By Abhishek Talreja
Being an entrepreneur has many pros while it also has a few potential pitfalls that one can surely avoid. If you are careful and focused then no obstacle can trouble you much. Having the right intentions is the key to a successful and sustainable business enterprise. Here are some startup traps that one must avoid as a entrepreneur.
As an entrepreneur, it’s natural to face criticism at every step. This may put you in a tight spot on many occasions. Being confident about what you are doing and having a convincing approach is what you need to do. As an entrepreneur, it is your job to sell your ideas to your customers and your team. The first step is to be convinced about your ideas yourself, and then involve all stakeholders. Taking the team together alleviates all fears. Remember, building a team and getting everyone involved often becomes your biggest strength.
As an entrepreneur, you know that a lot is at stake. Don’t let this feeling surface all the time. If you made a bad decision or if an employee did not turn out to be as expected, then the last thing you want to do is panic. Take your time to think before taking the next action. Trying to resolve the so-called errors in the system may spring up new ones. You need to understand every situation in its individuality. When you do this you realize that you are steadier with your decisions and things are not as haphazard as they may seem otherwise.
This is the other extreme of being an entrepreneur. You know that you are doing well. Most of the stuff that you are doing is bringing about positive results. This is the situation when you go into the zero-doubt mode. Many entrepreneurs get into this trap when when they are looking for a huge expansion. At this point, it is very important to know that there is a lot at stake. Doing the right stuff when you are doing really well is equally important. Always weigh your plans with how much innovation is actually happening inside the business.
Every business becomes complicated when it grows. As a captain of the ship you are not just the driver but also the maintenance guy. Remember, growth with stability will bring long-term growth. Lubricating the machinery and cleaning up the system is your responsibility. Speak to people at the lowest level and understand the problems they are facing. See if there are too many processes out there. Reducing steps and procedures that are affecting speed is essential. Once you do this on a regular basis, you know you are running and growing an enterprise that’s functioning the way it should.
5. Lack of Real Value
Many entrepreneurs face the pressure of growth and stop providing real value to their customers. That’s a big mistake because, in the long run, it is the product or the service quality that’s going to get you repeat conversions. When you provide innovative products and solutions, the business will keep flowing in. Everything else is tactical and short run. It’s equally important to keep your employees happy. The idea should be to add value to the careers of the people you hire. The long term benefits of keeping your customers and employees happy is what you need to be aware of.
Entrepreneurship is a journey where your ideas are brought to life. When you are on this journey, you must take it as an opportunity to bring a lot of pure change to the way things work around you. That may be a huge challenge in the beginning. Once you are in the right direction, the road ahead is definitely more simple and more lucrative.