Nibletz Staff
It’s quite amazing: entrepreneurs are some of the most valuable people in society, coming up with new products and service which, in general, make our lives better and push humanity forward. Yet there’s practically no training either in school or college for people wanting to pursue that type of career. Training is all about fitting into the existing mold, rather than breaking out of it and doing something fundamentally new.
Entrepreneurs, therefore, have to feel their way to success. Along the way, they inevitably make mistakes, but the difference between a failed entrepreneur and a great one is in how those mistakes are handled. Those who are successful learn from their mistakes and don’t make them again in the future. Those who fail keep on making them until they eventually go out of business.
The ability to reflect on oneself is, therefore, essential. Entrepreneurs need that external “observing eye” – a tool that allows them to look at themselves and their company critically and objectively.
Admit You Made A Mistake
The reason entrepreneurs need insurance, like general liability insurance from CompleteMarkets, is because they make mistakes, according to Tori Utley, a seasoned entrepreneur writing in Forbes. But the best leaders don’t shy away from their errors: instead, they admit them up front and take ownership. Being open and honest about your limitations is an excellent way to get the rest of your team on board and outsource to them new ideas for how to solve problems, she says. Businesses that succeed, she argues, are those that take a more collegiate approach to problem-solving.
Recognize Leadership Is A Gift
Utley also points out that leadership is a gift, rather than something a person’s intrinsically deserves, separate from their actions. People don’t have to work with you: they can go off and find somebody else who treats them better or offers them more challenging and interesting work. As a leader, she says, she learnt that people had chosen to follow her out of their own free will, which dramatically changed how she thought about her position. She saw her aims, not so much to grow her company, but grow the people around her so that they could grow the company themselves.
Entrepreneurs Must Commit
Utley points out that one of the reasons why some startups ultimately fail to reach their potential is because their founders don’t commit. They’re full of ideas for the future, and yet the rubber isn’t hitting the road.
Top entrepreneurs lay out their plan and their vision for the future, and then create a series of measurable, practical steps to get there, based on time and financial constraints. By committing fully to an idea, Utley says that entrepreneurs will naturally bring their entire teams along with them for the ride. Personally investing in your own ideas is the best form of advertising for your investors and motivation for your staff to commit to the same degree that you have.
Finally, Utley says that humility is essential. Confidence and humility is a rare combination, but it is essential if an entrepreneur is to remain adaptable.
