement, action, and fun. It has a fast pace and it always changes. It also entails making a lot of choices, leading either to success and euphoria or failure and depression. Debauchery may appear in the life of anyone involved in entrepreneurship, either genuinely or by role.
Below, you will find the traps that most commonly avert leaders from reaching their goals. I’ve also included advice on how you can shield yourself against these attractions.
There is too much appeal in the sirens of success. The dream of money, glory, sports cars, and luxurious mansions can deplete you of energy, focus, and resources that are crucial in the business-building process. When entrepreneurs fall in the trap of lust, they overindulge in acquiring status symbols, depriving their still-vulnerable business of much-needed money and time, thereby compromising the whole operation.
Avoid sinning by restraining yourself from personal rewards until your business reaches a predetermined milestone. Maintain the goal of creating an enduring profitable business in your sights, with capital reserves that surpass the fixed overhead of one year. After that, there will be lots of cash available for personal rewards, as well as enough relaxation time to go with it.
Although there is nothing wrong with having an appetite for a growing business, to be successful, companies should develop and follow a moderated and controlled pattern. Entrepreneurs that fall victim to gluttony will bite off more than they can chew, prematurely undermining their own performance and, ultimately, their reputation.
Avoid sinning by pursuing sensible growth targets. Avoid going for sales that cannot be supported by your infrastructure. To achieve long-lasting growth, conquer the domains of reputation and service first.
Maximizing your revenues is of great importance, but be careful not to compromise neither your company and reputation nor the industry. Greedy entrepreneurs will let immorality guide their decisions just to achieve profits by manipulating their marketing, prices, and staff accordingly. In the long run, they will only damage their own reputation and business longevity.
Avoid sinning by planning well ahead. Become known in the market for doing justice to your personnel, your clients, and the industry (not excluding the competition), and you’ll find in them valuable allies towards development and profitability instead of sworn enemies that are always looking to take you out.
People with a successful history in entrepreneurship are well aware that hard work is not optional and true, long-lasting success doesn’t come overnight. Sloth-seduced entrepreneurs will make clumsy choices, including unproven marketing strategies and business models, unnecessarily upping the risk for everyone involved as well as wasting precious resources.
Avoid sinning by thoroughly preparing beforehand, managing eagerness, and non-stop testing consistently before putting other people’s money and names on the line. Never forget that it takes more than just your passion to transform any idea into a good one.
No true entrepreneur is passionless, but being overly passionate almost always leads to unreasonable choices and absurd behavior. When wrath takes hold, entrepreneurs will be driven by unbound emotion, resulting in anger, fear, and devastation, both on the inside and the outside.
Avoid sinning by keeping a results-oriented focus. Be self-aware and gauge your inner fire to the desired level, remaining a gracious leader.
Measuring yourself against competition is generally a good thing. But there is no need to become overly sensitive whenever your competitors strike a win, otherwise your progress will start lagging behind. Envious entrepreneurs will get caught in a vicious cycle of fighting and setting obstacles to their competitors, thereby deterring their own chances of growing and improving their performance.
Avoid sinning by focusing on your track record. Sometimes you will win, sometimes you will lose by someone performing better than you. Entrepreneurship, however, is not a sprint but a marathon. In the end, the winner will be the one who invests all of his or her energy towards their own performance, avoiding any distractions.
Feeding your ego, when done in moderation, may help during the business-building process. However, being overly proud will hide the truth from your eyes. Entrepreneurs blinded by pride will stand by their ideas no matter what, turning down any outside input just to maintain their ego.
Avoid sinning by maintaining an open learning culture. Concentrate on success rather than self-righteousness. Success tends to be enjoyed more when many people have worked to achieve it.
Featured photo credit: Nanagyei via imcreator.com