BizMove Management Tips

Common Problems Of Entrepreneurs, Weaknesses Of An Entrepreneur Issues

Problems of Entrepreneurship, Weaknesses, challenges and Solutions for strength

 

Do You Suffer from These Common Entrepreneur Problems


It's easy to criticize an entrepreneur, especially if you're married to one, work for one or are coaching/consulting one. Entrepreneurs, like any pioneer, have their own set of (always evolving) rules and strategies.

Many entrepreneurs are successful in spite of themselves. The key in working well, and enjoying, entrepreneurs is to fully understand their weaknesses, because these are often their biggest strengths, although YOU may not think so! Here is a list of weakness and the strengths that they "are." Sub-point 2

1. Can't Focus, lots of ideas, runs in circles.

If the entrepreneur could focus, they'd be a bookkeeper (no offense to bookkeepers; I was a CPA for years). The enterpreneur's currency is ideas, often a flood of ideas. This is good. Encourage MORE ideas, don't try to pin them down. When they feel your support in challenging them to come up with more and BETTER ideas, the flow is restored and they'll find the one to really NATURALLY focus on. Really. The reason they can't focus is that they haven't yet flushed out all of the half-baked ones.

2. Not good with details.

Duh. Why should they be. Sure, it would great if they would focus on details, and in fact, many entrepreneurial-types fail or have lots of stress (think ValuJet's CEO), specifically because they won't or cannot sweat the details. But given many won't deal with details well, suggest they give up even trying. Sure, this may create a mess, but challenge the entrepreneur to solve the mess as if the mess was a new business! That'll get 'em thinking! (Entrepreneurs are like kids; it's good to divert them.)

3. Feel odd, different, alone, strange.

Entrepreneurs are simply wired differently and they SHOULD feel this way, because it's TRUE and there is nothing wrong with it at all. In fact, if you can help the entrepreneur to relish their unique, contrary, leading edge ways, you'll help them feel better about themselves (their different-ness), which will increase the flow of ideas and success. Educate the entrepreneur to understand not just themselves as individuals but to understand about the species called Homo entrepreneurs.

4. Good at starting business, bad at running them.

This is very true of many entrepreneurs, but you know, many entrepreneurs think that they have an obligation to run their businesses and become a great manager. 90% will never be great managers; they shouldn't even try -- too much stress on everyone! The solution: Help the entrepreneur to set a "sell date" right now, so they know they're getting out and when! This relieves some of the pressure and also forces the entrepreneur to create a sell-able company vs one that is just a monument to their ego (and I mean this lovingly). It's essential that you and the entrepreneur get that there's no reason an entrepreneur can't start and sell 25 businesses. Selling is not failure; it's good business and lets the entrepreneur play instead of being saddled with responsibilities and accountabilities that they just don't want, but feel that they should have. Help the entrepreneur to "get" that they'd really rather NOT run their business and that they prefer to start new ones. This will turn a perceived weakness into a profitable strength.

5. Chaos reigns in the company.

This is fairly common, for several reasons. First, the entrepreneur LIKES chaos and is unlikely to attract or be able to hire a manager that is cross-platform: able to both manage the people/operations and ALSO be able to put up with the personality or constant flow of ideas and changes that the entrepreneur is likely to have. A solution is to design the company so that it can afford the chaos and the financial stress that chaos usually bring. A second solution is to educate the entrepreneur and staff that chaos CAN be good business and not to worry about it. Another solution is to ask the entrepreneur to solve the chaos problem by thinking of it as a foundering business that the entrepreneur has purchased. His/her job; Turn it into a profit center! This will get the juices flowing. Another solution is to help the entrepreneur to create fully automated and foolproof systems, usually managed by outside contractors or vendors who are not IN the business day to day. This works well, because it forces the employees/owner to use the systems, which are mostly computer based. Boys will be boys and it's better to save them from themselves sometimes! Systems to this. Remember: Creation IS messy! It shouldn't have to be, but often is.

6. They fail. And fail again.

This one's tricky if you look at the failing business as a problem or as a reflection on the entrepreneur's ability and strengths. In this case, their weaknesses were bigger than their strengths and the business failed. But, just like a kid has to fall a couple of times when learning to ride a bike, so do entrepreneurs fail as they learn how to be successful. Remember, it's the SPARK that the entrepreneur has that is the REAL source of profitability. It's just that there is often a learning curve as the entrepreneur learns to compensate for his/her weaknesses by delegating, outsourcing, maturing, and learning new skills. The Spark usually wins in the end. Note: Just like you can't really tell much to an adolescent because "they know it all," you often can't tell much to an entrepreneur because they DO know it all! Don't try to parent the entrepreneur; you'll lose. Just love them and be there when they fail. That helps them learn faster.

