Top Leadership Mistakes of Entrepreneurs
The top leadership mistakes often made by entrepreneurs fall into four areas:
- Identifying too closely with their business
- Doing everything themselves
- Forgetting their vision
- Ignoring leadership lessons
The mistake I see most often with entrepreneurs is that they don’t separate themselves from their business. It becomes part of their identity. This can be dangerous. If you identify so closely with your business, you may not see everything objectively, which makes it difficult to make the right decisions for your business. For example, there may be one area of your business that is losing money and needs to be reviewed or your business will suffer. If you cannot separate yourself from your business, you may overlook this until it is too late to turn it around.
Another mistake I see entrepreneurs make is thinking that no one can do it better than they can. This leads to micromanaging or the entrepreneur doing everything themselves. The entrepreneur continues to work in their business instead of on it. This makes it difficult to grow the business. Successful entrepreneurs see themselves as leaders and focus on growing their people to do their jobs effectively. This frees the entrepreneur up to work on the future of the business.
Entrepreneurs are often visionary when they start their business. Somewhere along the way they forget how important it is to have a vision for their business. The mistake they make is getting caught up in the day-to-day operations and not leaving time to develop a vision and a plan to get them there.
Finally, entrepreneurs often think they don’t need to learn how to lead. Many areas of leadership may come naturally to entrepreneurs; however they may also have leadership blind spots. The most successful entrepreneurs are constantly working on improving their leadership skills to be more effective.
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