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Business owners have a lot on their plates, from managing teams to ensuring that resources are spent correctly. Therefore, your sense of self-importance is probably the last thing on your mind. Even if it is, how detrimental to success can it be?
Tons of entrepreneurs have contemplated the impact of their ego on their business and come to the same conclusion, which is telling. To be successful, you must believe in yourself because nobody else will, yet if your self-importance spirals out of control, it will kill your pride and joy.
The trick is to spot the signs before they escalate, and you can find the usual suspects below.
You Don’t Listen To New Info
The reason you dismiss new information as insignificant or unimportant is that you connect learning with weakness. As the person in charge, you have to understand everything or else it makes your position vulnerable. Of course, this isn’t leadership. To lead is to be comfortable in your weak spots as it encourages you to plug the holes by delegating to more informed professionals. Plus, it cements the relationship between knowledge gaps and training, something employees require if they and the company are going to grow.
You’ll Focus On Yourself
Humans are designed to view the personal achievements of single people are more significant than they are. Take Apple. Instead of seeing the integral processes that led to their market dominance, you will concentrate on Steve Jobs and his “genius.” The managers are at the top of the tree for a reason, but it isn’t the one you assume. According to a study, 87% of the best leaders focus on others and their skills. By doing this, you encourage natural, all-round progression, as opposed to patting yourself on the back and monopolizing power and plaudits.
You’ll Take Needless Risks
Risks and success are inextricably linked. Without the ability to push the gamble button when others wouldn’t, you can’t seize the opportunities that set the great organizations out from the good and mediocre. However, some threats are easy to avoid if your ego is in check. After all, all you need to do is recognize certain hazards are difficult to prevent and buy business liability insurance coverage from a certified provider. Then, you’re protected no matter what happens. Unfortunately, nearly half of SMEs have never had insurance, while the figure for companies with the wrong coverage is higher.
Your Definition Of Success Is Extrinsic
Do you make decisions based on how the results will impact you? Are you in a job you don’t like that pays well? Do awards mean more to you than your employee’s happiness? To answer yes to these questions is to have an outdated and irrelevant measurement of success. Your ego leads you to do things that aren’t in the company’s interests, and it’s an unsustainable strategy. The key is to consider the holistic effects of your decision, as just because you’re the boss doesn’t mean you’re the most important person.
Everyone and everything in the company is essential. Don’t you agree?