Most entrepreneurs start businesses but begin to wonder where they went wrong when they see that their fledgling start-up isn’t able to cut through the bobbing, turbulent waters of the “start-up” phase. It seems that these entrepreneurs have great products or services, they go through everything that is needed to set their businesses up and running. They even have great staff, impressive looking offices (not everyone starts this way, of course; We didn’t). Somehow, the profits don’t seem to pull in. Why?
Too hot-headed and proud to learn: The trouble with most entrepreneurs and small business owners is that they are too hot-headed, arrogant and proud to learn new things. In business, when the lift doesn’t work, you got to take the stairs. However, it doesn’t seem to happen, the way I see it. New changes occur in market places, new competitors pull in, new technologies emerge and all that an average entrepreneur is worried about is the “opreations ” part of his business.
Not employing staff( good staff) at the right time: I know this feeling well. There have been times in my life as a solo-entrepreneur ( when I didn’t have staff to support my business) when I felt overwhelmed with the kind of work I had on my plate. It was proving to be too taxing for me to work that way because of the limited time available while there was unlimited and impossible amounts of work piling up in the in-tray. Not employing the right people at the right time is an all-too common mistake most business owners make.
Not treating their business like a ‘business’: Most entrepreneurs are specialist at doing something and are basically ‘technicians’as Michael E. Gerber likes to say. For instance, a furniture business is likely to be owned by an ex-carpentter. An IT firm is usually started by a technological geek. Although this may not be true all the time, this is an over-arching trend. The trouble is that when an entrepreneur starts small, they tend to do most of the work themselves and that’s bad.They treat their business like a fancy job they got for themselves.