I thought that starting a business is not a problem as long as I got my capital. But my failures proved me wrong. I’d put up quite a number of businesses since I got out of college with the idea that I would make it big in a year. That was my goal. I was so enthusiastic and optimistic. I can feel that it was the right business for me. But in just three months, I closed it down for I got no client.
I worked and saved money, and again thought of starting another business, assuming this is it. And guess what? I failed again. It’s a cycle that keeps coming back, and I don’t know why. What is wrong? Am I not that smart?
I sat down and analyzed each business I put up carefully. And these are what I found out and my realization.
Roles And Responsibilities Became Too Overwhelming
I always do every single thing on my own, trying to make the impossible possible. I don’t delegate responsibilities to my employees because I don’t trust them enough. “Feeling excessively responsible is associated with a vulnerability to worry,” says Alice Boyes Ph.D.
It’s hard to run a business on your own and still doing all the other tasks. You’ll not be able to give it your 100%. You hired and paid people to do the small details for you. Let them do their job and have more time for more important matters.
I Forgot To Unplug And Recharge
I have trust issues that why it’s difficult for me to leave the business handled by others even for a single day. And I thought that when running a small business, I need to be hands-on and be there 24/7 for it to run smoothly. It tires me off, and my brain was all over the place.
Schedule your time off. Taking the vacations can help you unplug and recharge, just be sure to leave your work behind. Enjoy that rare special moment. When you come back, see the difference in your performance and the flow of idea.
It’s Difficult To Separate Business From Personal Life
I often struggle with separating work and my personal life. It’s just so difficult to let go and ignore messages on phones, social media, and emails.
The family still should be your priority. Have time to bond with them when you’re home. Schedule a night out with your friends and build more networks of friends. They could one day help you with your business ventures.
I Didn’t Invest In Enriching My Skills
I thought I was armed enough to run the business with the knowledge I have.
Skills and knowledge have to be updated. What you learned from years ago can become outdated. It could help you grow your business if you went with the tide of modern information by learning them. Enrich your knowledge and improve your skills by attending seminars and training and enrolling in classes and workshops. Whatever you will learn from there, you can apply in your own business.
“Regardless of your chosen career path, building your soft skills is critical so you can set yourself apart from others in a competitive landscape,” says Natalia Peart, Ph.D.
I Don’t Listen. Why Would I, I’m The Boss!
I never listened to people’s advice and my employees’ suggestions.
That’s the adverse effect of thinking of yourself as the only smart guy in the room. You won’t dare listen to what all others say. You just pretend, but you don’t really hear what they say. What you don’t realize is that you can always pick up something even from who you think is the dumbest person in the room with you. As explained by Sherrie Bourg Carter Psy.D.,“listening is an equally, if not more important skill that is often overlooked by parents, educators, and bosses. However, few of us were taught good listening—the active, disciplined kind of listening that helps us examine and challenge the information we hear in order to improve its quality and quantity, and thereby improve our decision-making.”
I made many mistakes, but these are the top on my list. They all caused me many failures. But on a positive note, these mistakes taught me life and business lessons that I won’t find in any inspirational or business books. Now, I’m doing well and so is my business (not anymore small) and all my employees who are confident in performing their respective responsibilities.
I hope you will learn from my experience, listen to my advice, and make your business grow.