In my previous blog post, I discussed four traits that every entrepreneur needs. On the flip side, there are several traits that can hinder even the most enthusiastic tycoons. This list covers the four detrimental traits that can impact entrepreneurial success.
The most successful entrepreneurs know that flexibility is a key trait, no matter what industry you’re in. In an interview with Forbes, Dawn Dickson, the creator of Flat Out of Heels, describes the importance of pivoting in any entrepreneurial venture. Dickson said a failed $12,000 investment inspired her to keep going rather than give up. Her pivot in the wake of the loss involved adjusting every element of the business model, from distribution channel to customer acquisition. Her story, like many others, proves a flexible entrepreneur is a successful one.
In any business, short-term decisions pave the way to long-term successes. Being patient with regards to long-term developments helps maintain motivation, but if you find yourself tapping your foot at slow-moving progress, remember Aesop’s tale of the tortoise and the hare—slow and steady wins the race. There will be moments in your venture during which you’ll feel disheartened or frustrated, and it’s healthy to express those feelings. In spite of this, you should look at your progress so far and appreciate what you’ve been able to accomplish since the inception of your undertaking.
Making mistakes isn’t fun, but it can be a fantastic learning experience. Fear of making mistakes is common, especially when entrepreneurs have put most (or all) of their eggs in one basket. While mistakes certainly affect short-term successes, it’s doubtful that one small error will destroy your venture. When a mistake happens—and trust me, one will—ask yourself what went wrong, why it went wrong, and what you should have done. Analyzing these situations will make the lesson stick. Then, do your best to correct the issue and keep moving forward.
Doubt and Overconfidence
Being too doubtful can make an entrepreneur too cautious, which leads to stagnation of progress. On the other hand, overconfidence often leads to taking necessary and foolish risks without careful consideration of internal and external factors. There’s an intricate balance to courage and caution, and some entrepreneurs may find that balance difficult to strike. Consider which of the two traits applies to you, and list the steps you can take to move away from that hindrance. It can be scary to loosen or tighten the reigns, but doing so will make your business all the more successful.