I’ve been an entrepreneur since I was 12 years old and my 6th grade teacher hired me to help her clean in the apartment buildings she owned. I don’t recall what I was paid, but I know I enjoyed the work, and the money. This was in the days when you could do that and no one thought it was weird that a 12 year old boy was spending time afterschool with a 40ish female school teacher. Times have certainly changed – but the joy of working hasn’t waned for me.
When I’m my own boss, and I have been for the vast majority of my career, I am creative, invigorated and I feel alive. When I was working for the corporate conspiracy, it was hell. I hated it. Mandatory work schedules that made no sense for the job I was hired to perform. Annoying reports that did not move the ball down the field, but had to be done each month to satisfy the boss and their checklist of performance metrics. Ick.
So when I returned to the freedom and stresses of being my own boss I could breathe again. But I knew what I was getting myself into. What I’ve observed over the years is that typically new entrepreneurs make two main mistakes: 1) Know It All Syndrome and 2) Hardass syndrome.
Know It All Syndrome is the natural counterbalance to having been a corporate drone for far too long. People who have spent any significant amount of time working for someone else has built up a catalog of things they “KNOW” are better ways to do things. Years of resentments over being shut out, ignored, overruled are now coming to the forefront and manifesting themselves as “I”m right, this is gonna work, and I know better!”
Well, sometimes that’s the case. But, like Khan in the Wrath of Khan, just because you think you know how something works, doesn’t mean you do. In that movie Captain Kirk is able to wrest victory from the jaws of defeat, because he has greater experience and knows some backdoors. Khan’s arrogance and self-assurance are what did him in, and I’ve seen that same thing happen to many a budding entrepreneur. They come to me with dreams of grandeur, and when I poke some holes in their plans, they don’t want to hear what I have to say. I don’t stress over it, since they’ll likely be back in 6 months wanting me to bail them out of exactly the situation I warned them about.
If you’re starting out on your own, don’t be a know it all, ask for guidance from those who have some experience. It’s much cheaper than learning it on your own.
If you’re starting out on your own, don’t be a know it all, ask for guidance from those who have some experience. It’s much cheaper than learning it on your own.
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The second big mistake I see is the “Hardass Syndrome.” This is for the newbie entrepreneur who thinks that the key to success is to be a hardass on everyone. Grind them down on their fees and charges, cut corners, demand compliance with unreasonable and unrealistic expectations. This is the mythic businessperson. They will sometimes have great success, but generally, at least to my observation, at the cost of their happiness. I have clients who are going through this right now, and I see them destroying relationships left and right.
Business is built on relationships – if you’re not good with people – don’t go into business for yourself. You have to be able to get along with others. Being a hardass is not the answer. I’m not saying don’t cut a fair deal and look out for yourself – that’s necessary and important. But if you’re cutting the other sides profit to the point where they’re not making any money – they won’t be around for long.
On a grand scale this is the Wal*Martization of the business world. Constantly grinding and cutting vendors – it’s not good in the long run. Especially if you’re in a small industry. You need your friends, which means you have to look out for them as well as yourself.
I’m not saying be a pushover, but don’t be such a hardass that you’re killing your business. Remember what Zig Ziglar said, “You can have everything you want in life, if you help enough other people get what they want.”
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