The 7 Deadly Sins of Entrepreneurship
When you’ve started a new business, there are many traps you can fall into. More than others, here are our 7 deadly sins of entrepreneurship. Avoid them as much as you can.
1. Putting personal needs ahead of business needs
You know there are going to be some lean times ahead, but you’ve got to be ready to stick it out for the long haul. Are your personal needs getting in the way? We’re not saying you should ignore your personal needs. Feed your family. Pay your bills. But, what are the desires you have that aren’t needs? Can you do without? Be prepared to cut back before you even get started.
2. Expanding too fast
As a small business owner, remember this: you are a SMALL business owner. You don’t have to conquer the world in a day, month, or even year. Give yourself time to grow with proper nourishment instead of trying to expand too quickly.
3. Failure to communicate
This is our way of saying: embrace the technology of the age. If your not up to date on software, social, and any other technology your industry uses, then you’re behind and you don’t want to be behind.
4. Negative advertising
You’re bound to have competitors out there. Don’t put them down. If you spend your time saying negative things about your competitors, don’t be surprised if it backfires. Stay positive.
Okay, that sounds a bit obvious. Don’t lie about your business. But, people still do it. Especially with buzzwords like “all-natural,” “recyclable,” or “green.” You’re not helping anyone out when you lie about your product, least of all yourself. Make sure you know what the word means before you use it. People will find out. And you definitely won’t look good when that comes around.
6. Kneel before Zod.
You started a business, founded a company, came up with the idea, invented the product. That doesn’t make you all powerful. You can maintain control over you business, but you still need to be aware of what your investors, customers, and coworkers think. Don’t let all the power go to your head.
7. Party pooperness
Work can be fun. Heck, look at you! You went out with your ideas and your passion and started your own business. You’re already breaking away from the stereotypical rigidity of the rat race. Let your carefree passion shine through. Not everything needs to be super serious working. Have some fun.
What is your deadly sin that entrepreneurs should avoid at all cost? Share in the comments!