While the rise and fall of business empires don’t just happen in a whip of time, there are few worst traits which if possessed by an entrepreneur will make sure that he and his business meet its demise in due course of time.
So it becomes imperative to observe some of these worst traits of even the great entrepreneurs and we will see how these worst traits proved to be direful for their business and can prove to be equally costly for you as an entrepreneur if you don’t obliterate them as such.
1. Lacking sound organisational skills
Being an entrepreneur one of the worst traits you can have is being unorganised. Your company has to work in an organised and methodological manner. Be it decisions about product line design or executing M & A processes, it all has to be in a systematic way.
Chaos has no place in the entrepreneurial world, and its presence alone is enough to make your company bite the dust.The venture startup.com lacked a firm organisational structure and so did Nokia and Myntra in taking decisions about product manufacturing and planning.We all know what happened to those.
2. Being unadaptable
No occupation subjects its inhabitants to as much change as does entrepreneurship. By sheer diligence and perseverance, one can in due time build the enterprise he or she aimed for. But to remain there as quoting Bill Gates,”To reach the top is only halfway through, to remain there is the real deal and that’s why you have to be adaptive in the business world.”
The entrepreneurship will throw at you various challenges and put you in situations you don’t want to be. Many times you will have to adapt to the situation by working your way around the problem. The businesses like Nokia, Yahoo didn’t adapt and that’s we use past tense to address them.
3. Being indecisive
This is one of those worst traits that an entrepreneur always dreads off. The fatality this worst of the worst traits accompany with can only be left to the imagination.
In the business world, the trend can alter itself or a new competitor can emerge in the market anytime.It is during these moments any entrepreneur worth its salt has to make decisions for the best of its company’s interest and has to be decisive about the problems at hand. If not so, then odds will gradually stack against him sooner than his anticipation.
4. Choosing the wrong team
Oh and this! Only if you could’ve ask Steve Jobs about this; John Scully would be the name you would hear. How is this one of those worst traits?
See, It should be the ability of any good entrepreneur to read beings and realise which people in the team are there for him and who will be a hindrance to his vision for the company. Steve Jobs learned it the hard way being ousted from his own company for which he on record has blamed Mr Scully.
5. Not taking risks
This probably is one of the worst traits that any human being especially an entrepreneur can possess. In life, if you want to succeed and make a mark of your own you have to take risks .
Doing what you always do is safe but what fun lies in it? To take risks , to take a difficult project with impossible deadlines, to exceed the expectations and to thrive and prosper in situations where other people dare not imagine themselves to be, these are the few things that make idea entrepreneurship so romantic and the idea of it drives people to make the world a better place.
6. Fearing the competition
For newbies, this is one of the worst traits to own. Yes, there will be experienced players in the field and yes they may be hundred times stronger than you are with their vast and loyal consumer base and may be all odds against you. May be so, may be so!
But the theory of competition says that once the race starts all bets are off. Fearing the competition and running away from the battle is not an option for you as it never was!
Facebook never feared the competition neither did Google nor did Tesla. Their startups were rough as well just as your venture’s inception. But they worked hard and innovated and now they are not the underdogs anymore!
7. Being too retrospective
You know once their greatest rivals, Microsoft saved Apple from the grave trade deficit. An entrepreneur cannot afford to be too retrospective in his business venture. Yes, he has to remember those who are his friends and foes but he cannot just stick to that card always.
There may be a time when you have to seek help from other CEO or company who deserted you once and for the mutual interest you both have to forget your rivalry for a time being and work for the best interest of your companies.
“Loyalty is a two-way street. If I am getting it from you then you are receiving it from me.” This statement sums up the gravity of loyalty in the business world.
There are bad traits and then there is a mile long forbidden afflicted road and beyond it is disloyalty. Just Google it out, any CEO or manager who were disloyal to their colleagues never reached the zenith of their trades and never will in future.
The business world is undoubtedly a pragmatic world but your reputation and character define your company’s fate in future. Ask the people who worked in the ambience of great entrepreneurs, they all will characterise their colleague as loyal beings.You may live more than twice but you can cheat anyone in B-World only once.
9. Not being opportunist
Being inexpedient the worst that any young entrepreneur can have in blooming stages of his business. While starting as an entrepreneur you have to judge your own venture’s potential and negotiate with investors as such. Google didn’t give in to Yahoo while Apple seized the opportunity with Mark Markkula of intel corp. for Apple 2 manufacture.
Opportunity knocks on your door only once and you have to be intuitive to seize it because once that goes you may never know if the next will ever arrive or if one that past was the last one.
10. Lack of vision
This one of those worst traits that are owned by even the CEOs of well-established companies and their lack of vision just puts a break in company’s so far progress.
Take some time and ask yourself why is that Apple or Microsoft or Google or Facebook are so successful than their respective counterparts. The answer is simple – Because their CEOs and management have provided a vision for their companies and that vision constantly got refined over the course of time and served as the source of their motivation for success.
There are some questions which intrigue us as they have always.
“Things don’t happen just suddenly, they happen following a pattern. A business just doesn’t boom to success or an enterprise just doesn’t fall into oblivion over a night.” —- these were the words of an eminent figure in the entrepreneurial world,a business analyst in Dashed. But that is what makes entrepreneurship so romantic.
So, guys, these are some of the worst traits even the great entrepreneurs can and did have.Feel free to comment below and tell us what according to you are the worst traits for an entrepreneur.
Cheers guys, catch you again for the next article!
Let us know in the comment section below which traits do you think are the worst for an entrepreneur!