Smart Entrepreneurs Never Do These 10 Things
To be a good entrepreneur, you don’t need to be a genius; all you need to do is make wise decisions. It’s the rash entrepreneur that pays the price for poor decisions; the person who doesn’t take the time to consider the big picture.
Do you recognize yourself in any of these actions? Your life and business will function at a far higher level if you change your perspective on such decisions.
These are things that savvy businesspeople never do:
1. Say yes on the spur of the moment.
An impulsive yes typically leads to major difficulties, whether it’s out of obligation or because it seems like a good idea at the time. Entrepreneurs get off track and feel stressed because of the commitments that ensue.
Make a list of questions to ask yourself before saying yes (is this a priority, does it fit into my goal, am I saying yes out of guilt or another unhealthy thought process), and always analyze even the smallest commitments.
2. Say no recklessly.
Saying no, on the other hand, can lead to even bigger problems, depending on the request. Fear-based thinking causes many entrepreneurs to pass up on promising opportunities. Always inform the other party that you will need some time to consider their request. Make a list of the reasons you feel compelled to say no; this can be illuminating.
Make time for things that will help you grow personally and professionally, but think about it first.
3. Lose your concentration and focus.
So many things to do, so little time. I understand, but you’ll get a lot more done if you concentrate on just one thing at a time. Jumping from task to task, answering the phone whenever it rings, and checking email at all hours of the day is a recipe for disaster. Close your door, turn down the phone volume, and avoid email for a few minutes before devoting two hours to one project. This can literally save you hours of time every day.
4. Retain ineffective employees.
Underperformers and those with a negative attitude at work are stifling your progress. Smart business owners work hard to create a positive culture. If someone doesn’t fit in and is unlikely to ever do so, it’s time to let them go. Toxic attitudes, at the very least, create a stressful undercurrent. Toxic environments in the workplace, on the other hand, will result in the loss of good employees and, eventually, clients.
5. Take an open-door policy with its logical conclusion.
Too many entrepreneurs misinterpret an open-door policy as a requirement to be available to their team 24 hours a day, seven days a week. These ongoing disruptions are costly in terms of both time and money. It’s also extremely stressful for the business owner.
Whether you have one or fifty employees, ask them to schedule a meeting to discuss their topic. If a constant barrage of questions disrupts your day, you can solve the problem by holding a daily morning meeting, as well as a designated time in the mid-to-late afternoon to discuss additional questions or problems. The time you spend in these meetings will be repaid tenfold.
6. Prepare excessively.
It’s an all-too-common misconception that being an expert necessitates knowing everything, which is simply not the case. Being an expert means knowing more about your subject than the average person. Excessive time spent researching and reading materials for a basic meeting, conference, or speech is usually a waste of time. People are bored by facts and statistics, so remembering them will not result in a better meeting.
A prospect or audience wants to interact with you on a much deeper level. They want to get to know you, like you, and trust you. It’s acceptable to state that you don’t know the answer to a question, but that you will find out soon.
7. Pursue a fictitious sense of life balance.
Because you value your independence, you are an entrepreneur. New entrepreneurs sometimes have a romanticized vision of being at the dinner table every night, never missing a school play, and taking as many vacations as they want.
Life balance does not come in chunks of time every day; rather, it comes in doses of freedom and flexibility mixed in with hard work.
8. Believe that they are always correct.
Smart people are surrounded by smart people, and they listen to them. This one is simple: your goal is not to be the smartest person in the room; rather, you want to learn from those who have more experience, come up with creative ideas, and bring a fresh perspective.
9. Take irrational risks
Successful entrepreneurs take risks, but they are calculated risks. The wisest people I know can see every angle and possible outcome. They weigh the benefits and drawbacks and are willing to pivot as needed.
If you’re willing to take a risk, consider how much you’re willing to lose in order to do so.
10. Make fun of others.
Money isn’t the only measure of success; it also reflects what’s going on inside a person’s heart and mind. Smart entrepreneurs allow others to make mistakes, hold beliefs, and act on their behalf. It doesn’t mean you have to participate, but passing judgment on others only weighs you down.
It is impolite to criticize your competitors or individuals who do not share your beliefs. Take the higher road; it will bring you closer to your rainbow.
