5 Ways Entrepreneurial Ego can affect the Performance of a Business

Many people work very hard in business. Some spend money and quality time on coaches, training, and positioning themselves as experts or “gurus” in whatever niche they specialize in for their clients and customers. Receiving accolades for their work is a wonderful byproduct. Yet, there seems to be something that seeps into some people’s businesses and can kill any success or momentum built up; Ego!!

The number one reason many businesses fail is not what you think it is. It is not poorly thought-out campaigns, the wrong media, bad strategy, or lack of funds. Its EGO!

Ego destroys more companies, loses more battle, and kills more marking campaigns than any other factor. 

“Don’t let your ego get too close to your position so that if your position gets shot down, your ego doesn’t go with it”. 

Colin Powell

Here are 5 ways your ego can create obstacles to your business

Associating Learning with Weakness

Many leaders think they have all the answers. Therefore, they associate learning with weakness. As a result, success only leads to pressure to show their accomplishment didn’t happen by chance. But, truth be told no one knows everything, especially in changing times.

Using your knowledge and experience is good but cannot be adapted to new circumstances or changing business conditions without asking questions. The best leaders are naturally inquisitive and open to new ideas. They are humble enough to ask questions, listen to others, and seek input on solving problems.

Considering Innovation Too Risky

Many leaders obstruct growth by stopping innovation and new ideas from occurring because of fear of failure. Innovation thrives in environments where people feel comfortable exploring ideas and experimenting without the fear of negative consequences.

Think of it this way: You have to be wrong to find the right solution to a problem if it is new and unfamiliar. 

Innovation requires thinking bigger and differently. If your success measure is on your achievements, you will miss what the business needs you to do. Every great entrepreneur has a story of failure to tell.

Reaction to resistance is personal.

There is a direct correlation between the search for personal recognition and persistence. When doing something new and tedious, there will be resistance and failure. Yet when ego leads, fiascos or setbacks become intensely personal.

Definition of success is outsourced.

Self-focused leaders make choices that maintain external measures of success. They stay in jobs that pay well, even though they are miserable. They make short-term decisions that aren’t in the best interests of the organization; or the people who work there because of personal gains. You have to be wrong to find the right solution to a problem, especially if it is new and unfamiliar.

Relying on yesterday’s answers

Biotechnology researchers have proven people rely on their experiences to make current decisions. Knowledge is helpful when you face a familiar situation. But when facing a tough one with limited information, expertise is better. However, past successes can also blind you to new facts and information. The trick is to examine whether your current situation is the same as a previous one.

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