Building a new startup is never easy. But thanks to the plethora of tools available to modern entrepreneurs, the challenge is becoming simpler from a technical perspective. Thanks to the excellent support that many startups now receive, increasing productivity and improving one’s bottom line have never been easier.
But, despite all the tools which are now available. Some startups still struggle to grow at the speed that they’d like. Here are some of the reasons why.
Reason #1: Trying To Be Your Competitors
Startups are necessarily small by design. But with the way some entrepreneurs act, you’d never know it. Entrepreneurs want to be like the big boys and girls straight away, without realizing that size and scale are hard things to fake.
The best thing entrepreneurs can do is focus on what they do, and do it really well. Often being small is its own advantage. Smaller companies are more nimble, they can adapt to client needs quickly, and they can offer personalized services that larger businesses struggle to emulate.
Reason #2: Failing To Scale IT
It’s often said in business that the way you gain your first 20 clients is very different to how you get your next 2000. The first twenty will be generated through personal contact and directly reaching out to people. The next 2000 will come from inbound marketing methods and general brand awareness – in other words, the pipeline is totally different.
The same goes for IT. The type of IT infrastructure your business has when you’ve got 20 clients is totally different to the kind of infrastructure you’ll have with 2000. As you grow, finding a reliable IT support business is essential. You need partners who can help you effectively scale your operation and deliver the kind of efficiencies that your company will need going forward.
Reason #3: Doing Everything Yourself
Entrepreneurs like to think that the best way to run a business is to make sure that they insert themselves into all aspects of it. They want to keep tabs on everything. Their business is “their baby.”
But there’s a flaw in this strategy: more often than not it leads to decision fatigue, exhaustion and burnout – not things that you want if you’re trying to drive a multi-million dollar business forward. So what can entrepreneurs do? The best thing to do is to practice delegation and, more fundamentally, develop trust with other leaders in the company. Successful entrepreneurs know that the key to getting the best out of people under their command is to give them the power to make their own judgments and decisions.
Reason #4: Being Too Serious
It’s often said that business is just “people.” In other words, as an entrepreneur, you need to be able to communicate one-on-one with others, just as you would in any other social situation. Some entrepreneurs, however, tend to take themselves too seriously. They’re too wooden and formal in their interactions with others, and this makes it less likely that they’ll sign the big deals they’re looking for.