Advertising

Stay Alert! These 5 People May Destroy Your Business

Advertising
Stay Alert! These 5 People May Destroy Your Business

As humans, we are all liable to experience emotional peaks and troughs throughout our lives. This is an inescapable consequence of life–our emotional state is heavily influenced by those around us. According to a 2010 study conducted by the Proceedings of the Royal Society, every positive person that you include in your life increases your chances of being happy by 11%. In contrast, it only takes one sad friend or acquaintance to upset this balance and make you unhappy, so your choice of friends and confidants is critically important.

This principle can also be applied to your business, where the people that you employ and partner with have a huge impact on future success or failure. With this in mind, you need to beware of the following five personality types and their potential to destroy your business:

1. The Flat-track Bully

As a general rule, bullies are loud, aggressive and outwardly confident individuals who are have an ability to initially stand out from the crowd and earn recognition from their superiors. This is why they are such a danger to your business: they have a tendency to create a positive impression on employers while distressing their colleagues and having a negative impact on productivity. As these individuals progress at the expense of others and gain greater authority, your business will begin to deteriorate beneath your very nose.

Advertising

The biggest issue with bullies is that they are often unable to do their job particularly well, especially those who advance into management roles. Once afforded authority, bullies are likely to wield this in a discriminating manner and target weaker or more skilled colleagues in a bid to undermine their confidence. This will cause your business to lose top talent and experience reduced productivity levels, while it will also fall prey to an increase in stress-related illness in the workplace. To avoid this personality type, you must understand their behavior in detail while also ensuring that your employees have a clear definition of what constitutes bullying and how to report it.

2. The Resentful Former Colleague

Occasionally, you may be required to employ individuals that you do not like. While this may sound strange, there are times where you must sacrifice personal feelings in order to optimize top talent and drive your business forward. This is most likely to occur as your launch your start-up venture, since building a successful venture requires you to maximize every possible resource at your disposal. So if you have a former colleague with considerable skill in their field and the ability to help your business grow, you may need to approach them regardless of your personal relationship.

This is a balancing act, however, as a deep dislike for another human being can create mistrust and considerable tension over time. The effects of this can be diverse and extremely impactful, whether attempting to manage a difficult relationship distracts you from achieving your business goals, or the employee in question begins to resent your superior status and develops a sense of indifference to the future of the firm. Try to consider this balance before taking such an individual on, weighing the potential cost to the business against the value that the individual can bring. It may well be that you are simply too alike, in which case the issues can be resolved through learning and communication.

Advertising

3. The Ambitious Self-server

There are a number of reasons why stable businesses fail and become insolvent, with one of the most common being the poor retention of talented employees. It is with this in mind that you must beware of ambitious self-servers, as these characters are similar to bullies in that they will often strive to get ahead at the expense of others rather than through their own merit. While bullies use their aggression to force mistakes from their colleagues and report these to management, an ambitious self-server is far more likely to influence senior colleagues directly through charm and persuasion.

Given that this personality type are only interested in their own advancement as opposed to the progression of the business, this often leads to poor and misplaced decision making on your behalf. This can have a huge impact on the retention of talented employees, as some may be unfairly let go while others simply choose to leave the company and work for an employer that respects ability and application rather than charm. To avoid this, you need to take ownership of each individual business decision and make choices based on fixed criteria.

4. The Narcissist

Teamwork makes the dream work, right? After all, businesses thrive on the collaboration between diverse and skilled teams which combine multiple strengths in the pursuit of a single, professional goal. While most personality types can thrive when given a role in a team of people, one that struggles in this regard is the narcissist. These individuals are always more consumed with themselves than with their team-mates or the business as a whole, meaning that they often fail to take direct action when working with others.

Advertising

While narcissists will not necessarily employ underhand tactics to further themselves, they are almost always arrogant and lack empathy for the people around them. This makes it extremely unlikely that they would work late to cover an absence or take on additional work to help complete a project, unless, of course, this would result in some form of individual recognition or individual reward. If you do discover a narcissist within your ranks, strive to utilize their self-serving motivation by giving them individual roles in which they can shape their own destiny (such as a commission-based sales job). This will turn a threat into an asset and help to maximize the talent at your disposal.

self-love-65693_640

    5. The Negative Energy Sapper

    Let’s face facts: there are some people in life who possess a decidedly negative energy. Whether this is part of their innate personality or the result of experience, such negativity can become consuming when it is projected onto your decisions and business management. This is debilitating for any business, as it encourages decisions that are made out of fear and conservatism rather than sound commercial logic and the fundamental balance between risk and reward. Just as aggression and recklessness in business can lead to losses, so too negativity can cause firms to stagnate slowly over time.

