DailyQ #25: What mistakes should startups avoid?
What are some of the major mistakes I can avoid as a startup entrepreneur? Troy Hoffman confesses it's impossible to avoid startup mistakes with a crystal ball, but great council can help evade some. Building without proficiency and as fast as possible will produce faults.
You can't avoid them all. They will happen and they'll be painful. Prepare yourself to accept the consequences, communicate with your team, and apologize, thats the reality in the beginning of the company.
To avoid them, the entrepreneur must be a seeker of knowledge and apply that knowledge.
Get in council with people experienced in an area you're trying to grow in. If you are not a genius or a guru, spend as much as you can to involve one early to setup the process. It could save you millions and impact your company. Even seemingly simple tasks like bookkeeping requires detailed tracking that will produce great reports enabling informed decision making down the line.
Sometimes we think we are smarter than we are.
It's critical to surround yourself with intelligence in an area of weakness. Record the conversations, google the experts, and download printouts, because startups need guidance to grow. Checkout Entrepreneurs Organization, Vistage, YPO, or CEO Coaching International. Getting in council with higher achievers can provide amazing feedback.
Where do you need expertise or a guru to impact your company and the employees around you?
Now go and live your destiny!
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