As an entrepreneur, you want to have a hand in every aspect of your business. However, what you might not realize is the effect micromanaging can have on the overall health of your business. In his article on Entrepreneur, Sujan Patel writes “Despite the “hero status” that many successful entrepreneurs get, it’s important to realize that most made the wrong choices, spent time on the wrong projects, and possibly worked with the wrong people before they eventually became successful. As a new entrepreneur, you can and should learn from the mistakes of others.”
Here, according to Patel, are the 5 things you should stop doing in order to become a successful entrepreneur:
1. Stop scheduling team meetings. Meetings can eat up a lot of time during a workday. Instead of a meeting, check in with your employees individually throughout the day.
2. Stop involving yourself in every project. It might be hard to step away from various projects your business is working on, but you should. ” If you’re unwilling to step aside or delegate tasks, it’s usually a pretty good sign that you don’t fully trust the people that you’ve hired to work for you,” Patel writes. “As an entrepreneur, you need to be able to delegate. Once you begin to trust your team and give them the freedom to test new ideas and strategies, it won’t take long for you to start seeing positive results.”
3. Stop looking too far ahead. Things change fast in the business world, it’s up to you to make sure your company can adapt quickly. To be as nimble as possible, don’t spend too much time looking far into your business’s future. Instead, focus on the present and set short term goals for success.
4. Stop making assumptions about customers. According to Patel, a recent Bain & Company survey found that 80 percent of all companies believe they deliver a “superior experience” to customers. However, when customers were asked the same question they said only 8 percent of those companies provided a truly superior experience.
5. Stop sweating the competition. Pay attention to your competition, and learn from them. However, don’t spend hours fretting over them. Have faith and trust in your company and your product.
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