    Advertising

    The impact of negativity is also felt more substantially throughout the whole of the business, since it begins to alter the outlook of individual employees and creates incredibly low morale. This can ultimately lead to the loss of core human assets and talented employees, while also driving down productivity and making it difficult to effectively engage customers. While negative individuals are often unaware of their impact and are not necessarily at fault for the way in which they think, you should avoid hiring those with excessive amounts of negative energy if you wish to develop and expand your venture.

    Featured photo credit: Pixabay via pixabay.com

    More by this author

    The One Strategy to Achieve Your Goals With Minimal Effort 6 Ways To Wake Up Early Without Feeling Tired 10 Reasons A Long-Distance Relationship Will Work 12 iPhone 6 Tricks You Probably Don’t Know But Should We Are Often Confused Empathy With Sympathy but What’s The Difference Actually?

    Trending in Work

    1 12 Reasons Why You Should Consider Working in Singapore 2 How To Stay Motivated As You Build Your Business 3 12 Super Productivity Secrets Every Entrepreneur Must Know 4 How to Stay Safe And Healthy in the Workplace During the Pandemic 5 7 Effective Ways To Motivate Employees in 2022

    Read Next

    Advertising
    Advertising

    Last Updated on January 27, 2022

    12 Reasons Why You Should Consider Working in Singapore

    Advertising
    12 Reasons Why You Should Consider Working in Singapore

    Nine out of 10 foreign workers are satisfied with working in Singapore, a recent governmental survey reports. Being ranked best for numerous criteria from best intellectual property protection laws to the easiest country to do business in, Singapore also receives a bunch of accolades for the overall quality of life, top education standards and efficient medical system, ranking the nation as the healthiest in the world. So, what exactly makes the City of Lions such an impeccable place to start your career or relocate your business? Here are just 12 reasons why you should consider doing it!

    1. Singapore ranks second as the most globalized economy in the world

    The Global Competitiveness Report 2014 – 2015 named Singapore as the world’s second prospering economy. By defining “competitiveness” as the set of institutions, policies and factors that determine the level of productivity of a country, the report claims to be the most authoritative assessment of the country’s prosperity and well-being. What does that mean for you and me? High wages, low unemployment rate, excellent work conditions and nourishing business development and investment climate.

    2. Salaries are extremely lucrative

    As the economy is booming, Singapore companies are hungry to acquire overseas specialists, offering top salaries and lucrative benefit packages to attract highly-skilled workers and talents. With a median salary of 3.500$ per month, software engineers can earn up to 72.000$ annually, whereas general practitioners usually receive around 80.000$ per year, according to PayScale. Elementary school teachers earn around 34.000$ per year and working as a waitress part time will bring you around 1100$ per month.

    Advertising

    3. Progressive personal tax system

    Calculating and paying taxes in Singapore is extremely easy and usually takes around 30 seconds to submit your online tax return. If you already obtained a residence permit, your personal taxes in Singapore range from 0% if you earn less than S$ 22.000 per year to 20% for incomes above S$ 320,000. Non-residents are expected to pay a flat rate of 15% from all income gained in Singapore. In addition, all of your earnings gained overseas and brought to the country are not subjected to any taxes.

    4. Getting a work/residence permit is really easy…

    With a population of only five million, and dropping fertility rates, Singapore is highly interested in acquiring new residence and labor force to boost the country’s economy to soaring heights. If you already have a job offer secured, applying for a work permit would take only a few clicks on the governmental website and you will know the outcome within just one day. No lines, no paper bureaucracy and no huge list of supportive documents or blankly stated requirements. Their entire procedure is even simpler if you are a business owner wishing to relocate your business to Singapore, or a start-up entrepreneur wishing to develop your company within the island. You are likely to receive your work permit for a longer term, plus the renewal process is fast and simple. Residence permits are usually issued along with your work permit for the same period of time.

