The Biggest Life Mistakes Business Owners Make. Entrepreneur MBA Podcast 4.4
Summary: In today’s podcast, Michael Seaver from Seaver Consulting, LLC., and Stephen Halasnik from Financing Solutions discuss the biggest life mistakes business owners make. Business owners who fail to identify their brands and their core values find it increasingly difficult to succeed in business. In addition, the lack of self-discovery by business owners has negatively impacted the growth and development of numerous startups. However, business owners can optimize productivity and expand their revenue base with clearly defined goals and objectives in mind.
There are some salient mistakes for business owners that can severely impede the efficient scalability and growth of their business ventures. For instance, failing to understand your brand, your core values, your mission and what they stand for can negatively impact the overall development of your business. Personal core value is very fundamental for the success of every business. It’s a lifelong process of practice and guiding principle that forms the foundation of one’s sense of self and purpose. However, most business owners have failed to invest time to figure them out in a way that will help them pilot their business affairs more effectively. Not knowing your core values means setting yourself up for failure down the line.
Knowing your core values and personal brand is essential in running a successful business. They are vital in helping you make informed decisions that foster a healthy business environment by taking actions that align with your core values. Each of your values should build on and seamlessly support the others.
As a business owner, you should have the ability to listen attentively to your employees and your clients alike. Your Employees should be able to see you as a safe place for them to express their feelings in a way they can’t to their team or peers. Gone are the days when leaders had to appear in a certain way, wear a mask, and only communicate their achievements to be perceived as credible. In today’s world, the tide has dramatically turned. And being a leader means being trustworthy, transparent, and open-minded. Business owners should always be ready to share the areas they have difficulties with their employees. Successful businesses are built on authenticity, assertiveness, communication and inclusion of diverse people.
Creating a behavioural pattern that breaks you free from society’s unhealthy pressures will guide you to running a successful business that limits feelings of disappointment and regret. A business owner should always act in alignment with his mission by setting long-term goals and monthly milestones to accomplish them.
How Business Owners can Stop Bad Habits
Many businesses closed because of the inability of the owners to define their core visions concretely and align them with their business goals. Knowing your mission, professional, personal, and relationship goals is the starting point of setting up a successful business. With your business goals set, you can subsequently design a weekly habit of implementing them. Being consistent with your weekly set goals will help you make enormous progress.
When confronted with challenges, distractions and roadblocks, and novel information, compare your mission with your habit to know a course of action to take. The more aligned your new habits are with your business’s mission, the more you’re tilted to success.
It’s essential you have your family and friends to keep you accountable for your goals by calling you out when you’re veering off the track. Business well-being is born out of redistributing time into activities that uplift you and allow you time with others.
Having a clear-cut feedback mechanism is critical for the prosperity of every business. Therefore, business owners should cultivate proper channels for their workers and clients to reach out to them.
Creating a Business Culture
Corporate culture is of essence to the success of every business. Business culture is derived from the core values of the owners. Business culture is the belief and behaviours that determine how employees and owners interact and carry out their day-to-day activities. A business thrives when its cultural values and core visions closely align with the employees. Likewise, having a corporate culture in sync with your team members will deepen your relationship with them, foster employees’ engagement and allow your business to grow astronomically fast.
More About Michael Seaver
Michael S. Seaver is an award-winning executive coach, leadership consultant, keynote speaker, and author. He’s on a mission to unlock human potential to help people uncover and live their purpose, and live a more meaningful and authentic life. His unique methodology has revolutionized how leaders can live authentically and how organizations engage employees. He offers no-nonsense strategies to help people find confidence in their life’s narrative, commonalities across generations working today, and ways to communicate with emotional intelligence. Michael’s book, I Know, A Practical Guide For Awakening To What’s Within And Finding Work-Life Integration, tells Michael’s raw and authentic story, offers research-based psychological truths, and is full of real-world client examples.
Learn About Financing Solutions
Financing Solutions small business financing product is a great alternative to a traditional bank line of credit because it costs nothing to set up, nothing until used, and when used, is inexpensive. The credit line requires no collateral and no personal guarantees.
Please feel free to fill out the no-obligation, 2-minute business line of credit application here. The time to set up a credit line is when you don’t need it so that it is ready to be used, just in case.
Note: Financing Solutions donates 10% of its profits to various nonprofit charities.