What are the habits that lead to failure? Depending on the context, the answer may vary, but when we compare the similarities that companies have with our lives, the causes of success and failure may be the same.
Our life is a company and we are the CEOs, we are in charge of making transcendental decisions and executing and supervising the most important operations. Why don’t we take a look at the bad habits that have led to the failure of the CEOs of the most important companies.
Also read: Your habits make success easy, difficult or impossible.
Sydney Finkelstein and her team of collaborators set out to find why different businesses that apparently had nothing in common failed for the same reasons. They studied more than 50 companies and found a series of patterns that lead to failure, largely because their leaders shared 5 or 6 of the following bad habits:
Habits that lead to failure #1: They see themselves and their companies as masters of their environment, not simply a part of it.
They tend to think that they can master the factors that will make them succeed or fail. They also think that they and their companies are invulnerable, since they are a central axis in the needs of their suppliers and customers.
Habits that lead to failure #2: They identify so much with their company that there is no clear line between their personal interests and corporate interests.
When making decisions for the company, they do so by pursuing their own objectives; since they see the company as an extension of themselves, regardless of the fact that those decisions do not bring benefits for the company. In many cases, when investing there is a common factor: they invest without any proportion! This is because they think they are investing in themselves.
Habits that lead to failure #3: They think they have all the answers.
They usually dazzle others with their quick decision making, they make it look easy! Problems that seem impossible to solve they calculate and make vital determinations in a very short time. It’s a habit, no matter how unsure of the ramifications of your decision, you must be determined.
The most dangerous thing is that since they think they have all the answers, they are not open to listening to other alternatives.
Habits that lead to failure #4: They ruthlessly eliminate anyone who is not with them.
CEOs are hired because they have a vision and it is perfectly normal that when they take the position they want to instill it throughout the company. The problem begins when other people do not share the same vision; their tendency is to fire them or limit their decision-making power.
It’s okay to want everyone to go the same way, but what if they’re all wrong? Listening to others is vital to good leadership, not only because it can broaden our range of vision, but also because of the positive environment that free expression provides.
Habits that lead to failure #5: They are excellent speakers…and only that.
Great CEOs remain in the public eye, they are in charge of important companies and what happens to them can influence the lives of many people. That is why one of the important characteristics of a CEO is his communication skills. In front of the camera they must be positive, influential, motivating and above all, they must leave the name of the companies they lead very high. However, many stay with just that. It is logical, if you are obsessed with your image and public relations, what time do you spend running the company?
Habits that lead to failure #6: They underestimate obstacles.
Pretending that the biggest obstacles are “temporary impediments” is a big mistake. The obsession with pursuing their vision leads them to ignore details that are of great importance, with the premise that “all problems can be solved.” It is a very positive position, unfortunately it is wrong, not everything can be solved and if possible, it can be at great cost.
Habits that lead to failure #7: They stubbornly trust what has worked for them in the past.
In their search for certainty in a world that is unpredictable, they are always inclined to bet on what worked in the past. Do you have to invest? Let’s do it in the area that brought us the most benefits before. But what if the target is not as strong as before? In many cases they are afraid to innovate, because in the past they were successful without having to “spend more”.
All these habits keep us from achieving our objectives and if you are reading this blog, it is possible that your objective is to create a company…
If you are really interested in creating your own business, buy our book “How to create a company while you work. Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
