No two entrepreneurs have exactly the same experiences heading up their companies. However, there are certain things that all business people experience and come to realise over the course of their careers.
If you’re just starting out as an entrepreneur and you want a clearer idea of what to expect, keep reading to discover three lessons that all company leaders learn.
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1. You can’t control everything
It’s common for people who set up their own companies to be perfectionists by nature and so it’s no surprise that many start out expecting to be able to control all aspects of their businesses. However, at some point they realise – some much more quickly than others – that this isn’t sustainable over the long term, especially as companies grow.
Commenting on this issue in a recent blog post on www.chrisniarchos.org, chairman and founder of the Cobra Group Chris Niarchos said that trying to micromanage all aspects of a business can reduce the ability to focus on strategic planning. He also pointed out that it can cause stress levels to soar.
The fact is, good leaders know when to delegate and they surround themselves with capable people to help drive their companies forward.
2. You must believe in yourself
No one starts out in business as the complete package. Everyone has room to grow and improve. However, no matter what stage of their careers they are at, entrepreneurs have to have self-belief. If they don’t have conviction in their ideas and confidence in their abilities, it’s extremely unlikely that others will.
After all, to get people to invest in their companies and to bring a talented team on board, entrepreneurs have to be able to sell themselves and their concepts. While this comes completely naturally to some business people, others learn the hard way that there’s no room to show doubt and uncertainty.
3. Things often don’t go to plan
Very few entrepreneurs are naïve enough to think they’ll never experience problems while running their companies. However, what many people don’t realise when they first set up their businesses is how often things will fail to go to plan. There are so many potential problems to contend with while running a company, ranging from issues with suppliers, to equipment breakdowns, to personnel problems.
On a broader level, fluctuations in demand or changes to business regulations can cause serious difficulties. So, to enjoy long-term success at the helm of a company, entrepreneurs have to be resilient enough to cope with the stress that these problems can bring and agile enough in their approach to negotiate their way around them.
The more quickly you can take on board lessons like these, the better chance you’ll have of succeeding as an entrepreneur and the fewer unwelcome surprises you’ll suffer along the way. It helps to make a conscious effort to learn from the experiences of fellow business people.