7. They exaggerate and are too optimistic.

This is good! Encourage the entrepreneur to exaggerate as much they want to. This is a reverse way to get them to tell the truth. It works. Exaggeration and pipe dreaming are as important to the entrepreneur as faith and believing are to Christians and other religions. It just comes along with the lifestyle. It's part and parcel. It's hard to have one without the other. Entrepreneurs are so out in front of the rest of us that they NEED to exaggerate how well things are going, in order to keep the faith -- hey it's lonely out in front (or in left field, depending on how savvy the entrepreneur is!). Exaggeration, pipe dreaming and denial are the tools and comforts of the trade of entrepreneur ism. Sure, many entrepreneurs grow through this, but don't try to take away their blankie until they're ready. They need it.

8. Always at the edge financially.

This one's a toughie, because of the "unnecessary" stress it can cause to the entrepreneur, the business, employees, families. What I've sought to do is to educate the entrepreneur who is always at the edge that there is an emotional dilemma that they are trying to heal, via their business. The psychological source of this "always at the edge" may be an addiction to adrenaline, the pleasure/high of "pulling it off" at the last minute, of the high that victory brings, the need to be better than everyone else/compensate and even the inability to establish a reserve of cash and time so that they function without this stress. In my own case, I pushed so hard that I was always just barely making it, even though sales kept growing significantly. When I learned that this was because of self esteem (technically, a "havingness level" problem (meaning that I couldn't let myself "have" what I was earning)), I was able to make a couple of minor changes and establish such a healthy reserve that I am set for life (and can play with projects such as these Top Ten Lists!) The traps the entrepreneur will fall into is to increase their lifestyle just as quickly as their company grows. Mistake. But, back to why being at the edge financially is a such a strength. It's because the entrepreneur has proven, time and time again, that they are resourceful, can survive and bounce back from adversity. This is GREAT! Now, direct the entrepreneur to direct this energy into creating a healthy savings account instead of leveraging so much, and you'll have a successful entrepreneur.

9. Family of the entrepreneur, suffers.

Another toughie. You didn't just marry a man/woman or a businessman/woman. You married an ENTREPRENEUR! And he/she didn't come with instructions, warning labels or antidotes. Oops! If entrepreneurial genes were find-able in the DNA, they'd be considered a strong, strong drug. Reality aside, it's best that you develop your own strong interests and let your husband/wife do their own thing. You'll always be #2 (well, maybe # 1 and half). You can have a great marriage if you get this.

10. Sales dip.

Sales dip because the entrepreneur has turned over some or all of the sales function to others. Take this as an invitation for the entrepreneur to get back to selling, where they usually shine.


Other Topics in the 'Business Management Hacks' Section


Sidebar: you are invited to visit our car insurance information section featuring a list of articles that may save you hundreds of dollars on your motor vehicles quotes. In full coverage auto insurance you'll discover helpful tips to getting cheap quotes. For information on how to get cheaper quotes on shorter terms see one month car insurance and also short term car insurance. For first time drivers information see cheap car insurance for new drivers. How about obtaining cheaper premium rates for mature women? no problem, look here, best insurance for new drivers over 25 year olds.

If you are interested in a half year duration see 6 month car insurance for helpful tips on the topic. How about getting more favorable premiums costs for younger drivers? see car insurance for 17 year olds and motor car insurance for under 21 and vehicle insurance for male and female under 25 years old. Here is another list of drivers insurance useful articles, As for helpful tips regarding no deposit premium payments see car insurance with no deposit and for a list of low cost brokers, agents and companies see car insurance with no deposit companies. Read the following informative article if you are looking for better rates for the young drivers in your family, cheaper vehicle insurance for young drivers. Now, for discovering new ways to get lower quotes go to general car insurance Read this article if your after high risk car insurance information.

How about getting a better deal on first time driver? just click the link. It may come a time that you'll be interested in canceling your policy, use this article for the instruction of how to do it. Our drivers insurance hub page features a list of guides that can surely help you get dirt cheap car insurance for teens drivers rates. For those of you who seek cheap quotes for a shorter term policy, read this article. and here are tips and advice for special interest groups such as young drivers and temporary insurance.

If you have first drivers in your family look here for useful advice regarding cheap drivers first car insurance on getting very very cheap car insurance quotes, other types of policies can include the following: no deposit car insurance, pay monthly, insuring classic cars for young drivers, getting better deal on cheap liability car insurance cost, locating good rates for new drivers. how about if you are interested in pay as you go auto insurance? yep there is a guide for you. And here is a list of car insurance companies cheapest. And the list concludes with a way to calculate car insurance estimate without personal information.

Disclaimer: While every effort is made to ensure that the content of this website is accurate, the website is provided “as is” and Bizmove.com makes no representations or warranties in relation to the accuracy or completeness of the information found on it. While the content of this site is provided in good faith, we do not warrant that the information will be kept up to date, be true and not misleading, or that this site will always (or ever) be available for use. Nothing on this website should be taken to constitute professional advice or a formal recommendation and we exclude all representations and warranties relating to the content and use of this site.

Copyright © by Bizmove. All rights reserved.