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How To Avoid These 7 Deadly Entrepreneurial Sins

How To Avoid These 7 Deadly Entrepreneurial Sins

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.

1. Lust

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.

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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.

2. Gluttony

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.

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3. Greed

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.

4. Sloth

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.

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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.

5. Wrath

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.

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6. Envy

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.

7. Pride

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

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Last Updated on May 15, 2019

10 Most Successful Entrepreneurs and What We Can Learn from Them

10 Most Successful Entrepreneurs and What We Can Learn from Them

Apart from making crucial decisions for their own businesses, entrepreneurs innovate and grow their ideas. Albeit there being no cookie-cutter answer that fits everyone’s experiences, taking a look at some of the most successful entrepreneurs today, you might spot some similar traits and characteristics.

Starting and nurturing a business entails a great amount of hard work and commitment. However, for aspiring entrepreneurs who are prepared to dedicate themselves to their vision, here are 10 most successful entrepreneurs you can learn from:

1. Melanie Perkins: Know Your Worth and Keep Trying

    Melanie Perkins founded Canva, a Sydney-based business valued at $1Billion having successfully raised a number of rounds of successful funding and boasting more than 10 Million users in 179 countries.[1]

    She told BBC that one of the biggest challenges she faced getting into the business was talking about her company’s accomplishments when she first got to Silicon Valley. She attributed this difficulty to a cultural difference where Australians tend to ‘talk down’ their achievements and this would slow down her fundraising progress for a few years.

    Despite hundreds of rejections, Melanie emerged three years later with a much clearer strategy and stronger investor pitch that prompted a series of fundraising rounds netting the company $82Million of funding in total.[2]

    2. Bill Gates: Keep Learning and Exploring

      If you don’t know Bill Gates, you likely know the company he founded – Microsoft.

      Bill Gates’ story is a prime example of nurturing an idea that might seem out of this world but make sense in the future. One of the most successful entrepreneurs in history did not complete his degree at Harvard University to pursue a vision that the technology would soon become the future.

      He told a white lie to Altair, saying that he had made a computer program for them, therefore pushing himself to create a system that would change modern history.

      “The most important speed issue is convincing everyone that the company’s survival depends on moving as fast as possible.”

      Gates’ success is built on self-improvement and the seeds of an idea.

      3. Elon Musk: Never Stop Innovating

        Traditional thinking suggests that in order to become a successful entrepreneur, one must focus in a single field or industry.

        Elon Musk, however, breaks that rule.

        Today, the multifaceted tech entrepreneur, investor, and engineer advocates for the diversification of skills and businesses by delving into various fields of interest.

        When done right, skills in a single domain can be carried over then applied into contrasting industries to create something new the world might need. Musk owes his accomplishments to a constant thirst for knowledge.

        Having birthed Tesla and a myriad of products across the arenas of aeronautics and software design, Musk continues to evolve as an entrepreneur and plans to innovate for the long haul.

        4. Richard Branson: Develop People First

          British entrepreneur Richard Branson founded Virgin Records in the early 1970s. Virgin Records has since grown into the Virgin Group, today responsible for over 400 companies.

          The billionaire is strongly particular about working with a team that shares his core values and aspirations.

          Branson believes that managing a business can become taxing, thus he acknowledges his employees for putting in the effort that they have.

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          A good leader knows how to raise morale for positive productivity. Utilising emotional intelligence and compassion is a game changer in seeing results within a team.

          Branson’s supports the idea of nurturing a positive work environment, with the belief that credentials must go hand-in-hand with an enthusiasm for work.

          5. Jeff Bezos: A Relentless Focus on Customer Satisfaction

            Having founded Amazon, Jeff Bezos is known to be one of America’s most successful entrepreneurs. The e-commerce pioneer fixates himself on angry customers with the belief that a business’s loopholes are found in the experiences of unsatisfied customers.

            For the 8th year in a row, customers have ranked Amazon as the number one in customer service (according to the American Customer Satisfaction Index).

            While numerous companies ignore unhappy customers, Bezos found success in learning from reviews and surveys. By focusing on customer service, Amazon shows they care, both for their customers and for rising above their competitors.

            While praise and recognition are signs that a business is accelerating, criticism is an opportunity to improve a product or a service.

