Destructive Characteristics Business Owners Should Shed

What does it take to build a multi-million dollar corporation from scratch? The short answer is it takes great leaders. This seems simple enough, but a lot of business owners aren't great leaders and fail to hire candidates that exhibit great leadership characteristics. It's a lose-lose situation that can quickly cause your business to fail. The experts at CBS consulting can evaluate your entire company and its management teams to ensure you're on the path to success.

Entrepreneurs who want to succeed in business have to self-evaluate. They have to understand which characteristics drive success and which will eventually lead to failure. Here's a look into some of the characteristics that every entrepreneur should shed to succeed.

Large Egos

This was actually proven in a 20-year study done by Dr. Paul Nutt from Ohio State University. It revealed that more than one-third of failed businesses were due to ego problems. This is why it's listed as the first characteristic an entrepreneur should shed if they truly want their business to survive. A boss who thinks he knows everything isn't willing to learn or be open to new ideas, which are both required for business growth.

Sense of Entitlement

An entrepreneur who comes into business feeling like the world owes them is doomed to fail. A lack of gratitude is never good, especially in the business world. The key to long-term success is sacrifice, perseverance and lots of hard work.

Too Much Self-Focus

Starting your own business does a lot for you, but that shouldn't be the only thing you're worried about. Constantly making decisions based on “what's in it for me” will only lead to poor outcomes. Your focus has to be on your product or service and how it can help customers. Your ultimate goal should always be the end user and how you can better serve them. Self-focus will cause you to lose sight of your customer's needs. It can also decrease innovation, which can potentially deteriorate your company. Learn how to improve your customers' life and watch your business soar.

Too Much Negativity

Some business owners think that a great boss rains down hail and brimstone on its employees. In reality, this way of ruling only leads to revolts. Negativity is a contagious problem that can quickly spread throughout your company. Not only does it affect your employees, but your customers as well. Try to create a positive company culture. Happy employees are crucial for a thriving business.

Complacency

This is an issue that can cause you to miss out on potentially great opportunities. It's important to understand that there's no such thing as the perfect time. So if you if you have to choose, the best time to act is always now. Your competitors aren't waiting around – they're seizing opportunities every chance they get.

After CBS consulting evaluates your business, you'll have a better understanding of how to take advantage of future opportunities.

Unwillingness to Change

If you leave your business the same way you went in, then you haven't developed to your full potential. A great example of failure to change is Kodak. They were established in 1888 and thrived for over a century as a seller of film. However, they didn't take the opportunity to change with the times and were eventually succumbed by the digital market. In 2012, they ended up filing for bankruptcy. Don't allow something preventable to collapse your company.

Fear

Some amount of fear is fine. In a sense, it allows us to make more sound decisions. Unfortunately, too much fear can prevent us from taking the right opportunities. Entrepreneurs should be open to taking calculated risks. Fear is an anchor that can drown your business and keep it from ever reaching the surface.

Corporate Business Solutions is a firm based in Schaumburg, Illinois. CBS offers consulting services, business valuation services and tax planning services to small and medium businesses.