1. The business equivalent of smoking is: Eating your seed money.
There’s an old proverb that says, “Build your barn before you build your house.” A lot of folks take profits out of their business too early.
Major pitfall: Just as your business starts to flourish, some “Big Opportunity” turns up which usually requires further investment of time & money.
If you just returned from a Mediterranean Cruise and you’re 3 weeks behind on your work and your cash is depleted, it’s kinda hard to embark on a brand new initiative and make that investment.
Sure, everybody needs some down time. But when you’re in a startup mode, you can’t afford to be lavish. Those small, consistent investments will fund many cruises further down the road.
I’ve noticed that people who double up on their business investments just as those profits are starting to kick out experience exponential growth that continues long after that first surge.
2. The business equivalent of drinking too much is: Taking uncalculated risks.
In investing, the best way to make a lot of money is simply to not do anything that causes all your money to disappear!
Before you jump into any swimming pool, please check that there’s water in it first. Most businesses are about 3 risky decisions away from financial ruin.
Most risks can be reasonably assessed, but most of the time when we assess them we’re in a heightened emotional state, not thinking clearly.
My Mastermind group has saved me from many a stupidity spasm!
3. The business equivalent of being a couch potato is: Spending time with losers. This includes hanging on discussion forums with moaners, critics and complainers.
Someone once said, if you look at the average income of your closest friends, that’s what your income is going to be in 5 years.
Who do you consider your business friends to be? Who do you spend your time with?
If you’re to succeed, then you MUST surround yourself with the savviest people who will let you hang around.
4. The business equivalent of poor diet is: starving yourself of education.
Online, the supply of “informational junk food” is incalculably vast. Most of it is the nutritional equivalent of a McDonalds McFlurry.
Most people would be surprised if they knew how little attention I pay to most of the marketers and business gurus out there. (Or… maybe you wouldn’t.)
It’s especially hard for new people to choose the right things from the vast smorgasbord buffet.
The best strategy is to choose ONE mentor who has a cohesive approach and learn everything you can from him or her, so you’re sure all the pieces fit together.