When you start off, everything is generally about you because it was you idea and your hard work that made your business a reality. That is the same thought process of every entrepreneur, but once your business start growing things will start changing. It won’t be solely about you any more and if you move forward thinking only about yourself, your business will reach a dead end sooner or later.
For the growth of your business you should think only from the business point of view and NOT from the personal view. The moment you let your personal preferences take control, you will steer your business to doom. Of course you think that the bigger you get, the better it will be. That is the mindset of most entrepreneurs but did you know that sometimes being smaller will give you the advantage? Surely you have heard that ‘big things come in small packages’. The same principle applies here.
Starting off with emotional attachment with your business is good but continuing like that can hamper your growth. You have to separate yourself from your business for your own good. It may be very difficult to do that but if you are determined you will be able to do it with ease.
Here are the two main things you must do to draw that line between yourself and your business:
Thing One: Your Ego Should NEVER Get tied up with How Well your Business Does
As aforementioned, you may have an emotional attachment with your business because you started it off with so much determination and hard work. Your personal aim may be to go big very soon. While aiming big is good, this could hinder the growth of your company. Not every company can grow exponentially. Some companies will move step by step and eventually get to the top.
Your ego may want you to rush but your business will not be comfortable with that haste. Don’t risk your business growth, thus, by letting your ego guide you. If you want, think of another business to tame your ego. Don’t let your existing business take the hit.
Thing Two: Your Personal Finances and your Business Finances Must be Separate
This is a mistake that many people make. This leads to their failure. You should always keep your personal finances separate.
Some people want to build a huge house that their business can’t really afford. This results in unwanted strain on the business. This in turn causes you to take loans and be in debt. Debts are dangerous. Loans are extremely tempting and they can pull you in like quick sand – coming out of them is one mean feat!
This is why you should not mix your personal finances with your business finances – at least in the beginning. Once you are well established and can afford it, things will change. Not now, though.
These two things are very crucial for the growth of your business. Don’t let your personal preferences mix up with your business and you will do just fine.
There is actually a very thick line between personal stuff and business. Many entrepreneurs fail to see it all together. Make sure you keep your personal finances and your personal ego away from your business in order to ensure that your business is successful and you are not stressed personally, either.