How to avoid this common entrepreneurial pitfall…

Posted on August 1, 2011 by

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I have spent my career working with or at special needs types of companies. (That is, companies that need some form of transformation in order to ensure their survival).

While there is an extensive list of why these companies were in the position they were , I also believe there are also some common reasons on the list – these reasons usually stemmed from the entrepreneurs themselves.

One of the most common pitfalls on this list is that the founders (or current owners) become too attached to a course of action or an idea. This attachment causes them to lose their ability to critically evaluate their opportunity and their decisions, slowing their reaction time and lessening their ability to change cause.  

What makes this pitfall difficult to avoid is that the roots of this attachment are inherently built into the nature of an entrepreneur. They stem from the passion, confidence, courage and drive that you need to succeed in the world of an entrepreneur.

So what should you do to avoid this pitfall?

  • Work on maintaining objectivity in your entrepreneurial adventures. This does not mean eliminating all the energy and passion you have about your ideas. You simply need to balance this energy with reason and logic so your come to a solid idea, solution or conclusion.
  • Surround yourself with people who you respect enough to challenge your ideas (and yes – sometimes you will be wrong).

Until next time – Happy Monday!

-Boomerang

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