There is so much sound advice out there on what to do to succeed in business, we thought it would be helpful to blog about what NOT to do. Some mistakes are inevitable, but learning from them is essential, and being forewarned can save you some time!
An Imperfect World
No person or business concern is capable of perfection. Mistakes, missteps, less than stellar decision making? Well, they’re inevitable. We are human beings, and our businesses are composed of other human beings. By definition, imperfect. All of us.
That said, there are many things that can be acknowledged, and adhered to, that can help us, and the business associates we’ve surrounded ourselves with, move closer to perfection (or at least, more mistake-free). First and foremost, we must be honest with ourselves! So, as you peruse the “TOP 5 Common Entrepreneur Missteps” list below, BE REAL about whether any of the five apply to you, or your business concern.
1. Hiring Friends and Family
We’ve all heard the adage “Keep It in The Family.” As long as family members are TRULY qualified, this can work in principle. However, make sure that “Cousin Dave” who has been doing well on the semi-pro ski circuit ACTUALLY understands derivatives and shares (a requirement for the job you’re considering him for). Sometimes, we can be less vigilant when vetting family members, as opposed to more qualified people we don’t know. Don’t make that mistake… picking bad fits can be detrimental to synergy, and growth. And remember, oftentimes the things that should be “kept in the family” are secrets. Starting small? Choose wisely.
2. Lack of Humility
Danger Zone. No businessperson in history has ever said “I wish I’d been more arrogant, and braggadocious.” It is vital to be humble. Confidence, coupled with humility burns brightly indeed. Where grandiosity exists in any form, it can trickle down, and cause heartache. Grandiosity often begets integrity shortfalls, and that can be the death knell for young companies. Again, mistakes will happen, but take your learning lumps, and FAIL FORWARD with integrity. It’s a humble, and important part of your journey.
3. Making Unethical Choices
It happens too often, such ethical minimization. Nike’s tagline was “Just Do IT.” Our advice on this front is simply “JUST DON’T DO IT. EVER.” The result can occasionally be some short-term benefit; however, you’ll be setting an ethically challenged foundation for your growth, and ethically challenged is a “trickle down” that you want no part of in the long run. Dominoes are going to do what dominoes do (FALL), just don’t set the stage for having them fall in the wrong direction.
4. Not Delegating
Business is a team game, and we warn you to NEVER assume that you are be-all, or end-all. Bring in great, qualified people first and foremost. Then, be a leader that empowers your hand-selected teammates with TRUST, and encouragement that they WILL SUCCEED. Empower your people, because there is NO WAY you can handle everything alone (remember “lack of humility?”). to be successful.
Want to learn more about the Delegating Leadership Style? Check out our earlier Website Blog Post Follow the Leader: The Delegating Leadership Style
5. Spending Money You Don’t Yet Have
If either of the final two apply to you, would you be willing to let Peachtree VA help? We can help you save money onboarding great, experienced Virtual Assistants that will prove instrumental in revenue growth long-term (while saving short-term as on-boarding full-time help is INCREDIBLY EXPENSIVE, with frequently mixed results). We would love to partner to provide seasoned professionals that you’ll be thrilled to DELEGATE work to so you can focus on the MOST IMPORTANT JOBS!
If you want to discuss the possibility of incorporating a Peachtree Versatile Assistant, we would love to hear from you. Schedule your no obligation phone call with our Director of Business Development to learn more.