            6. Mark Zuckerberg: Start Small, Think Big

              Valued at over 55 billion dollars today, Mark Zuckerberg built the first version of what would become a social networking giant in his Harvard University dorm room. As one of the world’s youngest entrepreneurs, Zuckerberg undoubtedly took countless calculated risks to get his brilliant idea to its current status with 2.38 billion active monthly users.

              “The biggest risk is not taking any risk.”

              He’s always daring to explore with a fearless mindset.

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              The young tech entrepreneur never shied away from innovating outside of the box. Soon after Facebook became a hit to users and advertisers, big corporations took interest in buying Facebook from Zuckerberg.

              However, he took the risk and decided to stay with his creation. Turning down billions of dollars offered by Yahoo CEO, Terry Semel, he envisioned turning his brainchild into something much bigger than what it already was then.

              7. Steve Jobs: Live Your Own Dreams

                Steve Jobs lived a rocky path all his life and an aspect of which is a tumultuous career.

                The founder of Apple endorsed his beliefs on the temporality of life and limitations of time. He preached about the importance of working on the very legacies people wish to leave behind, an achievement he’s undoubtedly etched into the the archives of human history.

                Never one to hide under someone’s shadow, Jobs did not live by anybody else’s principles so he formed his own. He tirelessly dedicated himself to building a unique brand of products that became the benchmark for contemporary technology.

                After his highs and lows through his brief battle with cancer, Jobs concludes with yet another lesson to takeaway from his remarkable life. “No matter how much money you have, even the richest man can’t buy time.”

                8. Warren Buffett: Balance is Essential to Success

                  Despite being the third wealthiest person in the world, Warrant Buffett sported a frugal lifestyle for most of his life.

                  After buying a house in Omaha, Nebraska for just above 31,000 dollars, he has lived there since 1958. As a leading investor and a founder at Berkshire Hathaway, Buffett believes in setting aside an amount to save and spend only on necessities.

                  With a long term goal as a top priority in mind always, treating oneself can be sustainable once in a while. He advices to save money by deciding first and foremost what aspects to scrimp on and what aspects to splurge on to ensure a happy and balanced lifestyle.

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                  9. Jack Ma: Never Give up

                    On every journey to success, everybody stumbles and arrives at roadblocks. Some more than most, like Jack Ma, who survived countless rejections and failures only to get back up and brave every storm.

                    Ma is the founder of multinational technology conglomerate Alibaba Group. Despite being rejected to Harvard after every one of his 10 applications, Ma was never defeated.

                    His grit and tenacity is a fine testament to the fact that grades do not determine a future. While qualifications on paper are important, the development of skills and an attitude is just as helpful in making a recipe for success.

                    Despite finding himself in the verge of bankruptcy in the 1990s, Jack Ma possessed the resilience to put one foot in front of the other until he finally made it. “It’s important to have patience,” he says.

                    10. Tan Min Liang: Passion Can Pay Off

                      Tan Min Liang is the founder of the leading high-performance gaming hardware, Razer. Always on the look out for new opportunities to connect and scale his business, Tan has been bold in making many of his life’s decisions.

                      Having deviated from a traditional path set by a family that consists of doctors and lawyers, Tan was to find his life’s work and passion while gaming with his older brother.

                      The idea was simple: there were so many games out there to play, however, there were hardly any gaming equipment to match this.

                      So he dropped out of law and began going a different direction, into creating solutions in the gaming industry. At the start of 2019, Tan wrote to tech luminary Elon Musk to which Musk’s reply suggested of a joint venture between two of the most successful entrepreneurs today.

                      Final Thoughts

                      In today’s cutthroat world, the road to becoming a successful entrepreneur is a long and arduous process trailed with ups and downs. A valuable lesson that a good hand of entrepreneurs would love to convey to aspiring entrepreneurs is to keep the spirit of innovation and to explore uncharted waters.

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                      Learning from experience and failure is one direction to a desired end goal. Exhibiting the same dedication and grit so many entrepreneurs have through their unexpected careers – today’s budding visionaries ought to hang on their dreams and leave room for improvement along the way.

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                      Featured photo credit: Patrick Tomasso via unsplash.com

                      Reference

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