What are the biggest mistakes I've made in business?
Well, the biggest mistake I made in my startup was bringing aboard and hiring the wrong people.
All too often an entrepreneur can get so excited about their venture that they make quick and fast decisions to move ahead. See, when you are growing fast you have to fill departments to cover for everything you can’t do personally. A startup/bootstrapped entrepreneur often wears so many hats and there comes a time you have to delegate. You just have to make sure you delegate to the right people.
During the startup phase and even during the growth years, a highly energetic person can inspire so many people around them that they attract what we would call, “hangers-on”. People who have their own agendas and those who really don’t have the company’s best interests at heart. (I don’t think this is uncommon) but the key is to just be aware of this.
If you bring these types of people, they may work out for a short time but gradually you will see performance drop and morale sink.
Running a business is tough enough as it is, you just have to make sure you constantly have a pulse on your team and never allow the wrong people who aren’t 100% “all in” to steer your company off into the wrong direction.