There are many reasons why many people dream of being an entrepreneur one day. They see entrepreneurship as an easy way to get rich. They think entrepreneurs are the kind of people who can easily buy new cars, are guaranteed to get the approval of mortgage brokers, and have complete control over their time and money. ; But in reality, managing a business is a lot more complicated.
Successful entrepreneurs face many challenges before enjoying success. Since they have big responsibilities hanging on their back, every decision they make can have an impact on the company. If one is not careful, the business can end up collapsing.
The good news is, new entrepreneurs can learn from the mistakes of others, so they can be better in managing their business. It would be best to learn from the mistakes of other entrepreneurs rather than suffer the consequences on your own. The following are just some big lessons you ought to know when running a business.
Let go and delegate
As an entrepreneur, it is only normal to want to be in charge of everything. But once you start letting go and begin delegating the tasks you can no longer handle on your own, you will soon find yourself enjoying more time to focus on areas you excel at.
Take Bill Gates, for instance. Before, he did most of the hard work, interviewed every hired employee, refused to let others write most of the code, etc. He did not take vacations or even weekend breaks during the early years of Microsoft.
But as the company grew, he soon realized that he can no longer do all the work by himself. When he started delegating and learned to let go of the things he used to feel happy about doing on his own, the company took off. Now he claims that Microsoft’s winning formula is the power of delegation.
Failure is not a bad thing
No entrepreneur would want to make mistakes as even the simplest one can cost a company a huge amount of investment. But according to Jeff Bezos, embracing failure is a critical part of survival. This is not to say that you can already be careless in making decisions.
According to Bezos, one of his memorable failures cost him billions of dollars. But this did not stop him from innovating. It is important to realize that some investments will take off while others will fail. Learning from mistakes will make you better in the future.
Make every employee feel valued
If you ask Larry Page what business lesson he has to share, one is to treat every employee like family. He believes that working in teams is the key to great business success. Why? If you only work for yourself, only you will experience success. But if you work well in a team, then the whole team will be successful.
When all of your employees feel valued, are happy and motivated, the company can achieve greater heights. This is one reason why Google’s workplace is productive, ecstatic, and fun. They may not be a conventional company but this is the very reason why many want to work in Google.
Business management is never easy. But many can make it work. This is since many are unafraid to make and learn from their mistakes, entrepreneurs value their employees and they are willing to delegate and trust their employees enough over big responsibilities.