| Top 10 challenges faced in scaling up the business |
| § Lack of Alignment in the values and Purpose of the company |
| § Market Misalignment between the Product/service offered and Customer needs/wants |
| § Owner Centralized Decision Structures leading to a bottle neck at the top |
| § Lack of a clear business direction cascaded down to the team below |
| § Lack of efficient & seamless integration of technology in the business operation |
| § Inability to handle Next Generation Succession and Engagement effectively |
| § Lack of Non Family professionals in key positions |
| § Lack of an effective board for the External View of Business Performance |
| § Inability to attract and retain talent due to favoritism towards family members |
| § External Variables like competing with big businesses, foreign companies, and a very fast changing technology landscape. |
How do you deal with failures as an Entrepreneur?
- On: September 16, 2021
- By: Riddhi Shah
Henry Ford went broke five times and was advised to stay away from the automobile industry.
Walt Disney when looking to finance Walt Disney World was turned down about 300 times.
Five record companies chose not to sign the Beatles.
The world would have missed some amazing things if these men would have given up. For an entrepreneur, failures whether big or small are more common. Failures and rejections do seem herculean at that moment, and everything you were gunning for comes crumbling down. With faith in yourself, you must learn from the failures and use them as stepping stones. Here are some things to keep in mind and deal with your failures:
Failure is a side of innovation:
If you are trying out new things, you will fail and try again and finally succeed. It could be a new way of reporting, changes in the current product or anything that is different from how you do things right now. Without change, your business will become stagnant.
Focus on progress:
Don’t focus on winning or failing. Focus on progress and movement. Change your yardstick to match if by doing something new or different, you have reached closer to your goal.
Investigate your mistakes:
Don’t get heartbroken with failures and give up. Sit back and analyze your mistake. Understand why you failed. Detail out internal as well as external factors of failure and learn from there.
Make a list of your mistakes:
This list is not to moan about all your failures. Its a documentation of everything you attempted and failed or succeeded. You will soon learn more about your strengths and weaknesses by analyzing this list. Try and attempt to do things you are better at.
Celebrate your successes:
Be kind to yourself. Acknowledge your successes and celebrate even the smallest of victories. This will give you the strength to survive the tough times.
Let go of your ego:
The biggest enemy of an entrepreneur is his ego. When you are rigid and not willing to change, your business will succumb. Be nimble and take expert advice. Be open to different ideas and suggestions. Take help from your team and overcome the burden of your mistakes.
Creating a better future plan helps avoid big failures while still continuing to innovate. After a certain point, when the company grows big, existing ways of doing things are no longer applicable and you begin to fail because of this. As a business coach, I work with leaders to help them overcome failures, learn from them and plan better.