Do you know that Impatience can ruin your business while the opposite, “Patience” can turn your skill and business to a profitable one as a smart entrepreneur?
As an entrepreneur, there is nothing new or faulty about being impatience, some analysts suggested many people are less patient because of technology. Digital Technology has been changing our lives rapidly and this increases our appetite for quick gratification in some other parts of our lives including our business. But unfortunately, some entrepreneurs have lost some of their clients due to this quick gratification.
Everybody can be impatient at any time on any occasion but as an entrepreneur, there are some harmful consequences that impatience can bring upon to your business, if care is not taken at the right time.
Here in this article, I will tell you how impatience can be harmful to your business and also, how you can avoid being impatience as a smart entrepreneur and win your buyers’ heart.
How Impatience Can Ruin Your Business As An Entrepreneur
There are alot of ways impatience can be harmful to your business but here, i will just take the most risky and frequent ones. They are:-
==> (1) Procrastination:
According to a survey made by Center for Economic Policy Research in London explained that Impatience leads many people especially business owners to be procrastinators. But, how and why does this affect your business?
Most entrepreneurs who are impatient are compelled to postpone time-consuming operations/tasks in their business till another time because they are not patient enough to complete those postponed tasks at that time.
The tendency to postpone can have very serious and ugly consequences for the business owners who are found of procrastinating as well as the economy at large.
Earnesto Reuben, a researcher in Britain stated that: “Procrastination Seriously affects human productivity and can cost business owners to lose some considerable amounts of money as impatient entrepreneurs postpone paperwork indefinitely.”
==> (2) Financial Problems:
Impatience has introduced “High Debt Levels” in the world global economy and this resulted from impatient workers.
A good example of this case is a man who want to start a new business he just heard of, but wasn’t sure if it’s profitable or not.
Out of his desperation to start this business quickly, he buy furniture, land for office, car, employed delegates and do any other things – on CREDIT.
Although, the man maybe convenient with these CREDIT on his bank account but unfortunately, the business doesn’t work out well for him. What do you think will happen to this man? He will surely be battling to pay for the money he was lend.
Impatience has made him not to do more research about the business. It has also blinded his mindset not to wait patiently and manage the little resources he can afford.
Forbes magazine reported that “the state of the present market is the consequence of undue impatience combined with excessive greed. Impatience led many thousands of ordinary people to seek to acquire properties of much higher value than their savings justified. They thus sought to borrow collectively immense sums that they could not hope to repay for many years -and, in some cases, ever.”
==> (3) Loss of Clients or Customers:
One of the main characteristics of impatience is to destroy entrepreneurs’ ability to communicate with their customers or clients. When a business owner or worker doesn’t have the patience to engage in a mutual conversations, he or she tends to speak with thinking.
The impatient entrepreneur may always get annoyed when his clients is trying to explain the details of the proposed business or deal, as a result of this the impatient entrepreneur will find some ways to rush and stop the conversations hurriedly.
By doing this frequently, the business owner will begin to loose most of his clients or customers. Impatience is not a good quality of entrepreneurs; it will drive your customers away to your competitors who are patient.
==> (4) Poor Decision Making:
One of the pillars that holds a successful business is good decision making but, impatient entrepreneurs lack the quality of good decision making.
According to a group of analysts at “Pew Research Centre” in Washington D.C., reported that people often make quick and bad decisions when it comes to their daily activities including business.
Most business owners who are outside side makes poor decision always due to impatience. A typical example is the issue of a man who is always busy to listen to his customers’ proposals, such business deal won’t yield a good result.
Dr. IIango Ponnuswami who is a professor and H.O.D of social work at the Bharathidasan University in India said after thorough research that: “Impatience will cost you. It can cost you money, friendships, pain and other financial risks simply because of Impatience is often followed by bad decisions.”
==> (5) Health Risks:
Your health is not only for yourself or family but also for the success of your business.
Impatience, frustration, irritation and anger are linked together. Whenever you are impatient, your level of frustration and stress will be harmful to your health.
A medical report by American Medical Association point out that Impatience is one of the most risky factors of hypertension, particularly among the teenagers and young adults.
Apart from hypertension, there are many other health risks which can be resulted from lack of patience such as Obesity.
And also, Impatience makes it more difficult for some people especially, business owners to resists the temptation of eating inexpensive fast food and snacks which is very bad to the body system if that person becomes addicted to it.
Impatience can also leads someone to become violent and alcohol addicted.
British Newspaper, South Wales Echo said: “Impatient people are likely to be involved in late-night drink-fueled violence.”
As an entrepreneurs, your health is very important and you must take good care of it. Impatience will ruin your business if you didn’t change such quality now or never.
These are just few of the harmful effects of impatience to you and your business but, how can this be rectified? Watch out for my next article where I will also discuss step-to-step guides on how you can be patient and win your buyers’ heart as a smart and ambition entrepreneur.
Do you have any idea to add or subtract to/from this post? Please, kindly let me know what you feel about this article through the comment box below.