Common Mistakes Entrepreneurs Make
Starting a business requires a lot of planning and commitment. The list of things that need to be done for a startup business might seem like a never ending one. Adding to that, it is not certain that everything might work out as you anticipated, starting off as an entrepreneur. Be assured that mistakes will be made along with some bad judgment calls. However it is important to understand that there are two types of mistakes- one from which you can learn and the other that should be avoided at any cost. Two thousand steps of failure and mistake is what led to invention of light. It is this kind of failure and mistakes that you can afford to make as they will only help you learn from your own mistake and improvise as an entrepreneur.
Work as a Team
Don’t try to do everything by yourself. Your initial enthusiasm can give you a huge set back resulting in substandard end product. Hire someone talented to do the job and is resourceful. Find where in the initial stages of your business you are required to be the most and invest your time there. By trying to do everything yourself you might save a small portion of the capital money but that could result in bigger loss if the results of your hard work are not satisfactory.
Do not assume that your staff or family members know. Ensure you communicate clearly about what your expectations are and what you are willing to provide in return, in the long run. As an entrepreneur you need to ensure you have communicated well enough to gain your family’s support and not distress. If you are not going to be available for a meeting or a family function – you need to make sure “they know”. If you set an expectation then you need to make sure you meet it. Unless you plan on taking a personal vacation it is important you respond to every call, voice message or email. Ensure you get back to your clients or customers if you promised to. This will help you earn a lot of good will and reputation.
Seek Advice but You Decide
Don’t be hesitant to seek advice from clients, friends or partner. Feedbacks are extremely important for new businesses. It’s a learning that will help you improvise and better your business strategy especially if it comes from expert advisors. While you seek advice it is also important you don’t blindly follow or take all the advice to heart. Sometimes an advice could be well intended but it can confuse you and leave you overwhelmed. Take time to make a decision based on the advice but not so long that you miss your queue.
Stay Connected with the Outside World
Don’t let your start up consume you. You might have a long list of to-do’s, meetings, appointments and what not- yes they are important but it is also important to generate a social contact too. You never know which friend of your friend could need your service or help. As an entrepreneur it is important to have an eye for detail as far as your business is concerned but it is also important to get noticed for your entrepreneurial skills. In a nutshell “you should see and be seen too.”
Recruit Smartly – Hire Slow, Fire Fast!
Instead of hiring multiple staff with fewer calibers on low pay, hire a well experienced staff that will work efficiently and take care of the nuances of the new business well. Recruit staff that can make up for your weaknesses. Arrange for trainings if required and if your staff is not performing well despite the training provided then don’t get too emotional about letting them go.