Coming back to money matters, today we intend to briefly consider some bad money habits that any wise entrepreneur should endeavor to avoid. Yes – some of these habits can to a great extend determine your entrepreneurial success or failure. Financial discipline is one of the cornerstones of entrepreneurial success. Just to confirm this, all the enterprises you see around you that have existed for years, decades and centuries, have sufficient financial discipline otherwise they would have gone the way of dinosaurs years back. Self-discipline is the starting point for an entrepreneur, because without it many things will be messed up before some business consultant or possibly an accountant even enters the business to create some money or financial sanity in the system.
I mentioned some time back that the force of habit is so strong. Habits that relate to how we see, handle, control and manage money are fundamental to business stability, success and growth. Don’t you think so? This brings to our attention the distinction between good and bad money habits. What are some of the bad money habits that must be avoided? What money habits are danger signs to an entrepreneur and his enterprise? If you were to offer some financial advice to that financially undisciplined entrepreneur friend of yours, what would be some of your considerations? I know there could be endless answers to the above questions, but let me just share with you some bad money habits I’ve seen with some entrepreneurs over the years.
You had better check yourself Mr. Entrepreneur. If you are disciplined enough along the above lines then you are way above common money plagues that terrorize entrepreneurs. If however you have some of the above syndromes then you need some medication. Understanding your medical condition is a good start to getting the right medication. Never be a victim of ignorance my friend. Keep the entrepreneurial dream and fire burning. Focus on your future and avoid the pitfalls that can easily take you and your business down. I don’t think you are now ready to be part of history, are you? Remember the force of habit is very strong. Adapt good business habits, and soon you will be soaring with winds beneath your wings like an eagle.
The Wise Entrepreneur