Being an entrepreneur is a place of risk and reward, and the benefits are well documented. But, there are a number of pitfalls to avoid so you can keep the level of freedom that having your own business affords you:
Chasing the wrong success
If you are not careful, you can start to believe that certain material items make you “successful” and happy. You cannot buy your way to success or happiness.
Avoid this trap by thinking about and writing down what success means to you. Be conscious about what you are aiming for, and take consistent steps to reach it.
Poor communication
It’s easy to feel confident and assume that you are communicating properly with employees, contractors and mentors. But very few of us do communicate correctly.
Think about what you intend to say, and the impact you intend to have when communicating. Use facts and leaving out any emotion linked to them. Get to your team and know how they like to be communicated to. They may need more detail than you usually provide or less. But knowing holds a lot of power for effective communication.
The customer is always right
A common misconception that can leave you worn out and exhausted. If you were to run your business as if every customer is ‘right’ can confuse your marketing messages and almost train your customers how to treat you and your staff. Instead, take on the mindset that the customer is always honoured. Customers should be treated with honour and respect.
Chasing money not freedom
It’s easy to think that money and freedom are synonymous, but chasing money can lead to an unlived life. Money should be a byproduct, not the focus.
If you focus on short-term monetary gains, and you will never have true freedom. Rather, focus on the strength and growth of your business, and you will have money. You will also experience freedom and finances through growth and the right training.