Taking these two steps back before they take the next 10 steps forward, is somehow the key to this hustle filled arena of challengers. But as Jack Ma, founder of Alibaba.com once quoted, “Learn from other’s mistakes,” well, we are going to make sure you know with this insightful article on mistakes young entrepreneurs make.
As entrepreneurs, it is inevitable to take a flight towards the new world and not make any mistakes. And being an editor of a leading business magazine, The CEO Magazine, in my candid conversations with the leading CEOs in the country, I have got the opportunity to ask entrepreneurs who have become successful CEOs this key question.
The answers have revolved around the restrictions of expertise in one field. In some cases, start-ups with Co-Founders only from a technology background and expertise struggle with financial stability and vice-versa. While hiring the right team members in the early stages is also a struggle.
The point is entrepreneurs deal with something that has never been done before, a business model that has never existed before for a novel solution that will revolutionise the world. Because, that’s what makes your brand special, distinct from other solution providers.
And they are hustlers, so they do navigate through these problems but they also commit mistakes.
Well, I would to beware you before we venture ahead, some of, yeah, actually, all of the below-listed points will make you question yourself and may hurt you, especially when you are young, and that lists our first mistake.
The internet is filled with the stories of overnight successes with no assurance of its genuineness. And it may sway you away into a
dreamland of overconfidence and into actually believing the lie they are selling for a double click.
But on the other hand, it is difficult to swallow the bitter truth pill that says, this is where you lack and these are the mistakes that young CEOs make. The decision is yours, read and self-question, correct yourself and don’t repeat these mistakes or see where your journey goes.
As youngsters, our quick-witted personality and decision-making power make us a perfect match for businesses, and we know it. That confidence sometimes becomes the problem and on the other side of the coin transitions into impatience sometimes.
But they often miss the hard work part of the whole story. It’s not a gamble you would want to play without smart planning if you don’t want to lose. Every success story is focused on glorifying the successes and not always will it showcase you the reality behind the scenes.
The one moment you spent deciding the entrepreneurial route is followed by sleepless nights, financial struggles, and acceptance of the fact that this is a marathon, not a sprint.
When you are young, you have time, energy and the ability to grasp more skills, learn and quickly adapt, but at the same when a person starts a business, there are two key time stances where a “one-man army” won’t work. Firstly, if you are successful, that means your skills and your detailed solutions made people value your brand and now you are loaded with projects. Yes, growth will make you have to lose that I will do it all approach. Secondly, your business will lack expertise.
The one-man army approach is also rooted in the mindset of young entrepreneurs believing that only they can understand and personify their vision. Which limits them, to work with a team, to experience the art of delegation and leadership.
So, how to avoid this mistake young entrepreneurs make? You need to open your mind when you start your business, understand what suits a person best and delegate that task to them, make them grow personally but also add value to your business, its revenue, and its growth. A balance is key, keep paying attention to big long-term plans yourself while smaller plans and everyday tasks are taken care of by your team.
Story Time, I have been part of a start-up before and left the same. Why? No focus. A young CEOs mind is always working, non-stop, to seek revenues and create solutions. And sometimes, it is important to understand the need to specialise in one area, make yourself peerless and make sure that one business model is successful.
Again, the same goes with prioritizing what is important, a new gadget or investment in the company’s growth. One needs to cancel out the noise and chaos in their mind to succeed.
Following the point of chaos, a business plan is a topmost
priority backed with research, actual numbers to count on, and solutions that is worth investing time and money in. This is also a mistake young entrepreneurs make and understand later when they approach a bank for a loan or a partner for investment. And that’s where creative entrepreneurs need to avoid the mistake of the “Me” approach and switch to the “We” approach and ask for help from an expert.