Hi, Ken Lear here.
Some entrepreneurs jump in with no real plan or knowledge of what it actually takes to run their own company. This works out sometimes – but wouldn’t you rather be prepared?
Read below for a few things (successful) entrepreneurs should avoid:
Planning Too Much
Some situations are unpredictable, and spending time planning it out is just going to add unnecessary work to your already hectic day. When you are facing an unpredictable future, don’t plan too much. While you should have an overall goal for your company, keep in mind that what is going to happen to your business in the next 6 months or year is volatile. Don’t plan too specifically for something 6 months from now, because chances are that at least a few things will change by then.
Relying ONLY on Yourself
Just because you are an entrepreneur and love to do things yourself, it doesn’t mean that you can’t rely on other people for some things. Find people you can trust who will help you meet your goals, and ask for help at times. Delegation is key.
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Neglecting Employees
No matter how busy you are, take the time to invest in and reward your best employees. Tell them they are doing a good job, ask for advice, and don’t keep them in the dark about changes happening to your company. If you have employees that you want to keep around for a long time, it’s essential to keep them in the loop so that they can feel like a valuable part of the team.
Ignoring Your Finances
Just because you hired someone to keep track of how much money is coming in and out, that doesn’t mean you shouldn’t keep an eye on it. People can make mistakes and end without proper oversight, it could end up costing you a lot of money – so check up on finances regularly.
Adding Unneeded Stress Into Your Life
Running your business is hard work – but it can be very rewarding. That being said, don’t take on more than you can handle. Do you have 5 team meetings every week? How about cutting that down to 2 weekly meetings? Set realistic tasks for yourself. Don’t promise you will get something done in a day if it means pulling an all-nighter. Know what you can handle, because chances are, other things will come up. Focus on what you love and can actually handle, and delegate the rest to your staff.
