Starting a Business can be exciting at first because your hopes are high, you get to make estimations and projections of your income and how successful your business is going to be. However, with time, you get to find out that such hopes are shattered and the Business fails and you are left with regrets of why you even started the Business. Business success and Failure has to do with many factors and for your Business to be successful, you have to understand these factors and make them favorable for your Business growth.
To a large extend, the success or failure of your business lies in your very own Character or Behavior or Attitude towards the Business. How the business grows and how successful it becomes depends on who is leading the other team members. There are various attitudes or characteristics of Leadership in Business that hamper the growth and success of your Business. These Leadership Characteristics are mentioned and explained below.
Poor Leadership Characters that cause Business Failure
Assumptions and lack of Experience
Most times, people just sit in their rooms and make projections of how their Business is going to be. They prefer to sit and imagine the success of the business than to move out and do what it requires to bring the required results. Business is practice and not theory; that is why Business School helps you to get a Job but not show you how to become successful in Business by starting it yourself.
Building a Business takes time. To make your Business successful, you must understand that it will require that you dedicate your time, resources and knowledge to it just as nurturing of a Child takes time. You will not just grow the business overnight. However, some Business Leaders, CEOs or Entrepreneurs quit before the Business matures. This is common and hence another reason why Businesses fail.
Have you ever seen people who seem to have an excuse for every wrong they do? Such people will not succeed in Business. You must stop blaming others or giving excuses as to why something was not done. Learn to accept your mistakes and learn from them; by doing this, you will avoid them next time. Some people however are very good in explaining to you why their business is not working out well. Such character will bring down your business.
These set of People can spend the whole year contemplating if they should start a specific Business or not. They fear to start, they think of the problems, the money involved, the risks and many others. No matter what happens, such people are always living in fear because of the unknown and the future. They do not want to lose their money and always want to win in everything they do. Such kind of People will not succeed in Business even when some eventually forces them to start the Business. Your fears do not positively affect the outcome of the Business but what you do to help the business is what affects the outcome.
Frail in heart
This group of people cannot withstand business failure, unexpected events, business loss, or severe challenges. This group of people goes into a Business with the hope of only making a Profit without knowing that you could also run at a loss. Because their hopes are shattered, they are the ones who can go to extremes and even attempt taking their lives, diagnose with hypertension and depression. If you are such, do not deceive yourself, Business is not for you. Go and get a Job instead of starting a Business at least a sack letter is better than losing millions in Business.
Guide seekers (Business Chicks or Baby Businessmen or Inexperienced Entrepreneurs)
This set of people would need a Mentor (which is good at the beginning) but will always depend on such a mentor for everything they want to do in such a Business. This set of people refuses to grow up and would want every decision to be taken by their mentor (there is no mentor who will do that for you). You have to learn yourself and take some decisions yourself.
Business Ideas seeker
Anyone who seeks for business ideas shows he is not yet ready for Business. You need to start a Business that you like and that which you are passionate about it. You do not expect someone to give you an idea and you think you will know how it is being carried out to make the business successful. A Business idea is not enough, but the process of managing the business to become successful is what matters. If you get the business idea, where would you get the passion, the skill, experience and many more required to making a Business successful? You must learn to seek out opportunities yourself and solve the problems around you and get paid for it.
I do wonder why these people are in Business if they know that the future holds nothing good for them. Whatever you think of the future determines the steps you will take today. If you want the business to be successful, then you must be ready to hope of good things and work towards achieving your business goals.
Some people think having a Business gives them excess time to determine when to do business and when to wake up. If you are not willing to put in the required effort, your business is going to fail. Laziness is not good for a Business and even worst for a startup. Imagine someone who only opens a shop when he or she feels like doing so!
Easily distracted by trends
Some people are not focused and can be easily distracted. They jump on every new business they hear about and end up leaving every business they start for a new one. When you continue like this, you should be assured that Business is not for your type and you cannot make a successful business. It is better this type of people move from Job to Job than Business to Business.
There are some people who think what they know cannot be outdated. They fail to continually learn and improve themselves. Such people apply outdated methods simply because such methods once worked in the past. When such a person is a C.E.O or Leader of any Business, such a Business just needs time before the competition overtakes them or before it goes out of business. You must be flexible in business and be ready to accept changes that will help your Business to grow especially in accepting new technologies.