Whatever you’re thinking…think bigger.
That’s probably lesson #1 for anyone who wants to think, plan, execute and win like an entrepreneur. While there’s no limit to ‘thinking big’, there are other aspects that you need to keep in mind before taking the plunge.
Here are 5 common mistakes people make when they listen to their inner entrepreneur.
Mistake #1: I’m passionate and I’ll do everything myself because that will ensure faster and better quality
How to avoid: Always delegate.
A person can only do X number of things in 24 hours. So your model of doing everything by yourself is not scalable and will eventually burn you out. So delegate everything, every little to a large task. To make music, you need 5 people doing 5 different things. A music director can’t make music all by himself.
Mistake #2: I’ll research, seek advice from everyone, calculate risks and in the end never start building anything.
How to avoid: Prevent analysis paralysis.
Having a bad plan is always better than having no plan at all. The trick is not to jump into an ocean blindly. But do not get into the trap of over-analyzing. Advice from mentors and well-wishers is okay, but after a certain point, if you want to think like an entrepreneur, you need to take the leap of faith. Calculated risk is risk nevertheless. Go for it.
Mistake #3: I worked at a multi-national corporate in my earlier job. So I’m going to replicate their work-culture.
How to avoid: Say hello to new-age work culture.
Gone are the days where ‘going to work’ meant ‘going to office’; now-a-days people work remotely from multiple locations, the freedom to work from home, share workspaces with people from other department (or other startups in a co-working space) means you just need to get work done. A relaxed environment that breaks down corporate walls also encourages creativity and happiness among your team members.
Moreover, skilled freelancers work at their own sweet timings, locations and budget. Watch Santoshi Shetty and Angel Bedi share their work style in this video:
Mistake #4: I’ll hire 100 average people for less cost and get more work done.
How to avoid: Always hire the right people and let the bad ones go.
The most common mistake made by first-time entrepreneurs everywhere. One good hire can be 100x productive than your one bad hire. If you won’t let the wrong ones go, you’ll end up micro-managing as their outcome will never be up to your expectation. In the end, you’ll have dark circles cleaning up the mess your low-cost average employees made.
Mistake #5: Love your product, but not your client?
How to avoid: Love your customers, product comes next.
It doesn’t matter if you’ve spent 5 years in building the next big thing. If your customer base thinks otherwise, time to pivot and make something else. Obsessing over your product without understanding the end-user is a costly mistake. So, take small steps, get user feedback, iterate, make it better, win!
So, are you ready to make a dent in the universe?
This article is brought to you in association with HP