An important lesson is for entrepreneurs to always be learning
Entrepreneurs are, by nature competitive, visionary, and not afraid of taking risks. But those traits don’t necessary equate to success, and less obvious mistakes can spell doom for a startup.
Allow me to share the mistakes that entrepreneurs make, but which are not discussed openly.
Belief that it is possible to pull it off alone. Instead, make cohesive efforts.
This is one of the common mistakes made by entrepreneurs.
Instead, entrepreneurs need to focus on building an effective ecosystem that fosters support for the company.
Share the aim of the company with employees, investors, customers, and advisers. This is key to building general goodwill towards the company, making it easier to manage the ups and downs in the orgnisation.
Letting team dysfunction fester. Instead, address signs of disagreement.
When the company starts to grow, the Founder’s role will transform from builder to staff manager.
Thus, it is imperative to address the issues within the organisation before they become a distraction. A dysfunctional team will bring negative consequences to the product’s growth and revenue.
Furthermore, at a certain point, having an HR person will surely come handy.
Hanging onto bad employees for too long. Instead, learn to let go.
This is where many entrepreneurs struggle.
Offering constructive feedback to an employee who is not performing well is very important. But in reality, not all the employees are capable enough to grow as the company reaches new heights.
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This becomes harder when that employee has stayed loyal, worked hard, and made sacrifices for the company.
It is a fast-paced world: Entrepreneurs do not have the safety net to wait months and years hoping that the employee will somehow manage to figure it out.
At some point, a Founder will have to face the music and fire an employee who is not working at the standard the company expects him or her to perform.
Yes, it sounds harsh, but if it is not done then the company will surely suffer.
Having a know-it-all attitude. Instead, practice humility.
We say that the best entrepreneurs are those who are capable of extracting as much knowledge from others as possible.
They take all the relevant details from their employees, customers, investors, and advisers and combine it in an effort to make the best decisions.
It is not mandatory that a genius must start a company. However, learning from others’ experiences is a requirement.
Make mistakes while making efforts. While it’s important to not be afraid of the failures, it is imperative to learn from any mistakes.
When leveraging other available sources in the learning process, do not think it as a sign of weakness, but instead as a smart move.
Anticipating instant success. Instead, be practical and realistic about expectations.
Everyone will encounter disappointment if they expect instant success from the business. I am not saying that it is wrong to have the confidence to be successful, but expecting it immediately is wrong.
When planning to start a business, it takes much longer to make money from the business than even the most cynical of Founders would anticipate.
Having patience and being realistic are two important pillars in setting up a business.
Devoting time on things that don’t matter. Instead, prioritise.
Prioritise the things that make all the difference.
When making commitments, make sure to follow through by having a responsible attitude and expect the same from others, as well.
Keep priorities in mind, and give less significance to non-priorities. It is imperative to make compromises rather than try to do everything at once.
Underestimating the challenges in starting a company/business. Instead, be resilient and determined.
It is not an easy task to become an entrepreneur: You come face to face with new challenges every day, and you cannot let your team know you are afraid of the challenges that you face.
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I have followed some of the finest and successful entrepreneurs, and the one thing that was common in all of them was this: resilience.
The quest to becoming a successful entrepreneur is all about rising up every time one gets knocked down.
At the end of the day, this is all that really matters.
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