Starting a business is like piecing together a puzzle, and to succeed at it, there are some habits entrepreneurs need to give up. Although it’s a complex task, and every piece adds up to the profitability of your business. But what if I told you that some of the pieces might not fit? Those misfitting pieces represent the habits entrepreneurs need to give up for enhanced profitability. It’s time to reassess your strategy. So, grab a seat, and let’s dive into this puzzle of profitability. 7 Habits Entrepreneurs Need to Give Up to Become Profitable 1. Fear of Failure: The Fear That Holds You Back Fear of failure is a common and natural emotion that we all experience when confronted with the possibility of not achieving our desired goals. It often manifests as anxiety, apprehension, or self-doubt. Imagine this scenario: You’re a budding entrepreneur in Lagos, brimming with passion to kickstart your digital marketing agency. You have the skills and creativity, but there’s a formidable roadblock in your path – the fear of failure. Also Read: 6 Fears Entrepreneurs Face and How to Overcome Them This fear, though common, can be a paralysing force, like a heavy anchor that hinders progress. However, here’s the golden ticket: giving up the fear of failure signifies your readiness to take calculated risks. It means you’re unafraid to turn your ideas into action and embrace the prospect of learning from your missteps. And in the fast-paced, competitive world of business, this newfound bravery can be a real game-changer. It’ll help you come up with new ideas and fuel your growth in a way that’s sustainable and exciting. Let’s consider Mimidoo’s journey, a visionary fashion designer working in Abuja. For years, she harboured a dream of launching her clothing line, but the looming spectre of her designs falling flat held her captive. Finally, she mustered the courage to take the plunge. In this leap of faith, she encountered some unexpected design setbacks along the way. Yet, instead of viewing these moments as failures, Mimidoo saw them as stepping stones to improvement. Armed with newfound insights, she transformed her fears, once an impediment to her growth, into a powerful catalyst for her entrepreneurial journey. This adjustment enabled her to evolve, adapt, and ultimately flourish in the fiercely competitive fashion industry. 2. Procrastination: Tomorrow is Today’s Enemy One of the common habits entrepreneurs need to give up is procrastination. Procrastination, the art of postponing tasks that demand immediate attention, is an all too familiar habit. It often ushers in heightened stress, missed deadlines, and a sinking feeling of unproductivity. Think of it as a crafty time thief, silently pilfering precious moments. Now, imagine you’re at the helm of a burgeoning tech start-up in Port Harcourt, brimming with ingenious ideas primed for execution. But, if your daily refrain echoes with “I’ll tackle it tomorrow,” you’re inadvertently holding your business hostage. The silver lining? Giving up procrastination means reclaiming command over your time and ramping up productivity. It’s about seizing the day, methodically ticking off your to-do list, and propelling your business forward. With your increased efficiency, your business flourishes. Take Obinna, for instance, who manages a restaurant in Enugu. He perpetually delayed the update of his menu while his competitors jazzed up their offerings. But when Obinna finally mustered the will to revamp his menu, the results were nothing short of spectacular. Customer interest surged, and profits followed suit. In the world of entrepreneurship, where every moment counts, procrastination is a luxury entrepreneurs can afford. By bidding goodbye to this time-thieving habit, you’re not only propelling yourself forward but also allowing your business to thrive. Remember, in the words of the wise: Tomorrow is today’s enemy, so seize the moment now. 3. Perfectionism: The Pitfall of the Unattainable Perfectionism is a mindset or behaviour characterized by setting excessively high standards for oneself and striving for flawlessness in every task or endeavour. While it may seem like a positive trait, it often becomes a pitfall due to the unattainable nature of perfection. Picture this: You’re a skilled artisan crafting exquisite handmade goods in the heart of Kano. You desire to imbue every piece with absolute perfection. Yet, in this pursuit, you unwittingly find yourself entangled in the snare of unattainable standards. But here’s the epiphany: giving up perfectionism doesn’t mean compromising on quality. It’s about realizing that the quest for flawlessness can stunt your progress. By surrendering this elusive ideal, you embark on a journey where progress takes precedence. You’re no longer confined to the boundaries of your workshop; you’re getting your products out there, embracing real-world feedback, and honing your craft with each iteration. Aisha, a graphic designer based in Benin, has successfully overcome perfectionism and can provide valuable tips and insights. She was ensnared in the web of perfectionism, dedicating an excessive amount of time to each project. Her portfolio shone with impeccable work, yet her business struggled to turn a profit. However, when she decided to shift her focus, Aisha began meeting deadlines and delivering work that, while not necessarily perfect, was undeniably excellent. The result? An expanding client base and a surge in profits. So, like Aisha, it’s important to let go of unachievable standards and embrace excellence instead. By doing so, your business can reach new heights of success that were once beyond reach. 4. Negative Self-Talk: Silence Your Inner Critic Negative self-talk, that relentless stream of self-critical and pessimistic thoughts, is like an unwelcome companion we’ve all entertained at one point or another. It’s the voice inside our heads that chips away at our self-confidence, breeding feelings of inadequacy. It’s one of the habits entrepreneurs need to give up intentionally, especially when you make mistakes. Now, picture this scenario: Whether you’re steering an e-commerce ship in Ibadan’s digital waters or navigating the consultancy landscape in bustling Abuja, negative self-talk lurks as a formidable adversary, capable of crippling your confidence. It may interest you to know, however, that giving up negative self-talk signifies