Whether you are a serial entrepreneur or an early stage startup founder, one of the savviest moves you can make is to learn from the mistakes of others who have gone before you. From seeking funding too early or assuming press interest meant potential customers, entrepreneurs have made a number of errors in judgment while attempting to build successful companies. If you are willing to learn from the mistakes of others, you can save significant time (and heartache) while building your business. Review the following roundup of tips for entrepreneurs detailed by accomplished businessman and CEO, Victor Mitchell, to see which ones you can learn from in your efforts to grow a viable company.
- Don’t believe the hype others will feed you. Being an entrepreneur often means being on the receiving end of favorable attention. From the press highlighting your venture to your marketing department, it’s easy to let the accolades go to your head. Whether it is mentions on Twitter or spotlights on tech blogs, you may find yourself starting to believe your company indeed is on to something.
One of the greatest disservices you can do to your future self is to accept the accolades before you deserve them. Unless you have stellar sales growth figures and recurring revenue, you are better off keeping your head down and focusing on building repeatable revenue. If your business ends up becoming a success story, the hype and accolades will be there in the future too. Stay focused on growing your company and forego reveling in the romance of entrepreneurship.
- Don’t micro-manage your team. Maintaining awareness is one thing; attempting to control the actions of your teammates is quite another. You might think about controlling every aspect of your company shows leadership, but you might be stifling growth in the process.
“Allowing your team to shine not only helps them grow as founding members, but it also gives you an opportunity to experience the gratifying excitement of assisting others to achieve their dreams,” stated Victor Mitchell.
Refusing to delegate and failing to foster freedom are mistakes many other entrepreneurs have made before you. Learn from the triumphs of others who have overcome this obstacle before it hampers your company’s growth.
- In the same way that you can’t micro-manage your team, you also need to realize you can’t be ‘on’ 24/7. You need to take excellent care of yourself before you can take care of your company and your team. From eating healthy foods and exercising on a regular basis, to getting enough sleep and celebrating small successes, each time you take care of yourself you are also taking care of your business.
Don’t feel guilty for taking a day off and going for a hike or riding a mountain trail on your bike. Those moments when you focus on the here-and-now and put yourself and your health first do you more good than you can imagine. No press mentions or startup spotlights can equal the pure joy of knowing you are honoring your true self.
Whether you are building a small business or attempting to launch a startup, learning from the challenges of others is a shortcut to success that many people may miss. While they’re busy looking for growth hacks, you can leapfrog over your competition and instead head straight for predictable and sustainable revenues. Failing to grow can often be a result of failing to learn; don’t let your entrepreneurial journey end early due to an unwillingness to accept wisdom from the trials of others.
About Victor Mitchell:
Victor Mitchell is the founder and CEO of Lead Funding, a specialty lending organization that provides innovative private financing solutions for homebuilders and developers, reducing their red tape and speeding up loan decisions.
Victor Mitchell around the web: