“Failure is only the opportunity to begin again, only this time more wisely.” - Henry Ford.
Leaders of large and small organizations make mistakes. We learn from them, but wouldn't you rather learn from the mistakes of others? There’s less damage to our own organization, and if we are alert, we can avoid the same error ourselves down the road.
Contributor to Entrepreneur, Lewis Holmes, shares some lessons we can learn from common mistakes entrepreneurs make.
Don’t Chase All Opportunities
Some leaders get caught up in chasing profits, whatever profit it may be, but not every opportunity is right for your business. Holmes says it’s vital to set boundaries for the type of work and client you want.
Have an Exit Strategy
Holmes suggests you begin with the end in mind because it demonstrates to potential investors they’re investing in a business model, not an entrepreneur with a dream. Things can go wrong, so don’t let your optimism make you think otherwise. You may need someone else to step in one day and run your company. Steve Jobs and Apple is a great example of this.
Test Assumptions
Whether you have a new idea for a business venture or a product or a service, test all of your assumptions and ideas on paper. Before you decide to move forward know your costs, factor in the unexpected, and then decide if you should move forward.
You Can’t Handle Everything
You are one person and there are only so many hours in a day to get work done. You can’t handle everything so, to avoid burnout, delegate or outsource tasks that are better handled by others. Then keep track of the results.
Take each mistake as a valuable learning experience you can take with you for the rest of your career. As business leaders, it’s our job to learn from our mistakes and move forward.
What other common mistakes do leaders make?
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