3 Mistakes Founders Make and How to Fix ThemAugust 26, 2022
Any new business venture comes with a certain amount of risk. And while some risks can lead to rewards, others can result in costly mistakes. For entrepreneurs, it's important to be aware of the most common pitfalls so that they can be avoided them as a company is built. These three common mistakes and solutions are extraordinarily important to pay attention to.
Mistake 1: Poor communication
One of the most common mistakes that founders make is poor communication. Whether founders are not being straight forward enough with their employees or taking out their frustration on their employees, communication is a massive issue founders face.
Solution: A way to solve for this would be to have difficult conversations while exercising emotional restraint and being diplomatic. Founders often find that planning out these conversations in advanced and practicing the tone leads to better results.
When it comes to communication, it's important to be clear and concise. This means avoiding ambiguity and making sure that everyone is on the same page. When a founder is clear, concise, and exercises emotional control it leads to a trusting environment and helps employees achieve a high performance.
Mistake 2: Not defining and building a healthy culture
When it comes to company culture, many founders make the mistake of not taking the time to define and build it. Culture is meant to drive a business, hire great talent, and create massive results. When culture is not defined and built properly, employees can often be complacent and not driven to achieve success.
Solution: One way to avoid this is to take the time to define the company culture and what it stands for. This should be communicated to all employees in an easily digestible way. Employees should also be encouraged to live by the company culture. They should be encouraged to treat this as a product.
Company culture is important because it helps employees feel like they are a part of something bigger. It can also help attract new employees and keep current ones. A strong company culture leads to a productive, happy, and sustainable workplace.
Mistake 3: Not setting clear performance metrics
Another common mistake that founders make is not setting clear performance metrics. When employees don't know what is expected of them, they often become frustrated and feel lost.
Solution: One way to avoid this is to set clear performance metrics and communicate them to all employees. These should be attainable goals that employees can work towards. Employees should also be held accountable to these metrics.
Performance metrics are important because they help employees measure their progress. They also help employers identify areas of improvement. When employees are held accountable to performance metrics, they are more likely to achieve them.
All founders will make mistakes, however these 3 mistakes are recognizable and solvable.
Based off Things Founders Do, Why They Shouldn't, What To Do Instead by Alisa CohnTHINGS