Ambitious loan officers often function as entrepreneurs. While this opens them up to greater success, it also means they’re at risk for some of the common mistakes that can interfere with entrepreneurial success. We all make mistakes, and they’re part of the learning process. But if you’re able to build your awareness of these common missteps ahead of time, you may be able to navigate around them so they don’t slow you down. Here are some of the most common mistakes that even the most successful entrepreneurs can make:
Being Hyper-Independent
Entrepreneurs are often naturally independent. In many ways, this is an asset. It encourages them to take ownership of their work and helps them take charge of their success. When it goes too far though, that independence can turn into a limitation. It’s not uncommon to see hyper-independent entrepreneurs, but unfortunately, this quality doesn’t allow them to maximize their success. Hyper-independence can make it difficult to work as a team. It also tends to mean that these professionals don’t ask for help when they need it. It can cause them to isolate and over-burden themselves. This can lead to excessive stress and unnecessary feelings of burnout. You can recognize the value of your independent spirit without crossing into hyper-independence. It’s about finding a balance. Maintain your sense of ownership, but don’t be afraid to seek out support. Maximize your time working on your own, and find ways to collaborate as well.
Losing Sight of Your Vision
Most entrepreneurs start out with some sense of their vision of what they want to achieve in the long term. If you’re just starting out, take the time to get really clear on this. What is important to you? What are your values? What defines your business? The stronger your vision is to start, the easier it is to maintain and engage with as you grow. For some entrepreneurs, that vision can get lost in the shuffle as their business starts to grow and demands rapidly increase. They may lose sight of the things that were most important to them when they started as they try to manage their growth. This can lead to building a business that doesn’t truly align with you. To avoid this, identify your vision and regularly check in with it. No matter how much your business grows, you want to stay true to what matters. If your vision does change, it should be an intentional decision that you make for your business, not the result of disconnecting from it.
Not Setting Small Goals
Some entrepreneurs are so focused on that larger vision and the major things they aspire to that they neglect to set the smaller goals that will get them there. When this happens, those ambitious plans can start to feel overwhelming and out of reach. Entrepreneurs need to give themselves a plan, a path with stepping stones, to reach their desired endpoint. Small goals create manageable tasks you can tackle every day. This leads to faster progress and visible results.
Becoming Complacent
Often, entrepreneurs can experience bursts of success. Their business may grow in waves, with times of intense growth and quieter times as well. A common mistake is for entrepreneurs to grow complacent in those times of growth. They may see that business is booming and lay off their marketing efforts, for example. To maintain a thriving business for the long term, entrepreneurs can’t afford to be complacent, no matter how much success they’re experiencing.
Have you made any of these common entrepreneurial mistakes? The good news is that it’s easy enough to correct course. If you haven’t fallen into one of these traps, the more aware you are of them, the better you can avoid them as you progress in your career. Are there any other mistakes you find common for entrepreneurs? I’d love to hear your thoughts.
Kirk Brewer
Branch Manager | The Loan Geek | NMLS #150287