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7 Bad Habits Entrepreneur Should Bid Adieu To

|Includes: Sensata Technologies Holding plc (ST)

There are many guides that will tell you how you can be a successful entrepreneur. Almost all of them will go on about how you need to be organized, energetic, and fully committed to your vision. However, only a few will focus on the bad habits you may acquire and choose to ignore while you are busy 12 hours a day. If you decide to continue these, they will not only drag you down, but they will affect your business.

The following seven toxic habits have the potential to snowball into major problems down the road. So, take some time to fix them and ensure both your health and success.

#1) Smoking

As an entrepreneur, you do not just need to focus on enhancing your mental faculties and skill; health is a major contributing factor to your success. The dangers of smoking are widely studied and known. WHO states that tobacco use kills up to half of its users. Even a little tobacco is harmful for your health. According to the National Cancer Institute, tobacco smoke contains 250 harmful chemicals, 69 of these are known carcinogens. According to the CDC, 40 million adults in the USA are smokers and the percentage of smokers in the 25-44 years age range is 20%. Since 57% of entrepreneurs are in the age range of 20-44 years, chances are that you are a smoker too. So, quit right away to enjoy better health, a better life, and more success. And if you cannot quit altogether, you can at least invest in a less risky more advanced alternative like a box mod

#2) Working on Too Many Projects

Entrepreneurs sometimes seem to have boundless reserves of energy. While this is their main strength, it can quickly turn on them. Focusing on too many tasks at the same time will diminish work quality. You will be too distracted to focus as the pressure increases and becomes too hard to handle. Yes, there are short bursts of time where this excessive approach might work. However, it is not a long-term strategy, so do not stick to this routine for too long.

#3) Micromanaging Every Single Task

No matter how talented you are or how hard your work, you cannot do everything yourself. Recognize which tasks require your attention and focus on those. As for the ones you can explain, always delegate them to a qualified employee and oversee the process. If you think explaining tasks will consume your time, compare that with the time you would otherwise spend overcoming your stress-induced health issues. Besides, you need to have a right arm person once your company expands, so why not now while you still have the time and energy?

#4) Being Reactive

An approach which involves simply reacting to problems instead of preventing them is like trying to fight a forest fire with a bucket of water at a time. As an entrepreneur, you need to be proactive. Anticipate what could go wrong and have all your bases covered. This is why risk management courses are very popular with business students these days. You can always learn risk assessment and management techniques to prevent threats and minimize their damage when all else fails.

#5) Adopting an Unstructured and Haphazard Approach

Be structured in your approach towards your business. Haphazardly working through your day will get tiring and drive down your productivity. Plan and prioritize your tasks; keep track of daily and weekly goals and chart out your progress. If you think these tasks are tedious, there are many handy apps such as Evernote, Workflow, Letterspace, and Humin that can help you schedule and organize your day.

#6) Taking Risks Excessively

Taking carefully calculated risks can give you a competitive edge. However, most entrepreneurs forget the calculated part of that approach and end up taking unnecessary risks. Excessive risk taking might end up costing you in terms of money, credit, and time. You might even end up losing your business. So, take risks, but make sure you back up your decision with a solid reason. Good financial planning and management will help you accurately determine the costs and benefits of risk.

#7) Retaining Self-Defeating Beliefs

A can-do attitude in the face of challenges and problems is invaluable for an entrepreneur. It motivates them to excel and brush themselves off to try again. However, it is hard to break out of the cycle of self-defeatist thinking. This does not mean that it is impossible though. All you need to focus on is countering negativity. Reassess your thinking and focus on positivity if you want to succeed.

Self-improvement is an important goal for an entrepreneur. Therefore, constantly reevaluate your habits to retain the good ones and curb the bad ones which can affect you and your venture in the long run.