Everyone makes mistakes, most leaders in any field have failed more times than you can imagine. As a startup owner who probably puts out small and large fires every day, you try everything in your power to avoid mistakes. Thankfully, we have the example of countless entrepreneurs who have blazed the start-up trail before us and vanquished giant obstacles on their journeys to greatness. We can use their examples to learn how to put our best foot forward.
Most start-up entrepreneurs are used to doing it all alone. They simply rent a coworking space in Mumbai and utilise hot desking solutions to achieve laser sharp focus and results. Even when it comes to simple tasks that should be delegated they tend to prefer doing it themselves. As the company grows this can lead to confusion and the process drawing to a halt as one person tries to micromanage every single detail. Delegate your tasks and try your best not to micromanage your employees, their successes will build the true foundation of your company’s success.
Another mistake that start-up founders make is they believe in their multimillion-dollar idea to the extent that they don’t think about crunching the numbers before quitting their job and pursuing it full-time. There has to be data that validates your big idea or at least provides a leading indicator that it could work. In the same way when you are starting off you need to have experts who can handle the aspects of the business that you cannot. The tricky stuff like handling taxes and having a legal team should be handled by experts since the early days of your start-up.
Learn to say no
The success of your start-up hinges on your ability to say ‘no.’ Most start-ups and founders fear the consequences of saying no to an opportunity and take on everything that comes their way, even projects that add no value. This also applies to hiring resources, if the person you are interviewing does not meet all of your requirements then it is much better to not hire them instead of wasting time and resources trying to teach a person not qualified for the job. Failure to say no at the right place can spell crisis for the company in the long run.
Everyone in the field of business and entrepreneurship goes through different experiences. If a certain business model worked for a trailblazer in your field, you are not guaranteed the same results through the same methods. The real world is always changing and only those who can adapt to these changes will be successful business leaders in the future. To be among the few who succeed you need to be willing to adapt, face losses, hear the word ‘no’ and still keep going strong towards your goals.
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