Why do some entrepreneurs succeed in the business world while other start-ups fail within the first two years of operation? The reason simply balls down to business habits.
Certainly Adversity or misfortune can happen to anyone, either it is sudden competition, critical failure at launch or major lawsuits, but such is rarely the cause for business failure or stagnation. Instead, the problems usually arises from the mounting effect of bad business habits that manifest within the organisation without prior notice but gradually brings down the momentum and productivity of the entire business.
William James famously known as the Father of Psychology said
“Habit is thus the enormous fly-wheel of society, its most precious conservative agent. It alone is what keeps us all within the bounds of ordinance, and saves the children of fortune from the envious uprisings of the poor.”
This quote gives an insight into why it can sometimes seem extremely difficult to climb up the ladder of success.
In simpler terms, no one described it better than the famous Aristotle who indicated clearly saying “We are what we repeatedly do, excellence, then, is not an act, but a habit.”
Business minded individuals in any start up must take the time to identify and eliminate bad business habits on every level of their organisation in order to achieve excellence in an ever changing business environment.
Some Major Business Habits Plaguing Organisations:
- Applying Too Much Focus on One Aspect of Business: Excessive focus on a single aspect of business is one of the business habits easily cultivated by both employers and employees who in turn fail to notice important facts relevant to their decision making. Too much focus is usually the cause of our inability to notice. Best advisable business approach is to gradually lean towards becoming a better noticer than focuser. Being able to notice in a business enviromet is something that can be learned both at an individual level and as an organisation.
- Not Taking Risks; There comes a time in every individual’s life when we have to make decisions involving risks. Most times we know what needs to be done but we still don’t do it, mainly because we are afraid to put our vulnerabilities on the line. Risks can be uncertain or unpredictable but the biggest risk ever is to not take any at all. There will always be risks ahead; the challenge is to convince an investor/client that you are a safer risk than anyone else.
- Failing To Delegate/ Ignoring Naysayer: It is easy to begin to cultivate a habit of ‘customers will begin to see things my way’. Regardless how successful your organisation is, it is always highly important to keep an ear to customer reviews and feedback rather than letting your passions and perseverance convince you otherwise. Failure to delegate limits the achievement of full potentials, which in turn cripples once ability to expand on influence and too much becomes dependant on one person that can lead to burnout inevitably.
- Constant Thought and Worry About Money: In this day and age, people tend to worry about everything with money usually being at the centre. Worrying doesn’t attract money, worrying is an unhealthy approach to profit making. Constant thought of money will not make it manifest.
- Fear Factor: Regardless what obstacles and fears may arise, from financial structures to recession risks, you always have to keep visualising your desires and successes. Just by simply acknowledging that inner unique voice that is constantly ringing a bell trying to push you to venture into the world of entrepreneurship, it will gradually do away with common fears that arise in the wild world of business activities.
At first hand, these bad business habits may not come across as major factors, but when repeated, in conjunction with one another, their destructive capacity can prevent an entire organisation from ever getting off the ground. The more aware one is of these business habits and the more determined one is implementing changes, the better chances one has in leading an organisation to profitability and long term growth.
Cultivating Good Business Habits:
- Positivity Matters: A business mind must cultivate a positive outlook at all times, while at work or out of work. The word positive rarely carries the same weight as words such as persistence and work-ethic, but nevertheless, having a positive mind frame is highly essential to both individual and organisational growth. It is essential to remember that there is always a positive to every negative, regardless what the economic situation may be for any organisation, positivity is essential to success.
- Live In The Present: Cultivate a habit of making progress on a daily basis and acknowledging it. Noticing exactly where you stand in a business environment at every instance of your present moment enables a business mind to have a more vivid picture of what the future could potentially look like.
- Build A Resilient Mind/Have A Mentor: it is a necessity to have the ability to adapt and bounce back when things don’t go as initially planned. The very act of talking to someone can highly assist in the search of creative solutions.
- Be Methodical: long term goals, even when well outlined by an individual, can still easily fail due to lack of strong will and methodical work habits. Methodical work leads to success and always brings results because it is all about being disciplined, staying motivated and persevering despite difficult situations.
What Entrepreneurial-Shifts Are Currently Taking Place Within You? We may not have the capacity to control all of our circumstances, but we can free ourselves of habits that serve no purpose other than to make us unproductive. None of these habits require a major life reconditioning; instead it’s about making some minor readjustment to the daily routine that could potentially result in huge payoffs.