2016-09-13 00:00:00Starting a BusinessEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/3.jpghttps://quickbooks.intuit.com/in/resources/starting-a-business/three-harmful-entrepreneurial-habits/Three Harmful Entrepreneurial Habits

Three Harmful Entrepreneurial Habits

2 min read

With the pace at which businesses are growing, there is a tendency for entrepreneurs to develop common entrepreneurial habits that can adversely affect their business in the process. This can lead to less interactions with your customers due to multi-tasking and filling your day with a lot of tasks that might not contribute to the productive running of your business. This could prove to be detrimental and can be mended by understanding your key entrepreneur bad entrepreneurial habits. Here are 3 harmful entrepreneurial habits:

1. Over-Committing Yourself

The problem lies in taking up too many new opportunities and over extending your schedule. Failure to deliver on promises will create a bad reputation for the company and reduce the quality of your efforts to service them in the process. The company goals should be given prominence and other initiatives should serve as secondary priority and unnecessary opportunities should be declined. Instead of working hard on several assignments, you should work on the immediate tasks at hand and not unimportant commitments. This will help you keep focus and enable you to work well on the tasks at hand that you will give a hundred percent of your effort to.  The rewards for your work will be sweeter when you are more productive and you learn to integrate your work.

2. Ignoring your personal spaces

As an entrepreneur you may learn to work within rules of a routine day and shutting down your computer at a specified hour. But, when work gets busy, you tend to comprise on those boundaries to get the job completed for your clients. At times, this can cause you to burn out and lose out on way to recharge your batteries. This can lead to a strain in relationship with family, friends, and your loved ones. Create a structure routine for work and personal time. Set a framework of rules and guidelines and in time you will be less distracted and more productive.

3. Losing touch with new contacts

When your work is getting tough, there is a tendency to call someone familiar instead of reaching out to a new contact. You may now become over reliant on a few clients and this can lead to a loss in leveraging your experience. This can be resolved by building time in your schedule to connect and provide feedback and advice. Create enough time in your schedule to connect to more people and meet at least one new person. This can lead to the development of brand-new contacts, or people you already know but want to know you better. The benefits of this is that in time, you will have  a diverse, helpful, and ever-growing network of people that can be leveraged to build your client base and in time you can and learn from them. This way you are sure to add a minimum of 12 new contact to your tried-and-true list and will be able to find new ways to touch base with even more individuals in the long run.

By overcoming these harmful entrepreneurial habits, as an entrepreneur you will grow and better your business. This will help you develop a good customer base, engage with new contacts and drive business by self-prioritising your work and working on the immediate task at hand.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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