Dave Newberry - The Entrepreneur's 6 Biggest Challenges

 1. BOREDOM

Repetition, for most of us, is a comforting thing - for the Entrepreneur, it's like bad wine that they can't spit out fast enough. Typically, once bored, it's only a matter of time (usually minutes) before the Entrepreneur is wandering off to another venture. Not good. Successful Entrepreneurs know how to complete the project(s) they're working on, how to delegate it/them to someone else (with a deadline), or how to move beyond them completely through delegation or elimination.

Dave Newberry - The Entrepreneur's 6 Biggest Challenges

2. RESTRICTION

Diversity rules in the Entrepreneur's world. Entrepreneurs love freedom; freedom to create, freedom to dismantle, freedom to not worry about rules. However, for their company to be successful and for their employees to know exactly what's expected of them, providing structure (rules) is a good thing. When it comes to creating and imagining where their business can go or grow - successful Entrepreneurs have no boundaries - instead, they are always looking for opportunities and possibilities.

 

3. CONTROL

Entrepreneurs have the tendency to want to control everything. They may become so consumed with the "running of the business" functions that they forget to let go of the reigns. If they don't, stagnation occurs and employees become resigned to the fact that the Entrepreneur wants to do everything and therefore the motivation for employees to grow themselves and the business is diminished substantially.

 

4. TOO MANY DETAILS/TOO MUCH CONTENT

Having procedures and processes are great but it can be the kiss of death for an Entrepreneur. Typically, it's hard enough for the Entrepreneur to remember basic company procedures and it's unlikely that they will ever have to use them much (because they're off creating new stuff). Entrepreneurs need to focus exclusively on the feel or the look of a new idea or venture, and then find the right individual(s) to hammer out and execute the details.

 

5. SLOW MOVING PEOPLE or just OTHER PEOPLE

It's a well know fact the Entrepreneurs move at the speed of light and have the patience level of a dog in heat. Sorry, no offense intended, but it's true. Entrepreneurs are notoriously impatient people. They can't understand why other people can't see what they see - and as quickly. When it comes to running a company, forcing themselves to be patient with their staff (even if it's just a little) will pay off for the Entrepreneur. Employees need to understand the Entrepreneur and his/her motivation and ideas (because it will benefit both sides). Entrepreneurs should strive to not let their own behavior distract employees from the idea they want their employees to focus on.

 

6. SUCCESS

Once an Entrepreneur has experienced success, it's hard to break old habits. With success, a paradigm is created and anchored that A plus B will equal Success, therefore repeating it will yield more success. Every business is different. Once an Entrepreneur tastes success, it's harder to discern the subtle differences that each of their businesses possesses. They should not get lulled into feeling it is always going to work the same as before. (Entrepreneurs know this, but it's easy to forget, especially when they've experienced big success before.)

 

 

 


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