When it comes to Entrepreneurs and self-control, of the main issues that always almost immediately pops up, is the damage that an investment companies ego can do to a business. While it is accepted that being a successful entrepreneur does require a lot of knowledge and skill, being knowledgeable and skilled does not mean that your ideas are automatically best suited to the situation at hand. Setting aside your ego and genuinely looking at and paying attention to ideas for the business that employees might have, could be what decides whether or not your business goes from being just another fish in the sea to market leader overnight.
Tunnel Vision is another major issue that investment companies the world over encounter, be it with themselves or their peers. Having an idea that you believe could revolutionize the industry and make you a lot richer in the bargain is one thing, refusing to give up that idea and look at other options, even when statistics and all other indicators show that this idea will not in any way benefit the business, is another. Research and statistics are there for a reason and if they lean heavily toward your latest idea crashing and burning, chances are it will. It is here that you need to exercise self-control and negate your own ideas and plans, however ideal they may have seemed to you initially startup company
Developing the Entrepreneurial Mindset
Always look at the impact your decisions will have on the business. Even if a lucrative business proposition presents itself, before going all in and placing all your finances on that idea, you need to take a step back and look at what impact that idea is likely to have and in what time frame. You also need to look at whether the business can sustain itself until the investment begins to pay for itself and whether the profits in the long term are worth making a significant investment on.
Lastly, always take every obstacle seriously. Every business and every direction you choose to take your investment companies forward in is bound to come with its own obstacles. Treat each one of them seriously. If you decide to overlook such obstacles as minor glitches, which couldn’t possibly have any major impact on your business, you overlook the ripple effect such problems can have. While passion about a project is to be expected, having the self-control to stop, fix the problem at hand and then move on could save you a lot of time and money in the long run.