Everyone dreams of a lucrative career of the self-employed person, but not everyone realizes how many obstacles and difficulties are on the way to your own business.
Entrepreneurs are people with inborn talent and strong motivation that are able to pitch startups or launch a new business.
But not all the entrepreneurs are doomed to success, by virtue of most of the new businessman face quite common and typical starters mistakes. The group of business experts and management coaches have analyzed common leadership mistakes of verdant self-employers and set up certain categories of faults, so-called common traps of entrepreneurs. If you are a beginner businessman, verdant manager or entrepreneur or you are interested in how to avoid typical traps in managing the new project, thus, these new boss tips are for you.
Trap #01: Do All By Yourself
This is the most common mistake for all inexperienced businessmen. The idea that no one is able to do something better than you may drive you crazy and assume your business a risk. Even if you are better at something than anyone else, you are forced to delegate duties. Being a wise manager means entrusting authorities and expect accuracy from the staff. Entrepreneurship is not about achieving a certain action, it is about a complex and multiple execution of duties by your employers for the benefit of a project.
Trap #02: Confide in Your Employees
If you employed a close-knit team, that says only of your advantage as a manager. But if blindly confide in your team, rely on them without controlling their actions, this is probably your disadvantage as a boss. In this case, your close-knit team may turn into your Achilles’ heel. Key steps of wise managing are delegating duties, controlling a process and requiring a certain result from your employees.
Trap #03: Your Business’s Idea is its Keystone
The profitable business idea does not amount to success. Responsible workers that create a team with a good rapport and drive to work for the benefit of profitable and innovative idea amount to success. Your stuff is the keystone of your business and, as a boss, you have to pay attention to personal traits of the employees. It is no wonder that even the most brilliant business suffers defeat by virtue of weak staff. Think of those who work for you and decide whether these people are able to work for your benefit.
Trap #04: Business Plan is Useless
To be a successful writer, your book must be written according to a certain outline. To cook a masterpiece, a chef must follow a certain recipe. To run a business, a boss must have a business plan. It is impossible to hit the target you cannot see. Your business plan must consist of the calculations, investments, and expenses of your project. As a boss, you have to be aware of a real situation and follow predicted steps to achieve your business goal.
Trap #05: Focus on Profit Only
The experience of many entrepreneurs shows that startups of people who do not put their heart and soul into the product they produce are doomed to failure. The startups of people who are interested in making a profit on writing research papers are doomed to long-term success because academic papers are always in demand. To be a successful boss, focus on creating a product that benefits for customers, as only this type of products in popular demand.
Trap #06: Forget About Subordination
Management role is challenging. Sometimes it is the leadership challenge to abstract away from your warm feelings and close friendly relationships with your employees and recall the fact that you are a boss and these are your career subordinates. Setting good relationships with the employees and friendly atmosphere is essential for a working process, but it is very harmful to the managing process. A good boss is a person who is able to turn off emotions and turn on cold logic at the needed time.
Trap #07: Avoid a Feedback
Giving feedback is essential for the efficient running of a company. When you give feedback about work of your employees, you help them to avoid mistakes. Never stay indifferent to the success and failures of your employees. They have a right to be aware of their faults if they do something wrong, and they have to be encouraged in case of their victories. The way you give your feedback as a boss is crucial, but it depends on your managing style. You can do it in the way of the final conference on Friday, where you sum up the work of the week, or in the way of quick meeting on Monday while giving instructions for the following week. It is very important to encourage the workers with different salary increments and other extra benefits.
Trap #08: Do Not Repeat Obvious Things
Be clear about setting goals. Despite the fact, that your workers seem to be aware of their duties,it would not be out of place to remind them of the current and global goals of the company in general and be clear about the tasks they have to accomplish. This managing method promotes better mutual understanding, develops efficient working atmosphere and helps to avoid pitfalls in leadership.
Trap #09: Learning is a Waste of Time
After hard working and risk-taking of opening a new business, you may seem to be a very experienced entrepreneur and think that the most difficult part of the management is already done. But this is only the beginning. The most difficult in running your own company is to have executive control over the entrepreneurship and staff you have employed. This kind of work requires leadership and management skills, as well as a certain knowledge. There are some organizational leadership bachelor’s degree to improve your skills.
Here comes self-education and other popular crash courses in Business Management Principles. Knowledge is essential, and boss’s business self-education is a keystone for the whole company.
Trap #10: A Boss Means a Leader
A boss and a leader are not the same. A boss and a leader are two contrastive sides of a CEO. And who you need to become to run your own company depends on goals you set. A Boss is always superficial, he is interested in gaining profit and focus on financial benefits of the business. A leader is always genuine, he focuses on working for the benefit of people, he is interested in creating a useful product, which will make a profit. Bosses always explain and have executive authority, while leaders inspire for efficient work and lead employees.