In continuance to the article about ‘5 Traits Every Successful Startup Founder Has (and You Should Too)‘, it is of most importance we also list out the negative.
Here are 5 Behaviours exhibited by entrepreneurs that could result in the failure of their startups which you should know and avoid at all cost!
Not Planning Enough. The notion ‘Failing to plan is planning to fail’ serves more than just a motivational sentence to people. It is an important reminder, especially for budding entrepreneurs.
Being an entrepreneur, you are accountable not only for yourself but the success of your startup and also your team members. Having no structure to your every day or a proper business plan just simply lead your startup to disaster valley.
Plan your milestones and track them periodically. Although you are the boss of yourself, strict discipline is required as you will be the person your team member looks up to. Set the correct example for your good followers.
Not Trusting Your Team. Newly established startups might be lacking in funds but definitely not lacking in trusting others’ capability! Sometimes founders do take on multiple roles, but isn’t there another notion, ‘Don’t put your eggs in one basket’?
The Eggs are the roles and the Baskets are you and your team members. Yes, it is common for multi-role players in a startup but as the leader of your team, you should be spreading the eggs (roles & tasks) wisely into the different baskets (your team members) by acknowledging where are their strengths and capabilities.
Else, trying to be a part of everything could suffer your health and at the same time, no achievements gained. And, that also leads your startup to disaster valley again.
Unrealistic Expectations. As an entrepreneur, you start with an idea which you think it is viable or even, very profitable. Nobody achieve success that easily in a very short amount of time. Putting unrealistic expectations could bust your startup as fast as you did so to launch your startup.
There are no smooth paths for entrepreneurs to walk upon. Obstacles, challenges, issues, people, money, industry, product, services and more, affects your startup viability. It is wiser to do in-depth researches on the industry, audience and even competitors then set realistic expectations for your startup. Sometimes, projecting future in the worst scenarios than the best possible scenes. It is always good to plan ahead.
Talking the Talk but Not Walking the Walk. Overpromising or prettifying the services or products of your startups to your audience just simply spells ‘D-I-S-A-S-T-E-R’. If an entrepreneur exhibits such behaviours to their audience, it could be the same for their startup team too.
It works the same way. You win loyal customers and team members by building trust, amicable relationships, the quality of services or products of your startup walking in line with your visions and missions.
Unbalancing Your Work-Life. A good work-life balance is needed to boost the inner motivation, positive attitudes and avoid burnouts. Choosing to be your own boss, you have the flexibility in planning your schedule. But being your own boss at the same time, also put much more responsibilities on your shoulders than just being a typical employee.
It is highly possible you could be trying to be ‘everywhere at the same time’ that you ignore your needs for personal life. This links back to having proper planning done and building the trust with your team. o
Reflect on these points and correct where necessary!