One of the best learning experiences in business is learning from the mistakes we all make.
As the great entrepreneur and basketball player Michael Jordan once said; “I’ve failed over and over and over again in my life. And that is why I succeed.”
It is a powerful quote, and its truth is not only in determination and hard work but also in how we learn from these mistakes.
Here are some of the most common mistakes new entrepreneurs make, and how to avoid making them with the help of growth coaching.
Only Looking At Measurables
It is easy, and very tempting sometimes to hire people based purely on their credentials and their abilities. You are looking for talent and capability after all.
However, when you are starting out, it is far more important to ensure that your new hire is a good fit, and that is not something you can read on a CV.
There is a concept in logic known as the McNamara fallacy, named after a military leader who only made decisions based on measurable elements and losing an entire war as a result.
The lesson to learn here is to look beyond the numbers when making decisions.
Selling Yourself Short
Value is often hard to gauge, and it is very easy and very tempting to undersell your product or service to get clients and customers.
Focus on providing great products and services whilst realising your value and customers will accept the price you are asking for.
Being Scared To Fail
The worst kind of failure is caused by the fear that you will fail. At some point, you need to make an educated decision and follow your heart.
Believing you can succeed and having that mindset will drive you to make decisions that will help you to succeed.