Here are five pitfalls that you should avoid as a young gun in the business world.
Being the “Cool Boss”
Being the boss doesn't only mean making tough decisions. It's also about listening to the right people, which means there's plenty that you have to ignore. You want your employees to be content so they can do their job, but you can't make everyone happy.
Spinning the Blame Game
The early stages of a start-up are a rollercoaster with no seatbelts. Many fail before they even get to the first round of seed funding, so things can get extra stressful. Instead of blaming your staff for failing to turn in their deliverables, focus on the problem. Work with your team leaders and move on. Raising your voice or making an example out of an employee is not going to solve the issue.
Losing Steam
Hopefully, you get to move your start-up out of your apartment into a real office building. The common problem is as a business gets bigger, the risks become more costly. As a result, leaders end up being cautious in dipping their feet into murky waters where they can't see the bottom. As a young CEO, it’s your job to take the company forward by taking risks. Just make sure that it is calculated and measured.
Pride over Adaptability
When you're a young CEO who has successfully pulled up a start-up from its bootstraps, change can be a hard thing to do, especially when you've nailed your approach down to a science. Recognise that as your business changes, you have to adapt as a leader, too.
Selling out before selling in
The promise of a million dollar IPO is very alluring. Nobody knows how Twitter generates revenue, but its founders became very rich after a stellar debut. But selling out early has its setbacks. As a founder and perhaps CEO of the company, always think about the future. You'll end up owning more in the end. The same goes for other aspects of your business. You have to manage in between quarterly reports, but you should also think about the next five or 10 years.
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