Being a CEO is not easy. The job requires quick thinking, resilience, optimism, good judgment, and a lot of dedication. It’s a challenging role to fulfill, and it’s no wonder that people make highly damaging mistakes all the time. If you’re currently the new CEO of your own small company, then there are some habits and mannerisms you should watch out for. They could make or break your company.
Lack of commitment to one idea:
When they start, many entrepreneurs are not hopeful of success with their venture. Statistically, people succeed with their business after trying for their fourth venture. It takes a lot of tries to get there, and people interested in entrepreneurship often know this. However, their response to this is not conducive to success.
They make the mistake of thinking that as they are most likely going to fail anyway, they shouldn’t spend too much time or resources on it. This is entirely irrational, of course. Even if you are likely to fail, you won’t learn anything from the venture unless you genuinely put some effort behind it. You should give it your best and walk away, having learned the most you can have known.
Another problem is that many entrepreneurs start more than one venture at the same time. They are curious to know what works and eager to implement all their ideas. However, even a small business takes a lot of effort and time. It’s neigh impossible to run too many unrelated ventures no matter how local and small their statuses are.
Yet beginner entrepreneurs make the common mistake of thinking that they will be capable of handling about three small businesses just because they’re small. This will not allow the person to invest their time and mind towards one specific goal fully. In the end, none of the businesses seem to go anywhere.
Giving away too many shares early on
Early CEOs often mistake giving away lots of shares early on to attract investors and get money while their business is young. This is done in panic mode when there is excellent desperation for money as there is a constant threat to the business of going bankrupt or unfinanced. However, giving away too many shares this early will leave no shares to sell to future investors.
This mistake is a great mistake, and it’s imperative CEOs keep their wits about themselves when signing off shares to their early investors. They must think about how to secure the business for now and how it will survive in the future.
Wrong co-partner
A business venture is not dissimilar to a goal or ideal. It is the job of the CEO to do everything necessary to reach that goal. When more than one CEO they must agree on the plan and work towards it together. The business must come before personal conflict and greed.
Many businesses fall apart because of disputes between the owners even after the company has become established. It’s essential to partner with someone with whom your ideals and goals match. Only then may the business go genuinely far.
