Entrepreneurship appeals to a lot of people because it allows them to be their own boss. You make all the business decisions, from business strategy to the management of your team. On paper, its extremely appealing. In practice, managing a business is far more challenging than most aspiring entrepreneurs realize. Here are three common management mistakes entrepreneurs often make.
Creating an imbalanced culture
When a lot of entrepreneurs start out, they’re often tempted to create this amazing, stress-free work culture; they may even create a work environment with no set hours, or they may even make sure every person they hire becomes friends with everyone else. These approaches to work culture are effective in improving job satisfaction, but only if they’re balanced with profession expectations and structured rules. Remember, balance is the key.
Not letting people do what they do best
You hire team members because you trust that they can carry out the work they know how to do best, whether that’s writing code, or managing your books. If you’re going to be a successful entrepreneur, you’re going to need to learn to let people do things their own way. This means you can’t step in and do their work for them, or big them down work unrelated work.
Hiring too quickly
A large business with a lot of employees can afford to make bad hiring decisions, but initial startups with a small team can’t afford the same luxury. As an entrepreneur, it’s easy to get excited about moving fast, but you can’t rush your hiring. Take your time, hire professional and qualified candidates, and only make hiring decisions once you’ve spent some real time serious considering your options.