5 Leadership Mistakes Many First-Time Entrepreneurs Make

It’s not easy being a new entrepreneur and mistakes are going to be an inevitable part of the process. Leadership is one of the most important factors in achieving success as an entrepreneur. In this post, I shared with you 5 leadership mistakes many first-time entrepreneurs make.

Being an entrepreneur may very well be one of the most difficult jobs on the planet. There are very few career paths that require the same amount of work, skill, sacrifice and commitment. Being an entrepreneur is really hard, but it can also be really rewarding. No matter what field you are in or what type of business you own, it is so important that you understand some of the mistakes that tend to plague so many entrepreneurs in today’s market. These are by far the biggest mistakes that any business owner can make.

The mistakes are bound to happen to everyone especially if you are trying to set up anything big. For a businessperson, mistakes can be very costly and when you are a first-time entrepreneur, you are more exposed to some of the silliest mistakes that can have disastrous implications. We’ve all been there and in this article I’ll share some of the biggest leadership tips that I’ve learned over my years.

Here are 5 leadership mistakes many first-time entrepreneurs make:

1. Doing Without A Plan

You may be a fantastic employer for your company and a master in your industry, however those achievements don’t necessarily mean you are guaranteed success with your new business. To work for somebody and to make someone work for you is totally different things. Good leaders make a plan and act upon their plans after putting in careful thought and consideration into it.

2. Not Setting Attainable Goals

New entrepreneurs can be so enraptured by their “big idea,” they work without a solid plan. The reality is that you must set realistic and attainable goals in order to succeed. Make a point of setting both short and long-term goals while making sure they’re specific. Don’t just say, “I want to make $1 million this year.” Set a reasonable goal, and then determine what specific steps you need to take to reach it. Go for attainable goals and set mini-goals along the way that’ll make the big goal more achievable.

3. Not Being Adaptable

If you want to be a successful entrepreneur in today’s ever-changing market, then you need to learn to be adaptable. If you are not adapting and you are putting too much expectation on one product or service, you will never succeed. Instead, you need to test, test and test again. Try various products and solutions. Explore new options. Go with what is working now, but always be ready to make changes in the future. It isn’t the smartest or the strongest that survive, but rather the ones who are most adaptable to change.

4. Avoiding Conflict

One of the most difficult adjustments as a new leader is learning how to handle disagreements or issues. You want to be fair and balanced while avoiding long-term damage within the business. Managers often veer away from confrontation and try to avoid it at all costs. But when performance or personality issues go unaddressed, they fester and set an overall tone that minimizes the urgency of correcting mistakes. If there is (an) issue, it’s best to address it right away when the situation is fresh. Create an environment that encourages continuous feedback and gives others the ability to resolve issues.

5. Lacking Vision

Without vision, a company as a whole will have difficulty progressing. As a leader, it’s your responsibility to set expectations and goals for your organization in addition to holding each member accountable for reaching them. A lack of vision will result in unfocused projects, improper resources planning, inaccurate metrics for success and a lack of buy-in from the rest of the organization. If you want to attract and retain talent, you must create a culture with a clear vision.

Conclusion

It’s not easy being a new entrepreneur and mistakes are going to be an inevitable part of the process. Leadership is one of the most important factors in achieving success as an entrepreneur. In this post, I shared with you 5 leadership mistakes many first-time entrepreneurs make.

A CEO’s Guide To Being A Top-Notch Leader

There is a thin line between a LEADER and a BOSS. For a CEO to become a top-notch leader, he needs to act more as a leader and learn leadership. In this post, I shared with you a CEO’s guide to being a top-notch leader.

Having great leadership qualities is not about winning a popularity contest. Good leaders may not always be liked, but they are always respected. Most importantly, a leaders job is to create harmony in an environment where people want to work together.

Learning how to become a leader is essential to your success. Whether you own a business, teach at a school, manage a small group, coach an athletic team or are working to advance a worthwhile cause, you need to get help from others to accomplish your goals. This not only requires you to hold a vision of what success is, but it also requires you to practice coaching and training skills that will inspire others to want to help you reach that goal.

Here is a CEO’s guide to being a top-notch leader:

1. Adaptability

The best leaders adjust their management style to suit the needs and personalities of those on their teams. For instance, they might hold brainstorming sessions to generate new ideas on a business process, but also welcome suggestions in writing, which may encourage less vocal employees to participate.

As a leader, you have to survey the team that you will be leading. Access all the individuals in the group and how you have to adjust yourself to best lead this group. Leaders who are stubborn or unwilling to change their ways will struggle to be good leaders.

