Profitability’s Archenemy – Your Ego (+ How To Beat It)
- Mar 13, 2023
- 4 min read
Updated: Mar 14, 2023
Written by: Tuesday P. Brooks, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
We all want our businesses to be profitable. But what if something is preventing your company from becoming exceedingly profitable and it’s within your control? Would you make the changes necessary to overcome it? Chances are you would. So let’s dive in and talk about your ego, an invisible and unnoticeable potential roadblock on your company’s journey to reaching profitability. Learn how to combat it so your business gets the opportunity to thrive and attract unlimited sales
What Exactly is Ego?
You’ve probably called someone egotistical before. You know, full of themselves, arrogant, overly proud. It’s great to have a healthy sense of self-esteem. But ego takes that sense of self-importance and carries it too far. Let’s discuss how this can negatively impact your business and what you can do about it.
1. According to Your Ego, Delegating Makes You Appear Incapable
If you want your business to be profitable, you must be willing to delegate tasks. It’s just not feasible to do everything yourself. If your ego is inflated, you might think that delegating makes you appear incapable, but that’s not the case at all. Business owners don’t delegate because they can’t perform the tasks themselves; they delegate to give themselves time to focus on the bigger, money-producing activities and projects. So be open to delegating certain tasks to others who can do them quicker and potentially even better than you.
2. According to Your Ego, Asking Questions Makes You Look Dumb
The only way to learn is to ask questions from people who know more than you do. Your ego might tell you that this makes you seem dumb. Nothing is further from the truth! If you don’t keep questioning things and learning, your business will stagnate. There are professionals out there who can teach you a lot and help your company become more profitable. Allow yourself to be vulnerable and open to revealing that you don’t know something. After all, no one is expected to know everything (and neither are you!)
3. According to Your Ego, It’s Bad to Make Mistakes
If your ego is too big, you might be afraid of making any mistakes because you don’t want others to realize that you’re imperfect (like everyone – we’re all human!) When someone is fearful of failure, they get stuck in a box because they’re afraid to break out of their comfort zone. This is the perfect recipe for staying the same and never progressing. Remind your ego that mistakes are simply learning opportunities that will push you and your company toward greatness.
4. According to Your Ego, You Should Worry About What Others Think
Your ego can also get in the way of making good decisions, which is a serious problem – especially for small business owners. If your ego makes you too concerned about what others think or expect of you, this will, without a doubt, stifle good decision-making. You’ll be so scared of making the “wrong” or unexpected move that you won’t do anything at all (or you’ll stick with what is expected instead of what is best for the business). Forget about appearances. Tell your ego to shove it, and stop letting it get in the way of you making the right decisions for yourself and your company.
5. According to Your Ego, It Doesn’t Matter How Others Feel
Typically, when someone has a big ego, they lack empathy for others. This isn’t a great trait to have (being apathetic or callous), especially if you’re a business owner (in other words, someone who is trying to sell a product or service). Why? Because if you lack empathy, you won’t understand your customer’s pain points or feelings. As a result, you won’t appear helpful or understanding, and they’ll be less inclined to buy from you. Ultimately, this will translate into fewer sales and less profit ‒ and in a way that you don’t even realize.
6. According to Your Ego, It Doesn’t Matter if People Like You or Not
Finally, ask yourself – how often do you truly like someone when they’re egotistical and arrogant? Not frequently, right? Self-absorption generally rubs people the wrong way. Customers naturally want to interact with a business owner who is warm, friendly, and kind – someone who cares about them. If you let your ego get in the way, you’ll likely give customers a bad impression, which will hinder the success and profitability of your business.
If you’re like most of us, you probably don’t spend much time at all thinking about your ego. But if you identify with any of the scenarios mentioned above, it’s very possible that your ego is impacting the profitability of your business. Fortunately, it’s not terribly hard to overcome this tendency (well, maybe therapy will be helpful), and once you do, there’s literally nothing that can limit the success of you and your company! So do you want a profitable business? Because I want that for you. Check your ego at the door and grow!
Tuesday P. Brooks, Executive Contributor Brainz Magazine
Tuesday P. Brooks, MBA is a business owner, educator, trusted tax & accounting advisor, and fierce champion of small business. Unwaveringly devoted to financial fluency Tuesday’s mission is to accelerate the profitability of financially-sound, women-led companies that employ across the U.S. As such, she works tirelessly helping women founders gain the confidence to take a leap of faith towards growth so they can tap further into their joy of business ownership more easily.