    5. …And the same with permanent residence status

    If you have lived and worked in Singapore for over a year and enjoyed your experience, you can start considering applying for a permanent resident card. Again, the whole process can be done online without much hassle or paperwork involved. Among the factors of a successful outcome, expats name young age (below 50), educational background (degrees obtained in Singaporean universities will earn you extra points), the industry you work in (again extra points to those who are involved in scientific research and working with innovative technologies), and your ability to speak one of the four languages. The processing time does take up to six months.

    Advertising

    6. The adaptation process goes easy

    As English in the main working language you won’t experience the dreaded language barrier. The local society is an absolute melting pot of Chinese, Malay, Indian and British cultures with 42% of population being foreigners. There is a huge amount of expat communities and meet-ups, restaurants serving awesome foods from all over the world, and imported goods you are used to buying back at home. As expats say, “Singaporeans are generally very comfortable with diversity and have been very welcoming to foreigners” with rare case of racism or religion discrimination occurring. There are numerous international and English schools available, along with pre-school daycare centers, so your kids won’t experience much troubles either when changing environments.

    7. Top notch higher education

    If at any stage you feel like lacking relevant educational background or certain skills to get a promotion, you should consider getting a degree in one of the six Singapore universities. National University of Singapore currently ranks number one in Asia and 22nd in the world offering degrees in Arts, Law, Medicine, Computer Sciences, Public Policy and nearly any other profession in demand. Tuition fees for undergraduate programs range from S$ 28.600 to S$ 129,200 for medical degrees. However, all students (foreign or resident) can apply for governmental grants and tuition aid, cutting down the costs by 50%, as currently around 20% of government spendings go into education. If you are aiming at a top executive position, getting an MBA in Singapore will cost you S$ 58,000 full-time or part-time.

    8. It takes three days to open a business

    Being ranked #1 for the ease of doing businesses by World Bank consequently for seven (!!!) years, starting your business in Singapore is easy and fast indeed. The whole process is done online and your registration will be deemed completed within a few hours after you pay a registration fee of the S$65. Afterwards, you can either refer for further assistance to ACRA (Accounting and Corporate Regulatory Authority) offering you a huge selection of agencies and providers to handle all your business needs – from business start-up services to preparing all the documents for your annual returns.

    Advertising

    9. Singapore is rated #1 as the best labor force in the world

    As your business grows and you feel it is time to expand, hiring new professional team won’t be much of a struggle. With expats and work migrants flooding the market, local labors are known for their effectiveness, strong work ethics and superb educational profiles. Filling in top executives and managerial positing will not be a problem either as the share of high-skilled professionals with relevant background rose from 27% in 2003 to 31% in 2013. Moreover, 25% of residents reported to have worked for the same company for 10 years, which means less personnel changes and headhunting.

    10. Low crime rates and zero corruption

    Currently ranked the 5th least corrupted country in the world, Singapore surpassed a long chain of reforms and law enforcement practices on the road to a bribe-free society. The Corrupt Practices Investigation Bureau has kept an eye on matters since 1952 and tries all cases according to strict Singapore laws with long-term jail sentences and huge fines up to S$ 100,000. Same goes towards any sort of crimes–even minor offenses are treated with extreme severity. Think: three months of jail and three hard cane strokes for painting graffiti on a war memorial. When living and working in Singapore you don’t need to worry about your belongings getting stolen, nor your life threatened. Besides, you don’t need to have any sort of “special connections” to do business and get through all the legal and bureaucratic procedures.

    11. You can become a millionaire in less than 10 years

    According to a recent report issued by Boston Consulting Group, over one half of wealthy Singaporeans accumulated the majority of their wealth in less than 10 years. That’s the quickest growing rate in the world. Now, Singapore boasts one of the highest millionaires’ density in the world with 8.8% of the population having assets over one million US dollars. The phenomenon exists due to the ease of doing businesses in Singapore, advantageous location with easy access to nearby booming markets of India, Indonesia and Malaysia and quick implementation of progressive new technologies.

    Advertising

    12. Absolute political stability

    Obviously, your business and you as an employee do not exist in a vacuum and are highly dependent on governmental policies and law-making. The Singaporean government is known for conducting open and fair policy towards constantly introducing new laws, tax relieves, and regulations to enhance the countries’ business environment even more. With the People Action’s Party forming the majority in Parliament since 1965, Singapore has a very stable and orderly government indeed.

    Featured photo credit: Larry Teo via unsplash.com

    Read Next