Entrepreneurs regularly confront a host of tough challenges such as landing their first sale, growing their customer base, hiring the right employees, managing cash flow and accessing funding, among many others.
But the biggest challenge entrepreneurs may face is either a self-limiting or self-inflated view of their capabilities. Fear, self-doubt, overconfidence, “in-group” thinking, misplaced commitment to a selected course of action, or entrepreneurial myopia can lead an entrepreneur to sabotage his or her business.
Gallup research identified 10 talents of successful entrepreneurs and revealed nine potential blind spots that can hurt their ventures. Here is a brief list of the blind spots:
1. Relentless focus on profitability: Making money is a business’ primary objective. But when profit orientation becomes an obsession, customer relationships can suffer. In a “profit first” culture, employees face immense pressure to maximize revenue with little consideration for the customer experience.
Advice: Don’t lose sight of the human element in business. Keep customer expectations in mind when making decisions.