6 Mistakes Almost Every Entrepreneur Makes
6 Mistakes Almost Every Entrepreneur Makes
How can business owners stay present in meaningful moments?
If your family is anything like mine, they’re flexible and appreciate the life you’ve worked hard to create. We often sit down together and reflect on everything we’ve built, recognizing that God has played a significant role in guiding us. But more often than not, there’s incredible value in being present. As an entrepreneur, it’s important to take time to truly engage with your spouse, your family, or even your team members during key moments. This could be something they’re working through in your business, a community event, a fundraiser at church, or another meaningful occasion. The key is to be fully present and in the moment.
How can stress impact a business owner’s leadership ability?
To manage stress effectively, you need to take action—either by addressing the root cause or finding ways to cope. Stress often stems from uncertainty or lack of confidence, whether it’s about a financial decision, letting someone go, dealing with litigation, or handling a team member who wants a promotion when no role is available. I’ve experienced those situations. Whatever the source of stress, it’s essential to have a supportive network and engage in healthy habits to manage the toll stress takes on your body and mind. Left unchecked, stress can affect your well-being and, eventually, your ability to lead effectively.
When should business owners create a budget?
Let’s be honest—most entrepreneurs don’t operate with a budget for their business. By budget, I mean a forward-thinking plan for where the money will go. Have you taken the time, just like with your calendar, to sit down and determine your expected revenue and how it will be allocated? You need to decide in advance: What portion goes to labor, materials, cost of goods, software, or other overhead expenses? While you may understand these concepts, chances are you’re not implementing them effectively. And even if you are, here’s the next question: Are you doing this in your personal life as well?
Why should business owners evaluate the value of their relationships?
Think about your circle—the entrepreneurs you connect with, your family, the people at your church, or members of your sports team. Consider whether these relationships bring value to your life. Keep in mind, value doesn’t have to mean money, although it can. Value can also come from positivity, support, or mutual exchange. Now think about the person who’s always negative, who drains your energy, or who constantly takes but never gives. Unfortunately, some of these people may even be your closest relatives.
In what ways can business owners practice generosity beyond financial giving?
Generosity isn’t just about money. While you should be generous with your money—giving to charitable causes or tithing 10% or more if you’re a Christian—it’s also about being generous with your time, effort, and other resources. This principle aligns with the advice in The Richest Man in Babylon: pay yourself 10% and give 10% to others. It’s about posturing your heart to give back. Beyond financial contributions, you have responsibilities to your spouse, kids, team members, their families, your clients and their families, your community, your church, and other groups you’re involved with. Many people are counting on you to show up with generosity in all areas of your life.
*This interview has been edited and condensed for clarity.*
