When starting out as an entrepreneur, it’s easy to become swept up in it all. You lose sight of things or just find yourself somewhat blinded from the pitfalls. In business, like any industry, there are certain mistakes you can’t afford to make, especially when starting out.
Don’t Confuse Quick Decisions for Hasty Ones
As a businessman, I understand that things come up and it requires you to make hard decisions sometimes on the fly. That being said, too often people assume that a quick decision is the equivalent of a hasty or rushed one. It’s not, and in not knowing that difference you can find yourself in a lot of trouble. If you find yourself in the position where you need to make a vital call fast, consider your resources. If you aren’t an expert on what this decision could cost you – call in your CFO. You don’t have to be an expert on everything, but you do need to know who to call when these questions do arise.
Don’t Assume a Great Friend will be a Great Business Partner
We all fall into it. Your out to dinner with a lifelong friend and when you come up with the idea of a lifetime it seems like the stars are aligning and you should run with it. Remember to consider the way business tests ties. Sure, some partnerships are rooted in great relationships, but you need to be prepared to challenge and disagree with your partners. That’s not always easy to do with a loved one.
If you want to start a company, you need to keep the company’s leadership needs in mind first. Find someone that balances your skills. As Maria Rapetskya says, “The best partner is typically someone whose skills and approach are the polar opposite of yours. The first ensures the you are able to cover a lot more ground without additional employees. The second may create conflict, but it’ll force you both to defend your business instincts and weed out lesser ideas before you waste resources.”
Don’t Fail to Take Responsibility
As the captain of the ship, every mistake, every failure – it falls back onto you in some capacity. In accepting responsibility, you show your employees how to bounce back from a problem. Accept the pitfalls. Acknowledge that it happened, but most importantly focus on finding a way to fix it. As Michael Dunlop explains, “There is no way a person can correct a mistake before admitting to being wrong. Research reveals that a great percentage of entrepreneurs are always unwilling to admit their faults. They tend to believe that their ideologies, strategies, and the way they handle their business issues are the best and should not be questioned by others.” In owning your faults, you only expedite the resolution. It shows humility and creates a healthy problem-solving attitude in the office.