Did you know that referring to your business as ‘my baby’ could cloud your judgment? Research shows that in a number of cases, passionate entrepreneurs can be blinded by their own enthusiasm.
When that happens, they may miss important opportunities to save their company from a bad stumble.
Like a mother hovering over a baby, an entrepreneur can fall into an “attachment” pitfall, experts say. It’s a situation in which they love their business a bit too much. When crucial decisions are clouded by feelings of nostalgia, clarity can go out the window.
All of this is not to say that an entrepreneur who is passionate about his or her business isn’t important to a company’s performance. But there also needs to be a balance. Here are two important ways to help make sure your business is on the right track:
Schedule checkups. Review how the company is performing each quarter. At least three different people who feel they are able to speak freely should review the firm’s progress and business plan at pre-set intervals throughout the year.
Respect the naysayers. In some companies, employees are reluctant to voice concerns or bring up problems. Make sure all of your employees feel as if they can speak up and be honest with you about the direction of your company. It could very well be vitally important to the future of your business.
