Traps! Nowadays they are widely discussed by researchers studying the psychology of company’s success. Robert Herbold offers the list of common traps into which the companies often stumble having achieved a certain degree of success. Here are the most problematic and dangerous traps of our time:

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If you are in a desperate strait but you still wish to achieve success in life, you should learn how to benefit form any situation that comes along. It will be hard for you to be successful in any business without having a special knowledge about it. We want to have money to buy certain things but we never even thing of what we need to know about money. We know a lot about taxes, investments or savings, about all life-and-death things. For instance, if you are not familiar with tax legislation you may pay higher taxes than necessary. But if you acquire special knowledge and understand the current laws and regulations on taxes you will not pay more than it is necessary. If you decide to set up your own business than special knowledge are very important for you. First and foremost you should be familiar with all aspects of running business. It does not mean you should know answers to all the questions, it means you should have access to these answers. Even the most prominent lawyer is not able to know all legislation peculiarities. There are too many provisions and judicial rules that are not easy to be always kept in mind. Moreover laws have a tendency to be changed. But a good lawyer is characterized by the ability to update the knowledge and frequently learn about the current changes in a certain area of legislation.

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A multimillionaire Huntington Hartford used to say: “A real lasting success is not achieved by those who are getting on well with bosses and always fulfill tasks scrupulously. Such people can manage to become no more than a high paid executors. Most millionaires are the people who do not like to take orders but prefer to have everything their own way.”

Paul Getty, one of the wealthiest persons in the world, said: “The only way to make really good money is to find your own niche and set up your own business. You will never earn much money working for someone else”

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Money is the freedom and possibility to make people, relatives and close friends happy. However, in our country and the world at large there is a persisting belief that the only way to make money is to work for somebody. This approach narrows the mind of a person and does not make it possible to understand one’s true desires. It is reasonable that all of us want prosperity, success, and recognition. Everyone should have enough money for doing things they want and whenever they want. Poverty has no virtue. But, unfortunately, for fear of failure, most people leave the idea of setting own business. It is not easy for some people to make important decisions since they may not feel confident to do this at tough times. The tough times may never ends and tough guys act!

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Before it had been considered that true leaders (especially business ones) never made mistakes. But things have been changed. Leaders are also humans and it is human to err and make mistakes. All big companies have a collection of mistakes to boast of. Here is the vivid example of it. In 1986 General Electric under Jack Welch’s leadership had acquired 80% of Kidder Peabody Company for US$ 600mln. This mistake cost them US$ 1,2 bln.

Jack Welch commented: “I rewarded people for their mistakes if they failed in an attempt to make changes. The main thing here is not to be inactive and afraid of making mistakes. I keep saying to people that if your boss managed to buy Kidder Peabody and goofed up all business than you may do the same. This saying appeared on the front-page of The Wall Street Journal nineteen times. So, if a boss is able to do it and overcome the consequences than you have a free hand. Any way, you are not likely to do anything worse than I have done.”

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While their peers were out making trouble, these young achievers were making bank. The Forbes magazine in search of the secrets to entrepreneurial success peaked into inspirational lives of the whiz kids who build million-dollar enterprises before the age of 20.

Money did not come to them like a bold from the blue. It was not inherited from their grandfathers or received as a gift from their parents.

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