Certain behaviours prove to be detrimental to entrepreneurs. These behaviours are often found in less successful entrepreneurs and should be avoided.
Entrepreneurs who display greed rarely share the business’s successes with others, including employees. They tend to hold out for the highest price, even at the cost of losing a deal, because they believe that there is someone out there who will pay more. They cut costs in areas that adversely affect customers and impair employees’ ability to do their jobs, all just to chalk up more profit in the bottom line. In general, these entrepreneurs are among the minority who often start businesses to create wealth rather than to provide value.
- Dishonesty and lack of Ethics
An unfortunate sentiment expressed by some dishonest and unethical entrepreneurs to justify dishonourable behaviour is “I can do it because everyone in the business is doing it.” These entrepreneurs don’t pay their suppliers or partners on time, and when they do pay, they usually try to pay less than was originally agreed upon. They are not honest with their bankers about the status of the business; some even keep two sets of books, one to show the banker and one that contains the real members. Tactics like this always spell doom for the entrepreneurs who practice the. Every day, the news exposes corporate scandals wherein unethical leaders are being held accountable for their improprieties.
- Poor Judgment
People who have a difficult time making decisions will probably not be as successful as entrepreneurs. Making effective decisions is a critical part of the everyday life of an entrepreneur and is a skill that must be developed and executed carefully. Poor decisions about hiring, business location, investors, and strategic partners can cost accompany a great deal of money and prevent it from achieving its goals. Wise decisions, even in times of crisis, can provide an opportunity for growth.
- Not Detail Oriented
The saying “the devil is in the details” could not be more true in business. Entrepreneurs who proudly claim that they leave the details to others while they focus on the vision are telling the world that they don’t participate in the inner workings of their business. Details matter, and although entrepreneurs should not be micromanagers as the business grows, they should be well aware of the status of critical members in their business, and they should make their presence known among employees on regular basis. It is vitally important to the success of the business that the entrepreneur be detail-oriented.
WHAT ARE UGLY ABOUT ENTREPRENEURSHIP?
It is sad but true that some entrepreneurs will do just about anything to succeed, even if it means lying, cheating, and stealing. Others will start businesses that are morally and ethically on the edge simply because there is a lot of money to be made in them. Fortunately, this group of entrepreneurs represents a minute proportion of all the entrepreneurs in existence, but they are often the ones that appear in newspapers and on television. The most successful entrepreneurs are successful because they conduct their business activities in accordance with the highest ethical standards and with the goal of creating and giving value to those they deal with.