3 Behaviors that Can Lead to Business Failure


graduation-quotes-1In his book, “Taking People With You,” David Novak, CEO of Yum brands states, “To see above and far we need to climb on top of the shoulders of an elephant.” Implying that as business owners we need to examine what the leaders in our industry are doing to excel, borrow those ideas that fit into our business philosophies and then make them our own. Most importantly, we need to acknowledge those from whom we’ve borrowed the ideas. However, my experience has revealed that there are small business owners who do the exact opposite. They identify a business they admire and just keep taking their ideas less of authenticity. I guess that’s their way of surviving. However, it is shortsightedness to think that trying so hard to be like others will help one excel. 

To illustrate this further, below are 3 behaviors that can lead to business failure.

1. Ruthless Imitation of Others

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We are all unique and special with our own skills, experiences and knowledge intended to help us progress in life and in business. Every experience we go through gives us a wealth of ideas and lessons we can base on to design services and/or products for the world. All prominent problems in one’s life are nuggets of wealth that can be transformed into solutions for others. Imitating others takes away from our authenticity and its positives. 

2. Greed

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“Greed is a bottomless pit which exhausts the person in an endless effort to satisfy the need without ever reaching satisfaction.” ~Eric Fromm

 

Greed is a sign of fear and a scarcity mentality. If one believes in their self-worth, they know that there’s enough to go around for everyone. It is okay to progress to get on top of one’s game, but it is draining to want more every time, without stopping to articulate what has been done, and/or how it can be improved. Furthermore, the only positive greed is for one to be greedy for releasing as much emotional, mental, energetic and spiritual baggage that could hold them back from achieving their goals. 

“As long as there is more greed than compassion, there will always be suffering.” ~ Rusty Eric

3. Impersonation.

These are business owners who lie about their qualifications and/or skills to appear superior. The point is, when a business owner lies about what they do, they have lied more to themselves than to the world. Sooner than later, the world will find out who and what they really are. Also, the important questions are, how can one build character if they are basing it on other people’s characters? How can a mango be a better mango if it is always to trying to be an orange?

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Suggestion:

When we as business owners are inauthentic, it implies that we do not have self-belief. We have a low self-esteem and believe that who we are, our qualifications and skills are not good enough to influence our target others. However, impersonation takes a lot more energy than authenticity.  

When I first started out as a coach, I attended many seminars and read many books about self-development and life coaching. However, I still felt incompetent to originate my own ideas. So, my mentor got me to attend seminars on self-esteem and confidence. The information I gained from these seminars helped me build more confidence in my authenticity. And although sometimes I hold back from offering a new product or service to my target audience, I have learned that success is taking action despite doubt… despite fear. Therefore, it is vital to remember that running a business takes more than just wanting it. For us to succeed in business we have to be willing to do business with our mindsets consistently. We have to do the inner work in order to believe in who we are and what we have to offer to the world. And although it is okay to benchmark and/or work extremely hard in our businesses, it is more sustainable and healthy when we consider ourselves first: when we deal with our inner fears and especially how we feel about ourselves. Considering that we never offer what we want to the world, at least not consistently: we offer who we are. 

“For us to succeed in business we have to be willing to do business with our mindsets consistently.”

http://www.tapthegood.com

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7 Budgeting Mistakes to Avoid


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Budgeting is crucial to efficient and effective financial management. When we don’t budget, we end up either squandering money or missing out on paying for important and/or time sensitive transactions.

Note that the lack of budgeting is the very reason why the poor remain poor–because they don’t take time to think about what they want and research on how much it will cost.

The question is, how will you know what to spend your money on if you don’t budget? Remember that there is more to living than paying bills. Therefore, take control of your finances and establish budgeting as a mandatory act.

Below are 7 budgeting mistakes to avoid.

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Mistake 1:

When you don’t stick to your savings plan, or when you don’t have a savings plan. In order to achieve financial freedom putting away money as savings to either invest or fall back on in hard times, should be part of the game plan. If you don’t budget for your savings, you are basically rendering yourself vulnerable for financial disaster.

Mistake 2:

When you don’t update your budget plan:

It’s important to update your spending plan so that you are aware of what’s going on periodically. Get a note book, or download an app on your phone (www.everyDollar.com is a good one)) and use these tools to periodically update your budget.

Mistake 3:

When you underestimate or overestimate how much you spend: To avoid this mistake evaluate your previous month’s expenses to use as reference for your spending patterns.

Mistake 4:

When you don’t have a budget: When you don’t have a budget how will you know much to save or what to spend on?

Mistake 5:

When you don’t communicate with your spouse or people in your household about your budget standards: This applies if you have a family. You need to let your spouse know about your budgeting plans so that they spend within its limits.

Mistake 6:

When you only budget once in a while: You have to be consistent with your budget plans. It is an ongoing process, and the good news is that it gets easier with time.

Mistake 7:

Lack of budgeting before your payday: Getting money before you create a spending plan can be dangerous.  Note that by the time you create the plan, half the money will be gone on expenses that can not wait for you to decide whether you need a budget or not.

Note that budgeting is a healthy financial habit that you should embrace. Doing it right will make all the difference, and having a success infused mindset is the starting point.

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Looking to get more organized with your life and finances, check out my book, Do Not Force It, Tap The Good

Tap The Good

Dr. Jacinta Mpalyenkana, PHD, MBA is a counselor, transformational coach, corporate trainer, published author and professional speaker. For more about her, please check out http://www.tapthegood.com

This Will Change Your Life -Tapping Into The Kingdom of God within You- An Inspirational Message


In this video, I share a powerful message that I believe will change your life. The tips I share have changed my life, and the lives of many of my clients. So, I believe that you will benefit as well.

Link to video – https://youtu.be/QAgAyNIFGos

Please share with those who might need the message.

Take note that March 1st, 8.00AM – 6.00PM is Global Worry-free day. This is a time when we should exercise a worry-free mindset. A few tips to consider would be to volunteer, pay it forward, or reach out to strangers in need. Every little helps.

Please join me on this day as we change the world for the better one step at a time.

Love and light

Dr. Jacinta Mpalyenkana, Ph.D, MBA

Author, Speaker, Counselor, Coach

http://www.tapthegood.com

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The Most Vital Ingredient to Build a Personal Platform for Business Persuasion


This week, I’ve decided to record a brief audio in place of writing an article so that you can listen to it as many times as you want.

Link to audio – https://soundcloud.com/jacinta-mpalyenkana/the-most-important-ingredient-for-business-persuasion

For more details, please check out my website at http://www.tapthegood.com

Claim your 30 minutes complimentary session at http://www.tapthegood.com 🙂

Remember, you are reading this content with the mind of the person responsible for his or her success 🙂

Love and light

Dr. Jacinta Mpalyenkana, Ph.D., MBA

Author, Professional Speaker, Success Coach/ Mentor

author@tapthegood.com

http://www.tapthegood.com