We all know how entrepreneurs are different from others. Some might be happy with regular and stable life. Some might feel satisfied on receiving a promotion and so on. However, entrepreneurial journey is full uncertainty. Entrepreneurship is like sailing a boat: floating as per the waves of the sea. Nothing is predictable.
Many entrepreneurs are eager to make their mark and thus forget to focus on the core things. Following are the common ‘sins’ an eager entrepreneur commits too often:
1- Splitting equity.
You must have been taught when you were a kid that sharing and working together is important. However, this does not apply in entrepreneurship. Just try to split the equity of the company equally to its co-founders and you shall witness the stalemate. In business, there is a need for someone who can take the final call. Even if the salaries and skills might be similar.
2- Building a product without a robust go-to-market strategy.
It’s important for an entrepreneur to be passionate about his product. But passion alone cannot take the business from startup phase to a successful and profit-making phase. Building a product without a proper plan and execution is surely a business suicide.
3- Ignoring the known unknowns.
As every other person, entrepreneurs too have blind spots. It’s important to know the things that you don’t know. Being with your co-founders, friends, advisors etc can help you fill those blank spaces. The moment you think you know everything is the moment you open yourself to disaster.
4- Not trusting your gut.
Self-confidence is one of the main ingredient of entrepreneur. Gut-feelings are the feelings that helps you sometimes to take the right course of action. Start believing in these feelings. However, it does not mean you can do whatever you want to,all the time. It’s about perfect decision-making where risks are involved.
5- Failing to assign goals and responsibilities.
As an entrepreneur your communication skills should be developed and clear. You should be able to assign clear and important goals to your team. As a startup you need to build the morale of the team. Without clear instructions and responsibilities, you and your employees will fail to achieve the main goal of the business.
6- Avoiding fierce conversations and discussions.
As an intense entrepreneur, you are more likely to experience discussions and brainstorming conversations. Avoiding these today, can bring problems tomorrow.
7- Letting whims create whiplash.
As you are the owner of your business you are thinking everything that can improve your business. But conflicts of thoughts in your mind is easy to disrupt your business. Don’t exhaust yourself and the company’s resources by chasing the latest whim rather than following a systematic, well-laid plan.