3 Entrepreneurial Business Sins - Profits Prophet

3 Entrepreneurial Business Sins

As a coach for entrepreneurs, I see a lot of common mistakes made that hurt their chances of success. Trying to force success by hustling 24/7, taking on too much instead of delegating, and focusing too much on “fake” numbers like revenue instead of profit are just a few of the issues I deal with on a daily basis. However, when it comes to small business owners and solopreneurs, I find that there are three business sins that are more damaging than all the rest. 

  1. Lack of Focus

As an entrepreneur, you need to be hyper-focused. Too many of those I work with have jumped from one project or endeavor to another for their entire careers instead of focusing on one goal or project long enough to see it through. Everything is a cycle in the world of entrepreneurship, and to see results from any endeavor will take an average of 18 months. Instead of staying dedicated and focused for that amount of time, though, entrepreneurs tend to either get frustrated when they don’t see immediate success or they get tempted by the next shiny object that comes into view. 

To be successful, you need to concentrate and hyper-focus on one area of your business for at least 18 months. If it doesn’t work by that point, you can move on to something else. If it does work, double down on your efforts until they really start paying off, then you can bring on an additional product or service. 

  1. Lack of Patience and Persistence 

In addition to the lack of focus that is business sin #1, entrepreneurs also tend to abandon goals before the 18-month mark because they don’t have enough patience or persistence. Entrepreneurs are, by and large, fast-thinking and fast-moving individuals who get bored easily. When there’s not a lot of action in the form of results, they tend to look elsewhere instead of being patient and seeing their project through to the finish. 

If you get bored easily, you need to start taking a different view and try to see the big picture. Moving from one project to another or chasing that next best thing will never get you to the finish line. Be patient, stay committed to your project, and you will reap the rewards. 

  1. Lack of Independence 

Though entrepreneurs do tend to go out and do their own thing, most of them also have the tendency to buy into what the naysayers are telling them. Unfortunately, those who are usually the most discouraging of new ventures are close friends and family members, which is difficult to ignore. Truly successful entrepreneurs can tune out the chatter and the negativity and stay focused on their goals. It’s important to trust yourself instead of buying into public opinion or what those close to you are saying. If you trust yourself, you will be able to come up with products and services that your customers and clients want even before they know they want them. As Henry Ford once famously said, “If I had asked people what they wanted, they would have said faster horses.” 

Work with a Coach to Address Your Sins 

Avoiding these three business sins—along with the multitude of other issues that entrepreneurs face—is not easy. That’s why it’s important not to go it alone. Working with a business coach who is willing to kick your ass when you get out of line is one of the best ways to stay on track and take your business to the next level of success. Ready to get started? Reach out to me today. I’d love to get in your corner.

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