Entrepreneurship involves making choices. Decisions and choices based on your current knowledge that will keep your risk low, profit margin high and your business in the race. These choices may lead to success or failure, depending whether you avoid traps or get caught in them. You, as an entrepreneur, have to be acutely aware of the impact your choices and decisions may have on your business, your life and your future.
Deadly Entrepreneurial Sins #1: LUST: Status Symbols
Chasing after status symbols, fast cars, luxurious mansions and expensive toys not only depletes you of energy, it also shows the world your weakness. Lusting after money, glory and praise shows that you are indeed the exact opposite. You are plain, unsure of yourself and need things to make you appear successful. There is nothing wrong with wanting to live in comfort and to surround yourself with beautiful things, but it should not be your only focus and main goal. Rather focus on building your business and restraining yourself from going overboard.
Deadly Entrepreneurial Sins #2: GLUTTONY: Appetite for Growth
Nothing is wrong with wanting to grow your business, but your appetite for growth should be tempered. Entrepreneurs that fall for quick schemes that promise the entire pig for the price of a slice of bacon, may find that they have bitten off more than they can chew. Set sensible, realistic growth targets and focus on building a positive reputation. You have to walk before you can run.
Deadly Entrepreneurial Sins #3: GREED: Your Reputation
Making immoral decisions will bite you in the butt and ruin your reputation. Do not skimp on your products or services and deliver what you promise. Avoid from manipulating your prices, staff and marketing to suit any unethical way of maximizing your revenues. Rather than making enemies that may eventually cost you your business, focus on building an honorable reputation that will ensure that your clients, employees and suppliers trust you.
Deadly Entrepreneurial Sins #4: SLOTH: Do what Needs to be Done
Hard work is not optional if you strive for success. It is a given, a fact and a reality. This entails not only working hard, but also working smart. Short cuts are good, but only if they work. Being your own boss also means not taking a day off whenever you feel like it – you need to be disciplined to make a success.
Deadly Entrepreneurial Sins #5: WRATH: Temper Tantrums
Stay in control of your emotions. You communicate with numerous people on a daily basis and some of them rub you the wrong way. Instead of losing your cool, stay calm and manage your anger. You will gain more respect from all involved. Hate and revenge often lead to more of the same. Never get involved in this kind of scenario, but rather focus on managing the situation in order to find a workable solution.
Deadly Entrepreneurial Sins #6: ENVY: Vicious Circle
Comparing and measuring your business against your competitors may be a good thing, unless you blame them for your failures or losses. Never get caught in the vicious circle of small battles with your competitors. Measuring wins and losses will cause you to lose focus and your business will suffer. Focus on your business and how to make it grow the best way you can.
Deadly Entrepreneurial Sins #7: PRIDE: Ego Wars
Self Confidence is necessary if you want to be a successful entrepreneur, but being overconfident will blind you to any pitfalls on your way. Maintain an open mind and keep on learning, be aware that you do not know everything and never will. Focus on your ultimate goals and not on praise after small successes.