by Lina Martinez
All entrepreneurs share a handful of common traits. They’re all bold, brave and ambitious. You’d have to be to turn your back on a cozy job that insulated them from risk yet offered them none of the fulfillment and autonomy that they crave. They’re full of passion and conviction. How could anyone possibly build a business up from nothing without these important qualities. They care deeply about their chosen industry and want to revolutionize it from the inside. How else can we have a technological and industrial landscape that drives innovation? Yet while these traits are all important and admirable, they can lead entrepreneurs to take a wrong turn every once in a while.
Even with the best of intentions, sometimes our passion, our drive and our sincere desire to be the best can lead us to make bad calls that are detrimental to our businesses, our brands and our own personal well being…
Refusing to outsource
While it’s understandable that your knowledge of branding and obsession with quality may lead you to have a certain way of doing things, refusing to outsource can often be counterproductive for your business. Many entrepreneurs feel that the way in which they carry out their operations is integral to their branding but that doesn’t mean that synergy with outsourced services cannot be achieved. Outsourced service providers like Capstone Information Technologies work in tandem with your business, fulfilling discrete functions in accordance with your vision. Therefore, denying yourself their expertise can do your brand more harm than good.
Under investing
Business spending is a tightrope that all entrepreneurs must walk and while they should always be on the lookout for areas in which they can cut costs, saving money must never, ever come at the expense of the way in which you operate or the customer experience that makes your brand. Always be on the lookout for wasteful areas of spending but be wary of under investing in your business too. If you are afraid to spend in areas that could offer significant returns simply to insulate your profit margin thus can seriously inhibit growth.
Neglecting employee well being
Your vision and guidance may be what steers your business towards success but the hard work, intuition and imagination of your employees is what propels it towards success. While it’s understandable that you want to push your employees to get the best out of them, be careful not to do so at the expense of their well being. Make sure that they have opportunities to take breaks, the flexibility to meet their personal commitments as well as their personal ones and rewards that celebrate their hard work and achievement.
Neglecting your own well being
Finally, in your zeal for success, don’t allow yourself to become your own worst enemy. Make sure that you afford yourself a modicum of life outside your business. Don’t be afraid to share your responsibilities with your employees if it all becomes a little too much and never, ever feel guilty for taking time off. If you become a workaholic entrepreneur you will burn out and this will seriously impede your ability to steer the ship in the right direction which could damage the reputation of your brand.