It feels as if entrepreneurship is a hackneyed term today as everywhere you go you somehow hear it. But the truth is only a handful of people are able to understand the meaning of it. And in order to do that you have to look at past examples and learn from figures who have actually made it. There are plenty of exemplary individuals that have erected successful business from square one and following in their footsteps is a good start.
However, many of us are just interested in what they did to get there. Could it be that there were things they did not do and that helped them be what they are today?
Here are 5 things that successful entrepreneurs never ever do:
1. Keep negative employees
When a business is in its nascent stage, the people working in it have a great impact. If they are as driven as you are, they will treat the work as if they have an equal stake in the company and work relentlessly towards its and their own growth with it. However, there are employees that just have a negative energy, perhaps because they are not the right fit for your idea.
And mind you, they can very well be intelligent and experienced. As an entrepreneur, you are a decision maker to begin with and in order to be successful you have to lay off such employees that do not bring a positive change to the business.
The biggest challenge for any entrepreneur is to have a solid business plan. Many times individuals have ground breaking innovative ideas that have the potential to change lives and make them rich in the process, but because there is lack in planning and preparation the implementation is sloppy. Like Dr. Gramme Edwords rightly said, “It’s not the plan that is important, it is the planning.”
A good plan includes every aspect of the business as well as preparing for the potential risks. Any promising entrepreneur would know that it is not a one-man show and you will need all the resources and tools to get it started. Luckily enough there are tools and platforms entrepreneurs can use for free to plan extensively. If you need a name for your business, there is a tool for that: Namobot. It can help you find creative and unique names and check for availability. There are similar tools for budgeting, social media, payroll that can be used for free when you kickstart your business.
3. Do everything yourself
The open door policy and shared work space settings in today’s business (read technology) world has a lot of pros but it certainly carries some cons as well. It makes the leader always available and taking part in everything. For Naming a Business Start up, it may sound like a good idea to be involved on all layers but as experts note such policies take away a chunk of important time and energy in doing things that are not necessary for the leader. You cannot possibly do everything by yourself which is why one hires employees in the first place.
Successful entrepreneurs know where to draw the line and shift their priorities. If your employees are always asking you questions, it will disrupt your focus towards doing things that are necessary for the running and growth. They know how to balance time between their own functions and their teams.
4. Worry about competitors
Competitors should be kept an eye at but they should never bother you so much that you just curtail your efforts to beat out the competitors. This is even more relevant in the early stages of the entrepreneurial venture. Any sane business owner knows that their major focus should be erecting their company and striving for its growth. Read this article to learn how constantly worrying about your competitors can destroy your business.
5. Give up
Entrepreneurs are defined as problem solvers in dictionaries but if we talk real, they are simply individuals who just never give up. Elon Musk, one of the greatest entrepreneurs of our times, is known for never giving up in the face of failure. When asked about giving up, he replied “No, I don’t ever give up. I’d have to be dead or completely incapacitated.”
When you start a new business, you are bound to face a sea of problems. And somedays it would just seem easier to give up and go back. That is where successful entrepreneurs differentiate from those that are not. Even in failures real entrepreneurs learn lessons and apply them in whatever they take up next. If you want to be successful, simply make your mind never ever to give up.
Sometimes it is easy if you know what not to do rather than what to do. Never do any of the five things pointed out here as they are polar opposites of what entrepreneurship is supposed to be. Just make it your agenda never to incorporate these habits in your life because entrepreneurs are entrepreneurs for life.
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