Premise
Hope these posts are useful for you. Many of you
may be already practicing this; such people can help me by giving feedback to
improve this series of posts. For others, this will be helpful. The posts
will be from what I have read, heard and seen as well as my views and
experiences. Today’s post is the one part of Entrepreneurship.
Key challenges for entrepreneurs to sustain and
scale up Business.
In this series, I will talk about the challenges I
went through as well as I have observed people making them. We will look at
what are the Most Common Mistakes we make as an entrepreneur, which
prevents us from scaling up business. At the end we will get a clear
picture of what has to be avoided.
1. Will not let go. Want to control
everything. Will not delegate.
You will do everything by yourselves due to the
fear that others may not do it perfectly. You may need to spend time
training him and then redo it if he has not done it as you desired. So, you
will think why waste time. Instead of spending twice the time, it is better for
you to accomplish the task in half the time.
The consequence of this
- It will eat up your
bandwidth.
- You will be overloaded.
- In the long run you will get burnt out.
Also, You will not be able to do your task
consistently. You will become a bottleneck. Many tasks will wait for your
time.So you will not be able to do it as planned. You will be fire
fighting.
This is mainly for the Entrepreneurs at the macro
level, but holds good even for a team leader like in the IT industry. So,
whoever has a reportee, they need to delegate their work properly to their
subordinate or share with their peers to avoid this.
In short, you need to delegate to
overcome this challenge or in order to avoid this mistake.
