27 Apr Overcoming Start-Up Pitfalls
Often the very reason you started a business is the same reason your business is not growing. It’s what Curtis Morley refers to as The Entrepreneur’s Paradox. Curtis is on staff at The University of Utah and is the author of a new book titled, The Entrepreneur’s Paradox: How to Overcome the 16 Pitfalls Along the Startup Journey.
“If you’re building the product, who is building the business?” asks Morley. In other words, all entrepreneurs get into business because they are good at a particular task. But if they ever want to grow the business, they need to hire qualified people to build the product and focus on building the business.
This is where a solopreneur makes the leap to being an entrepreneur.
“Emotionally, that is one of the hardest parts,” says Curtis. “This is your baby. This is something you have conceived; you have raised this child. To hand your baby over to someone is so difficult, because they don’t do it the way you do it.” This is where a solopreneur makes the leap to being an entrepreneur.
Curtis unpacks the 16 pitfalls that entrepreneurs struggle with when starting a business. This includes trying to wear all of the hats, like being the CEO, CFO, Salesperson, etc. “Not only should I not do this (as the founder),” says Morley, “there are people who can do it way better than I can. Bringing a team on is critical to finding that success.”
Not everyone has the luxury of having the capital to bring on a large team, but Curtis suggests entrepreneurs look into hiring fractional CFOs or contract staff to help the business start to grow.
Another big pitfall almost all entrepreneurs deal with is imposter syndrome, where you fear that you are not good enough or not educated enough to build the business. “If you think about it, you almost have to be an imposter,” says Morley. “You’re doing something in a market with a product that has never been done before. So it doesn’t matter if you’re the college dropout or the Harvard MBA, you’re still going to have to figure it out from scratch; you’re going to be faking it until you make it.”
In Curtis’s book you will find other pitfalls you need to overcome, like not stepping up as a leader. But Morley also provides some practical management tips, like understanding the financial numbers.
You can pick up a copy of The Entrepreneur’s Paradox: How to Overcome the 16 Pitfalls Along the Startup Journey on Amazon or at Barnes & Noble.
Scott Miller is the CEO of Centerpost Media and host of the Create, Build and Manage Radio Show and Podcast. You can find Scott on Facebook, Instagram and Twitter via “@scottmillerceo.” Centerpost Media is a marketing agency with a vision to help every business they encounter with their media needs by providing outstanding quality, service and value. Centerpost Media is the parent company to BizTV, BizTalkRadio, BizTalkPodcasts and Bizvod.