Many people seek entrepreneurship because it allows them to be the boss. You get to make all the business decisions, from general company strategy and positioning to the management of your human resources. It’s an appealing position on paper, but in practice, managing people is far more challenging than most aspiring entrepreneurs realize.
Prices, laws and markets can all be itemized, quantified and predicted, but human beings can’t be analyzed the same way. This makes it almost impossible to come up with a universally successful management strategy. While many new entrepreneurs convince themselves that their businesses will be different and their people will all be thrilled to work there, the reality is most business owners are unprepared for the rigors of successful management, and end up making critical mistakes.
These are some of the most common management mistakes I’ve seen in new entrepreneurs:
1. Creating an imbalanced culture. When you start out, you might be tempted to create the ultimate stress-free work culture. You might create an office with no set hours or unlimited vacation days, or you might go out of your way to make sure every person you hire becomes friends with everyone else.
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