*IS YOUR BUSINESS FAILING? COULD YOU BE THE ONE WHO IS KILLING IT? READ ON TO FIND OUT...*
Many people don’t like to hear the truth about themselves… especially if this truth showcases weaknesses, shortcomings and downfalls.
We all like to hear words like “you are your own boss,” “you are in control of things,” “you are one step closer to personal freedom”.
But while being a businessperson comes with many perks, it turns out that sometimes our very own behaviors can end up being a liability to the very businesses we are trying to build.
The truth is that your personal habits could actually be the ones causing your business not to grow.
Here are 5 notorious personal habits that are quite common in Africa; and ones that could actually be taking a toll from your many years of hard work.
*1. Mixing Business With Friendship*
If you are the kind of person who struggles to maintain boundaries between family, friends and business, then you are likely to have a difficult time managing your business.
Likewise, I am sure you have heard of the old quote that goes “Mix women with business and you will see dust”.
While that quote may sound sexist, it actually passes a very important message. If every time you secure a government tender you rush to get a second wife or the so-called “side dish”, then chances are that you will not go far as a businessman.
It all boils down to self-discipline and the ability to draw the line between the good and the bad. Just because personal freedom is a perk that comes with entrepreneurship, it doesn’t mean you have the right to over-indulge.
Moderation is key.
*2. Withdrawing Capital From Your Business To Fund Your Expensive Lifestyle*
Most people get into business thinking that it will solve all their personal finance problems. They get into it in order to sustain a lifestyle their white-collar or blue-collar job could not cater for.
While there is nothing wrong with having a strong, monetary motive for getting into business, withdrawing money recklessly from your business account just because your girlfriend has been pushing you to take her to Dubai for shopping is a big no-no.
The problem with being in business is that no one will limit you or dictate how you handle cash. But if you want to make meaningful progress then it is imperative to limit your access to cash.
A good way to go about it is by regarding yourself as an employee of your company/business, whereby you earn a regular salary. It may sound like a retrogressive approach but it can actually help you stabilize your cash-flow especially at the early stages of growth.
*3. You And Your Bad Manners*
I am not here to lecture you on how you should behave, but if your character is the only thing standing between you and your success then we have to talk about it.
How refined are your manners? Are you the kind of boss who always scolds your employees in the presence of customers?
Are you the type that always runs away with suppliers’ money? Are you the type that writes bouncing cheques and then switches off the phone?
Or may be you are the kind that cannot work without smoking cigarettes or drinking one for the road.
No matter how ratchet your personal life is, don’t let that become a burden to your business. Consider hiring an image consultant. Better still, invest in structures, whereby you can have someone else handle delicate things like customer care, accounts and debt collection.
*4. Not Being Trusting Enough*
Almost everyone makes this mistake in one way or another. We sometimes get too possessive of our business to an extent that we run everything from our handbags or briefcases.
Many people don’t like to hear the truth about themselves… especially if this truth showcases weaknesses, shortcomings and downfalls.
We all like to hear words like “you are your own boss,” “you are in control of things,” “you are one step closer to personal freedom”.
But while being a businessperson comes with many perks, it turns out that sometimes our very own behaviors can end up being a liability to the very businesses we are trying to build.
The truth is that your personal habits could actually be the ones causing your business not to grow.
Here are 5 notorious personal habits that are quite common in Africa; and ones that could actually be taking a toll from your many years of hard work.
*1. Mixing Business With Friendship*
If you are the kind of person who struggles to maintain boundaries between family, friends and business, then you are likely to have a difficult time managing your business.
Likewise, I am sure you have heard of the old quote that goes “Mix women with business and you will see dust”.
While that quote may sound sexist, it actually passes a very important message. If every time you secure a government tender you rush to get a second wife or the so-called “side dish”, then chances are that you will not go far as a businessman.
It all boils down to self-discipline and the ability to draw the line between the good and the bad. Just because personal freedom is a perk that comes with entrepreneurship, it doesn’t mean you have the right to over-indulge.
Moderation is key.
*2. Withdrawing Capital From Your Business To Fund Your Expensive Lifestyle*
Most people get into business thinking that it will solve all their personal finance problems. They get into it in order to sustain a lifestyle their white-collar or blue-collar job could not cater for.
While there is nothing wrong with having a strong, monetary motive for getting into business, withdrawing money recklessly from your business account just because your girlfriend has been pushing you to take her to Dubai for shopping is a big no-no.
The problem with being in business is that no one will limit you or dictate how you handle cash. But if you want to make meaningful progress then it is imperative to limit your access to cash.
A good way to go about it is by regarding yourself as an employee of your company/business, whereby you earn a regular salary. It may sound like a retrogressive approach but it can actually help you stabilize your cash-flow especially at the early stages of growth.
*3. You And Your Bad Manners*
I am not here to lecture you on how you should behave, but if your character is the only thing standing between you and your success then we have to talk about it.
How refined are your manners? Are you the kind of boss who always scolds your employees in the presence of customers?
Are you the type that always runs away with suppliers’ money? Are you the type that writes bouncing cheques and then switches off the phone?
Or may be you are the kind that cannot work without smoking cigarettes or drinking one for the road.
No matter how ratchet your personal life is, don’t let that become a burden to your business. Consider hiring an image consultant. Better still, invest in structures, whereby you can have someone else handle delicate things like customer care, accounts and debt collection.
*4. Not Being Trusting Enough*
Almost everyone makes this mistake in one way or another. We sometimes get too possessive of our business to an extent that we run everything from our handbags or briefcases.