2. Strong Communication Skills

Top-notch CEO’s promote open, two-way communication with staff members. They’re able to convey complex information effectively, both verbally and in writing. They also listen intently to feedback from employees and follow through with appropriate action.

As a leader, you have to constantly communicate. Whether you’re communicating to your team or to potential customers, you will always have to utilize your words to get what you want. Learning how to communicate properly is going to be crucial to your success.

3. Ability To Inspire

Leaders set the example for their teams by arriving at work each day eager for the challenges and opportunities ahead. They work one-on-one with employees to identify career paths and provide the necessary support for people to be successful with their goals.

As a leader, you have to serve as a role model. What time do you come into the office? What time do you leave the office? It’s tough for a leader to ask their employees to work hard if they don’t do the same. It’s one thing to talk the talk, but can you walk the walk as a leader?

4. Vision

Respected CEO’s also stay one step ahead of the curve with business developments. For instance, when making purchasing decisions, they look for products that will suit their team’s needs many years down the road. They also explain to employees how their work ties into the firm’s goals and priorities so they feel connected to the company’s long-term success.

CEO’s are also visionaries because they have a vision that they need to carry out. In order to carry out this vision, they have to convince others to buy in and help them execute on it. As a leader, you need to know exactly what your vision is and how you want it carried out.

5. Trust

When it comes to leading a team, you have to be willing to go out on a limb for your employees to show you have their back. Exhibiting a genuine interest in your team’s well-being shows you care and are willing to protect them when necessary.

When you build trust, it demonstrates that your interests and actions will never supersede the goals of the organization or your employees. The best leaders also know they can’t handle all of the group’s key projects themselves. They delegate authority to employees, giving them the power to do what is needed to accomplish their assigned tasks without being micromanaged.

6. Decisiveness

When you undertake the responsibilities of being a leader, you have to be comfortable making big decisions and sticking to them. You can’t be afraid to be decisive and make tough calls when circumstances require it. Ensure your choices are not just beneficial to you, but with the organization’s goal in mind.

Strong decision-making abilities are also essential. You have to quickly review all the information pertaining to a decision and move forward. Respected leaders can make big decisions and they are also willing to live with the consequences down the road if things don’t work out.

7. Respect

As a leader, how you treat people is everything. And while books and the internet may be filled with tons of advice on how to handle employees, it all boils down to one word – RESPECT.

Leaders who respect their employees will never look/speak down to their employees, they will give their employees a voice, they won’t make assumptions about anyone, they’ll respond with compassion and they are respectful towards everyone. Having these types of qualities as a leader will allow you to achieve massive goals on a large scale.

8. Self-Awareness

Great leaders know that self-awareness is essential to their effectiveness. They weren’t born on a special planet. They haven’t always been models of self-discipline and productivity. They haven’t always been satisfied or proud of how they’ve handled every situation. They’ve made their share of mistakes.

The one thing they have in common is their constant attention to their behaviors and its impact. Top-notch leaders study themselves and the people around them to see themselves through the eyes of others and learn why they do what they do. Not only that, but they are truly interested with what works and what doesn’t, how to control their least productive instincts and how to handle every situation better.

9. Take Accountability

We’re all human. Mistakes will happen. But it’s not always easy to own up to mistakes and be receptive to feedback and change. Business growth involves taking risks that don’t always pan out. Be willing to stand up for your employees and their decisions when expectations aren’t met. This will motivate your employees to take risks knowing that the ownership team will have their back.

A good leader has to support and assist the team through thick and thin. Give them the confidence to take risks and speak up without being punished. When the mistake is yours, take ownership. Be credible because people want to follow an honest leader. Be candid about why things didn’t work out, learn from the mistake and move on. People will trust someone who actively holds themselves accountable for their mistakes.

10. Have A Mentor

No matter who you are, it’s always helpful when you have someone to look up to who is experienced with strong leadership capabilities. Rarely will someone offer to be your mentor, you’ll likely have to do the courting. It may be someone in your business area, but a great mentor relationship doesn’t necessarily need to be in your same industry.

Identify potential mentors who have similar values. Be prepared to explain what you hope to learn, why you value their insight and expertise and what you bring to the relationship. When faced with a big decision or obstacle, imagine how your mentor would handle it. Think about what they’ve done to overcome similar situations. This can help point you in the right direction when you find yourself being challenged.

Conclusion

There is a thin line between a LEADER and a BOSS. For a CEO to become a top-notch leader, he needs to act more as a leader and learn leadership. In this post, I shared with you a CEO’s guide to being a top-notch leader.