1. Not spending enough time exploring/understanding their core values.
Having well-thought-out core values will keep you out of trouble and help prevent you from falling for the “next best thing.” Decision-making will be easier. Expectations for the organization will be clear. Stress will be less.
One of our 5 core values at Far West Capital is transparency. We strive to never surprise anyone with anything. We share information with each other and our clients for the common good. If we, as owners, do our job and communicate and reinforce this value, the entire TEAM feels empowered to make decisions that align with that value.
2. Working hard instead of working smart.
This has nothing to do with using technology or hiring consultants to “help you improve workflow.” This has to do with setting expectations, picking and training the right people and holding everyone accountable. Some entrepreneurs think if they keep “grinding it out,” that everything will fall into place. You can’t outsource this step – it needs to come from within and from the top. Solicit help (make a list) from your TEAM and build from the bottom up. Now start chipping away at the list.
3. Settling for average.
You want to be successful; dream big, don’t settle for average and don’t be afraid to “look for the unicorn.” Trying for the impossible keeps you focused, makes you hustle and keeps you driving.
What business lessons have you learned?