Soar to Success May2021
The 5 Biggest Mistakes Business Owners Are Making in 2021 By Eliyahu Jian A s a business owner amidst a global pandemic, the simplest mistakes can cost you precious business growth. But there are 5 common mistakes every entrepreneur needs to be aware of in 2021, that are also the most seemingly innocuous — and most business owners are already making them. 1. Panic The natural reaction of almost any business owner when things start to go downhill is to panic. And once that worry sets in, it starts to change your decision making. You might start to feel stress which drives you to make decisions out of desperation — which then distracts you from your main objectives and critical decision- making. For example,manybusiness owners arepanicking right now looking at their bank accounts or their lack of growth in the last year, and it’s causing them to make hasty decisions in a scarcity mindset — which will only hurt your business in the long run. 2. Reactive vs. Proactive Once you start to get in panic mode, you will start to act out of reactivity. This is one of the most common mistakes, but also the most detrimental. Removing emotion from your financial decisions is one of the critical steps to building lifetime financial success . Instead of making reactive decisions during these difficult times, focus on making creative, proactive decisions for your business. The idea behind being proactive is that you, as a business owner, can be ready for any situation — and you are taking actions that will make you a winner in the long run. This is regardless of the business performance or economic downturns. And worst of all, a reactive attitude against any setbacks in the business creates a chaotic chain reaction… which can affect your business for months, even years, to come.
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