Top weaknesses of all Entrepreneurs (including Bill gates)
Top weaknesses of all Entrepreneurs
Top weaknesses of all entrepreneurs. A person is said to be an entrepreneur if he designs, launches and runs a new business. Started with a new and small business. Entrepreneurship is defined as the willingness and ability of the person. Who starts a new venture who organizes. Manages up the business taking all the necessary risks with the aim of earning a highest possible profit
It can also be defined as a process in which a single person or team defines or finds out the business opportunity. Entrepreneurship requires four things. First, there must be opportunities and create a way to earn a profit. Second, it requires differences between the people like individual preferences. Third, the risk is mandatory at last it requires the organization of people and resources.
Here are the top weaknesses of all entrepreneurs
They want to do everything by themselves
When an Entrepreneur starts his own venture. They think they are specialized in each and everything by themselves like customer services, facebook ads, designing the logo, designing the poster, packing the orders, choosing the plants for the office and many more things are there. They want to do everything by there own. It’s important to delegate the jobs to the people. According to there own compatibility of performing that particular job. So that business should grow. It’s important to have a team of individuals because no matter how capable a person is he cannot do each and everything by himself. Having a team of individuals divides the workload of the person. So its necessary to have a team.
You are not best at every Department.
No matter how big or experienced an entrepreneur is. You may have knowledge of each and every department. No one can specialize in every particular field. Your job as an entrepreneur is to find someone who is better than you. An entrepreneur has to find a particular person and let them do the task for you.
Choose one department you are best at.
If an entrepreneur is working in each and every department he is not going to grow. It means he is probably scratching the surface of each and every department and that’s not efficient. It’s based on the strength. It’s better to choose one department you are best at and then go really deep. Understand what really happens in that department understand it. Then master it. That’s how you get the best efficiency out of yourself.
There is always one more way.
If things are not working in a way they used to. Better understand there is one more way to do that same thing to achieve the same results. “Whats working for you the best may not be the best way for your colleagues to do the same thing“. Always remind the same thing to urself. As everyone has there own mindset. Everyone has there own way to do the same thing but with a different method. According to there own ability.
It’s impossible without a team
No matter how hard or smart an entrepreneur works. It’s almost impossible to complete without your entire team. It’s a hard reality to accept at the beginning. Its a real-life experience of many big entrepreneurs. On the top of the HR report, an entrepreneur wrote a total number of hours worked today 500 hours. Its a fact that even if you work 24 hours a day with full productivity. There is no way you can compete with 500 hours. Even if you think your hours are more productive. Then you should better work on to improve the productivity of your whole team instead of just yourself. Then you’re improving the productivity of 500 hours a day instead of just your own 24 hours. It leads to an increase in the productivity of your entire business.
Good team and system in place means your business will continue consistently
A team with a responsible number of people and with a good system. It will continue to run your business consistently. Even when you are away from your business. If your business stops when you are away from your business then its not really a business. What you need to do is that you have a good system in place. When you are outside of the business it can run on its own. A good system in place means that the system is the boss of your entire team including an entrepreneur. The system pushes you and your entire team consistently every day.
Even Bill Gates did that mistakes
Even Bill Gates had this issue when he started Microsoft initially. what he did was that he would check everyone ‘s code and then redo then in his own way. Finally, he realized that was the reason why his business couldn’t grow up to that level. He changed his system delegated the authority and that’s how his business grew.