The role of entrepreneur requires serious commitment to the business in order to succeed and generate enough income to live the life that so many others wish they lived. Provided that you are willing to take the right steps for success, you can gain independence from the everyday routine of working for someone else. However, these are five pitfalls you need to avoid in order to keep your proverbial ball in play.
Criticizing Team Members in Public
Think of how you would feel if your boss called you out in front of other team members. This is a poor management practice that can harbor resentment among your team and cause some of your best talent to quit. Unless somebody’s misstep nearly killed you or someone else, criticize in private and praise in public.
Acting Like a Control Freak
Instead of micromanaging your team members, manage them in a way that brings out the best in each and every one of them. Rather than telling everybody how to do their tasks, tell them what to do and allow each of your team members to wow you with their creativity and ingenuity. Learn to manage people effectively and provide the resources everyone needs with reason.
Poor Situational Awareness
Remember that you are at the helm of your business, and either you control the destiny of your business or someone or something else will. The consequential path may not be the one you had originally chosen for your business. In order for your business to earn you returns, you must maintain keenly aware of the everyday operations and to keep your thumb on the pulse.
Addictions and Compulsive Behavior
Some people have a hard time handling success the right way, and you have likely seen this from other prominent figures in the form of frivolous spending, gambling in hopes to gain more money faster, and drug addiction that can destroy your life and the lives of others around you. Drug abuse is quickly becoming the most popular American pastime, with rates of addiction steadily ticking up year over year. This is a trap you must avoid if you want to succeed and see more of your earnings remain with you.
Taking On Too Much Debt
Though it’s nice that you can borrow money, keep in mind you have to repay it at some point. Excessive debt and the associated interest charges can quickly take their toll on your business by threatening cash flow and making it harder for you to take out loans in the future. If you find you need a loan, be mindful of how much you borrow and ensure that you have a realistic plan to repay.
Entrepreneurship has many great rewards for those who are willing to pay the price with hard work and sacrifice. Success also hinges upon the ability to avoid pitfalls that can ultimately lead to failure. Steer clear of these mistakes so that you come closer to succeeding, and let Moxie help!