5 Habits That Will Badly Fail You as a Businessman
Business is all around us. With the world getting over populated, ideas are flooding around everywhere. Every new idea gives birth to a new earning plan. The most difficult process for any type of earning strategy is taking the first initiative to turn an idea into a practical plan. Rest all those profit and loss sinusoidal waves follow naturally by themselves. Note: For bloggers and freelancers who are looking to expand their career goals, the habits below are a must read.
The success of a real time earning mechanism is based on strong principles and set out rules and unless you know them then you are really just riding your business on a knife edge. I am sharing below some significant habits in a businessmans life that unless rectified could lead to a terrible end that leads no where.
1. No Clarity + No Purpose = No Results
Most of the business decisions that often fail are because of no clear rules, aims and financial plans. Statistics from U.S Small Business administration reveal that approximately about half of all new small business launched in USA will fail in coming 10 years. Reason? Poor financial management and set out goals.
Unless you clearly know what you need to do, how can you lead the cavalry following you at your back. Make your goals clear and write them in paper and pin it on your notice board to keep yourself focused and determined. Now to achieved these well defined goals, you need to be clear with every move you make. The best advise in this case is to look at your competitor and track all his moves. Only then you know what can turn into profit and what can cause loss. Keeping an upper hand is also the Market Samurais style. Clarity and Purpose will surely give fruitful result at the end of the day.
2. Abusing The Freedom
The above picture defines it all. Its every entrepreneurs dream to work late and sleep late. Having the freedom to work when you want and do what you want is awesome but this will drag you down to floor! Yes you are the sole boss of your business but you need to be much more disciplined when you are not working under someone. There is competition all around you and your competitor is well focused and his eyes are on all your activities. A slightest slumber can ruin all your empire. Being lazy will certainly fail you but hard work would undoubtedly rise you high.
To be honest being lazy at work is my biggest weakness. With increasing readership I should rather be thankful and should work even more, but the physical laziness has pushed me several miles away. The readers often find it uncomfortable to receive late replies to emails and comments but being late at their call is badly ruining the blogs growth. This something we need to work on it seriously.
3. Acting Like a Rabbit Rather a Wise Turtle
People often switch from one idea to another. Anything that seems more attracting, distracts your attention you jump to that discarding the project you were working on. Have patience and give your plans a space to grow. Act wisely and never postpone or abandon a business target unless you are too sure. Consistency and strong determination are key requirements for a risky career like entrepreneurship. Dont run like a attention seeking rabbit with distractions all around him, walk like a focused turtle who knows what his target is and how long will it take to finish.
4. Early Demands
Small business owners often attach huge expectations before the Business has not even groomed properly. Keeping short term goals is the biggest mistake you can commit. Keep your demands high and expect them once the time is right. give a space for the business exposure. Let the market know and publicize your services as far as you can. Once you become the next Giant whale fish, you can take at a gallop all the small fishes.
5. Keeping Two Coins and Investing One
The great billionaire and one of worlds richest investors: Warren buffett gives great emphasis on investment. To grow a company no matter small or big, you will need to sacrifice a bigger share of your cake piece. You need to keep the stomach half empty else too full a tummy could turn you clumsy and let your competitor win the applause. You must learn to invest more and store less for a bigger and faster Boom.
What are your views?
What do you think about the habits explained above and what habits do you know that has always given you the lower edge when it comes to performance. How far do you agree or disagree, please let me know your valuable views on this important topic. We will be publishing such posts more apart from coding and web designing stuff in order to keep you updated with all spices of online business requirements. I just hope you find it helpful. Peace and blessings pals. :>