Avoiding or correcting any one of five pitfalls for entrepreneurs may be the tipping point to achieving your goals and improving the quality of your life. I have personally experienced and observed all these behaviors since becoming an entrepreneur in 1979. Most of these pitfalls have relatively quick and simple escape routes using practical neuroscience and common sense. The pitfalls are listed in no particular order of priority; all are important to avoid for a happy and fulfilling life.
- Lack of Focus
Some entrepreneur’s brains are like a nuclear fission reactor that self-fuels and regenerates itself with a continuous stream of new and better ideas. This creates a scenario where the entrepreneur may be doing excessive multi-tasking without getting meaningful work accomplished. Sometimes, when projects get close to completion, an entrepreneur loses interest and wants to move on to something new and different, leaving the project without a sustainable infrastructure. “Focus” is the operative word. If you relate to this pitfall, consider bringing in trusted advisors who share your vision and have strong Sequential thinking skills to help organize, prioritize and develop a logical and orderly work plan around your ideas and concepts.
- Low Self-Awareness of Strengths and Limitations
Many entrepreneurs’ passion for their dream causes them to jump into a new endeavor without taking the time to see how well equipped they are for the journey. All too often, the well-intentioned, good-hearted entrepreneur learns through trial and error that they should have taken an inventory of their strengths and limitations. Very few entrepreneurs consider the alignment of how their brains are wired – to learn, think, create, solve problems, make decisions and communicate – with their chosen life path. Reliable, statistically validated online instruments provide this important but overlooked knowledge.
- Trying to Do It All
Most entrepreneurs feel they can and should do almost everything themselves; the result is some things taking longer to do, others less than well done, and little time left for personal relationships and taking care of themselves. The solution is to have trusted advisors, with knowledge and strengths different from theirs, who can advise them on where to apply their strengths and when to assign work to people better suited to the tasks. Strive for a diverse team of trusted advisors with skills and experience in the areas of finance, human resources, sales, public relations, technology, research and development, marketing, business planning and hands-on tactical implementation. Covering all the applicable bases with competent and committed people is a sure and safe way to maximize the probability of success.
- Compromising Health and Relationships
Health and relationships are listed together because they seem to walk hand-in-hand. Working long hours takes its toll on your physical, mental and emotional health. When you experience stress and your health is at risk, it’s likely that your rapport and communication with people you love and care about are also suffering. Correction of any of the three previous pitfalls will help alleviate stress and free up more time for restful sleep, proper diet, exercise and fun. Make personal health and relationships a component of your total picture of success.
- Believing Happiness is an Upcoming Event
Happiness comes from within and occurs in the present moment. Event-driven happiness is distressingly temporary and short-lived. Work happily and passionately in everything you do, each and every day. Waiting and expecting to achieve sustainable happiness and fulfillment from a future event robs you of the joy of the journey.
In summary, being aware of these five pitfalls will help you live that life you dreamt of when you first catapulted into the wild and crazy world of entrepreneurship. I hope you use these insights and ideas for a better life and better relationships. Please share your knowledge and best practices with fellow entrepreneurs. How many entrepreneurs does it take to build a better world?
- Hot Tips From an Old Hand for New and Struggling Entrepreneurs (brainpathways.net)
- Do You Have What It Takes To Be A Successful Entrepreneur? (brainpathways.net)