As humans we are creatures of habit, especially when you are an entrepreneur, you easily get addicted to certain habits that actually turn out to be bad for your business. Like any other addiction, even getting rid of entrepreneurial bad habits is a bit difficult but not impossible.
Most of the time, entrepreneurs fail to understand that their practices are affecting the business. When you jump into entrepreneurship, you fall prey to some bad habits which seem good to you but unintentionally it creates a negative impact on your success. Thus, it is quite crucial to do away with such habits, in order to perk up your work process.
Patent addict entrepreneurs:
Every entrepreneur desires to safeguard their innovative ideas and hence they get obsessed with copyrighting with their ideas. Patenting each and every idea is not a good idea; you are not going to benefit from this. Patents are usually treated as shields for inventions, however your business will succeed only if your idea is sensible, just because you have patented your business idea, it will not reap you profit.
Even if you are a freelancer, you should follow proper time management and determine your working hours. Though your work timing is not fixed, you should maintain a schedule and follow it meticulously. Working round the clock is arduous and will affect your productivity. Give some rest to your mind and body, so that you can focus more effectively and powerfully face the challenges. At least dedicate some time for sound sleep as it can affect your heath as well as your business.
Not planning properly:
Without planning and straightaway get going with the process or project is a common mistake committed by most of the entrepreneurs. Planning is not just a part of business process; in fact it is the vital part and primary stage of business process which should not be skipped. You can also take help of the nearest Small Business Administration office in the planning process.
Taking up too many projects at a time:
Your greatest strength can turn into your weakness. Sometimes due to pressure and at times may be out of confidence, an entrepreneur can take up multiple projects at a time. Of course, it is not an unattainable task but your quality of work may get affected. You might lose your customers due to the decline in quality. Thus, instead of focusing on all the projects simultaneously, you can prioritize your tasks; determine the essential ones and start off with your chores.
Desiring for immediate results:
Rome was not built in a day, if you’re working on some important project, give some time, don’t expect it to get completed, instantly. Similarly, wait for the results, don’t anticipate for immediate results. It is one of the main reasons for failure of startups.
Choosing wrong associates/partners:
Now, this cannot be called as a bad habit but certainly this is a mistake made by most of the entrepreneurs. It is often seen that most of the entrepreneurs suffer due to their business partner’s fault. Selecting wrong partner for your business can affect your company. Usually entrepreneurs pick their friends or relatives as their partners without considering their qualification or skills, this is where they go wrong. If your partner possesses good qualification and skills then there is not an issue but if you enter into a partnership just because of emotional bond then you might go wrong with your choice.
Habits keep you going, thus it becomes significant to focus on the good entrepreneurial habits. The only way to eliminate bad habits is to replace it with good ones.