A lot of people want to become successful entrepreneurs, but only a few understand what it takes to even keep a business afloat and probably manage a good structure that could someday help them build a successful business.
It’s not uncommon to know that the average individual runs at least some form of business or the other. But what always raises concerns is the approach they take towards whatever side hustle or full-on venture they’re involved in.
If you’re wondering why your business is probably not growing right, here are 7 signs you’re a terrible entrepreneur:
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1). You Spend Before You Save:
As a success rule of thumb, you should always strive to reinvest and put away a certain portion of your income for emergency purposes before you even consider spending on your wants instead of your needs. This applies to every area of life including your personal, business, and corporate life.
If you always spend on things you want before you even get to set aside funds that would help the business grow in light of new opportunities, you’d have a problem growing a successful business.
2). You Treat Your Employees Like Robots:
Employees are the most important people in your business because if you don’t treat them right, they’ll reciprocate the experience to your customers, costing you your business in the process.
When you handle your employees in very rigid and strict ways that hinder even their own creative contribution to your enterprise, it hurts your growth and ultimately your business.
If you want to build a great team whose work ethics goes on to make your customers feel truly appreciated, then you must avoid treating your employees like robots.
3). All You want Is Quick Money:
The most successful businesses plan for the future from the onset and not just only for the present. They only switch to a larger degree of short-term planning when they become conglomerates and have amassed a customer base that makes them more than profitable.
If all you want to do is make quick money, then entrepreneurship would frustrate your efforts, since it usually takes a while for many types of businesses to become profitable.
Plan for tomorrow and not for instant gratification.
4). You Micro-Manage A Lot:
Great entrepreneurs delegate roles to be managed by other competent people for maximum effect. When you try to do everything yourself, you become less effective on the things that really matter, and the overall outlook of your business suffers in the process.
5). You Can’t Control Your Emotions:
Emotional intelligence is key to running a successful business because you must learn how to manage your fears, handle anxiety, and even learn how not to carry on your frustration to the people around you.
Experiencing ups and downs as a business owner is perfectly normal, but how you react to them can determine if you will be able to motivate your team enough to bounce back with you or not.
6). You Blame Others For Your Problems:
Great leaders never blame others for their problems. Instead, they own up to their misfortunes since it happened under their leadership, and focus on finding ways to mitigate them.
When you start pointing fingers at people who try their best for your business despite still experiencing setbacks, you’d set a precedent that they’re not valuable to you, which would even hurt their will to do what they can for you.
You can instead encourage and retrain them better to boost their chances of improving.
7). You Lack Empathy And Compassion:
Empathy, the ability to understand and share the feelings of another, goes a long way in helping business owners to understand and better motivate their employees. When you lack empathy as an entrepreneur, you make mistakes in your judgement of certain employee behaviours because their life experiences which you know nothing about may be hindering their performance.
By showing empathy and compassion to them to help them get through whatever challenges they may be experiencing outside of the workplace, you will create employees who are not just emotionally stable but would be willing to give their all to your company since they know your company truly cares about them.
What are your thoughts on these 7 signs you’re a terrible entrepreneur? Let me know by leaving a comment below.
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