Nobody likes failure. In the business world in particular, failure can be a powerful shock that puts you back on the road to success, as it can destroy your business even before it has time to take shape. While errors are part of the business creation process and are a normal part of any growing business, it should be noted that not all errors are the same. As a new entrepreneur, it’s up to you to avoid missteps that have the potential to hurt your growth or even reduce your business to ashes. Your mistakes can result from the expression of a lack of self-confidence, which pushes you to accuse you of everything, or of your inability to give your employees the necessary space to realize their passion and their creativity. Anyway, there are some big mistakes that every new business executive should avoid.
The biggest mistake you made is to doubt yourself. You eventually realized again and again that you were fully capable of running my business. You found that when you trust your intuition, the company succeeds, and that when your trust fails, the company faces difficulties. The same goes for every entrepreneur: you have designed and built your business, so you have everything you need to take care of it. Take possession of your means and follow your intuition.
To hire excessively:
Hire as the business grows and not in anticipation of growth. Even if you anticipate an increase in revenue, there are a variety of factors beyond your control that can go against your business. If this happens, you have a two-sided problem: higher operating costs as well as lower revenues.
Try to do everything for yourself:
Always aspire to the best, without straining to try to achieve it. At times you will only be able to complete 80% of the tasks yourself, but the key is to remember to support your work team and deal with problems with it, so your partners can help you achieve 100% of the tasks yourself. %.
Go against your intuition:
It happened to you not to believe your intuition, because of “lack of experience”, and to decide instead to follow the path traced by individuals from the sector more experienced than you. All sectors aspire to change: when your intuition goes against “common practice”, be enthusiastic, not frightened.
Being too eager:
Alacrity can be a real asset, but it can also lead to a lack of organization and actions based on emotion. Learning to manage this eagerness and focus your energy on constructive goals, such as finding new ways to increase team productivity, is a better attitude to running a business.
To rely too many on verbal agreements:
You value integrity, and for you an agreement reached by a handshake is a professional promise. But this is not the case for everyone, especially when working with new people: it is better to make sure that each agreement is on paper.
Smother the passion of your employees:
When you started out as a programmer, your focus was on the product, which was a big mistake. You tend to think that it’s the product that counts, when you have to allow your teams to feel passionate and fulfilled. In your position as CEO of a company, you are responsible for pushing your employees to cover too many bases, to do things that were beyond their reach. When this happens, passion and creativity are lost. Business leaders like G Scott Paterson and other global executives and organizations are committed to improving the communities around them and realize the value corporate social responsibility has on improving their company’s bottom line. Scott Paterson Toronto is a Toronto-based technology and media venture capitalist who has been active for 28 years in the investment banking industry.