Being a Glutton
Its a despicable habit as it is, but in business it can be ruinous. Business owners who try to take out too much cash out of their business face the risk of losing everything. Taking a fat paycheck for yourself, more than is warranted is like draining your business dry. As a business person you need to realize that the running a business needs money. If you don’t budget, soon you will find that you have no money to live off.
Being Full of Pride
Some business owners tends to think no end of their special skills and talent and consider themselves above making proper business plans and mapping out business tasks for the future. It is crucial when running a business, for owners to set goals, because if they are directionless, they get caught up in the mesh of running day today business and never have time to drive growth. Pride and Overconfidence is a curse.
Losing Your Temper
Controlling your temper when it comes to irate and irrational customers is a difficult task even for the most most patient business owners. Before you give way to your anger, remember that is often takes years to build up a good reputation and losing your temper with one unsatisfied customer can run that good will which you have built. Instead of losing it with customers who are complaining try to control yourself.
Greed in business is a characteristic that can destroy any business big or small or new or old companies alike. This happens when greed becomes the key driver it begins to dictate customer service and pricing. It amounts to greed when you charge your loyal customers much above and over the right price, thinking that they will never leave you. This is a fallacy, because there are plenty of competitors waiting just to snatch the business from you.
Getting green eyed about your business competitor will take you nowhere except running the risk of sacrificing your goals just because you are envious of other people’s success and unable to focus. The competition ay appear very successful to you, but when running a business as a good leader you must remember that you should march to the beat of your drum. Instead of envying others, set your strategy and focus for success.
Coveting and lusting after the latest mod cons in the business is a trap that many businesses fall into. This is the surest way you can skill your cash reserves and you may bring down your business as well. It is better to bootstrap at the beginning and keep an eye on all costs It should be an ongoing process regardless of the size of your company.
Running a business, like any other activity in life needs a set of principles to be followed to succeed and thrive. When you transgress or commit a business ‘sin’ your stand to lose and have to bear the consequences. Avoid these transgressions and you will find the professional a personal life is much more successful and smooth.
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