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Why ego is the enemy in rescuing business’ from bankruptcy

The reality that a business is likely to become bankrupt can evoke strong feelings of fear and shame hastily disguised in pride. Too often, a solution is within reach for those who can bend low enough to reach it. If you stay humble, you don’t have to be humbled. This is often true for personal issues as well as business issues.

The threat of bankruptcy signifies areas of weakness and neglect within leadership, business models and/or business relationships. Discussing the state of your business with trusted professionals early on invites perspective into each area of struggle.

Stumbling blocks to success

Fear and pride can block your judgment when you have to make changes to save your business. Time can easily be wasted focusing on who or what is at fault and not coming up with creative bounce back solutions.

When a business begins to fail, the cracks in the foundation can go unnoticed when you are enamored with the products or services you offer. The pride of owning a business can make it difficult to self-analyze and critique the areas in need of the most help, which is usually in leadership. Raising management concerns with a team of mentors and professionals serves as a good reminder that success is not a one-man show. Extinguishing ego from infiltrating your business includes:

  • Admitting mistakes
  • Asking for help before it’s too late
  • Being teachable even when it hurts
  • Staying open to change
  • Letting go of total control

Leadership sans ego

Ego appears in business decisions that can lead to taking out too many loans, believing business will take off and failing to have a plan if it does not. When the leadership of a business puts the emphasis of attention on the work itself and not any one individual, the power and responsibility for success is shared. This can stimulate the investment of others on your team to see to it that the necessary steps are taken to ensure success.

What are other ways ego gets in the way of having a successful business?

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