10 Common Weaknesses of an Entrepreneur
Successful Entrepreneur can relate to these 10 Common Weaknesses of an Entrepreneur. Most will attest that without them their startup would likely have failed.
1. Multitasking to the extent of Crashing:
Entrepreneurs often have a thousand things going on in their minds. Many have the ability to switch rapidly from one idea to another. This may leave many people confused.
The result is that important tasks get short shifted. Relationships often suffer. Don’t let multitasking surpass your focus. Concentrate on your customers’ needs.
2. Demanding Perfection from all:
Entrepreneurs are perfectionists. Most are never satisfied with their own work, as well as the work of others. This can cause delays and run up costs, in the business.
Mostly it will cause friction and frustration in relationships with team members, partners, and customers.
The late Steve Jobs suffered this imperfection. Though his strive for perfection made Apple famous, at the same time it made his employees crazy.
3. Strong convictions bordering on Stubbornness:
The best leaders have strong convictions. When push comes to shove they listen to others, and are willing to compromise. Most will push, for what needs to be done, to move the ball forward.
In business, if you refuse to compromise and meet the needs of customers, your competitors will be replaced. Business is no place for stubbornness.
4. Not a team player:
Most entrepreneurs start their business because they perceive an unseen need in the market. Many times they want to be in charge.
Most often they just don’t like working with others. In time, however, every business requires a team. Giving up control becomes a constant struggle. Some entrepreneurs simply jump ship and start again.
The challenge of all business owners is to find the employees with Entrepreneurial Spirit.
Your goal is to motivate them to see the benefits of staying with your company. This will be a short term thing and they will be gone sooner than later.
While entrepreneurs need a healthy ego for body armor, it can quickly become a negative trait. Confidence can be confused with arrogance if not tempered.
Letting your ego drive decisions is not a good thing. Build your business on confidence that is based on knowledge and trust.
5. Over-confident to the point of being Egotistical:
Be confident in what your product delivers. Being proud of your product can never be considered egotistical. Bragging about what your product delivers or putting down your competition is never a good thing.
Never condemn your client’s previous solutions. Pointing out the “flaws” in past solutions can be considered egotistical and insulting.
6. Procrastination on certain challenges:
Sometimes when I talk to some very smart entrepreneurs they seem to be struggling with tough issues, like building a website.
They may ignore these challenges or try to pass them off to a business partner they trust.
The positive effects of learning a new skill or discipline just don’t appeal to some. It’s OK to step away from a challenge.
A timely decision to remove yourself from a problem is sometimes needed to grow your business.
7. Paranoid reaching delusional proportions:
Caution is a good trait of being alert when approaching new people and new business partners. If not kept in check it can easily grow into paranoia.
Most new entrepreneur trusts no one and thinks all deals are a potential scam. The best entrepreneurs strive to find a win-win relationship with partners and investors.
8. Work-life balance and workaholic tendencies:
Most entrepreneurs will admit to being a “Workaholic” at some stage of their startup. Ultimately this desire may be considered a negative trait by potential partners.
Believe it or not, working too much can stifle and limit your business growth. If you choose to micromanage a project you can ruin any momentum you may have.
You can still manage your business while migrating to a positive solution of delegation. You need to focus on building an organization.
This will give you the flexibility to work on aspects of the project that you feel needs more time and attention.
9. Often emotional and temperamental:
Passion and Sensitivity are key traits in every good entrepreneur. In some cases, these traits can seem to escalate to mood changes and emotional outbursts for no reason.
At this point, the leader may make less rational decisions that may lose the loyalty and trust of associates and customers.
Directing your emotions to “Celebrating” success instead of reacting to setbacks will energize your clients, partners, and employees.
10. Looks at the world through colored lenses:
Successful entrepreneurs can easily lose sight of the real business world.
Once the perks of Influence and Trust set in, weak leaders become philosophers instead of Entrepreneurs.
We see this all the time when business leaders focus too much on the Social Component of their business.
Placing and promoting a social agenda over your product will lead to disaster. The time to worry is when you start seeing compassion as a character flaw, rather than a positive trait.
Every successful entrepreneur can probably relate to these not-so-positive traits. In many cases, most will attest that without one or more of them, their startup would likely have failed.
The question is whether that makes them good traits. Can these traits be learned and nurtured by every young entrepreneur who is striving to be great? I think not. There has to be a better way.
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Hope you enjoyed this article,
Christopher Sciullo BlogGuyz. com