As your business expands, many challenges will rise to the surface. With different problems, you will need different solutions, what worked yesterday might not work today.
Having proper skills and attitudes is part of the main risks and mistakes that affect growing business and that can be avoided with the proper solutions.
A research from Stanford University by Psychologist Carol Dweck showed that people with a growth mindset are those who believe they can improve with effort. They outperform those with a fixed mindset, since they are able to embrace challenges by treating them as opportunities enabling them to learn something new.
We can see how the right attitudes influence our results.
Skills and attitudes
The driving force behind the creation process and expansion of a start-up are the entrepreneurs. But, they are also the force who can hold the business from growing.
The skills that can help you start a business are not the same as the ones you need to make it grow. It is crucial not to cheat yourself to value your abilities too greatly. You will most likely need the training to learn the skills and attitudes required by someone who is in growth leadership.
In order to expand your start-up, you will need to learn how to delegate appropriately, trust your management team, and give up the daily control of every detail. It is too easy to shift creativity and motivation with unnecessary intervention. As the business becomes more complex, you also need to strengthen your time management skills and learn to concentrate on what is necessary.
As your business expands, you may need to bring in business partners or outsiders to help out. You will want to delegate the responsibility of particular areas to different experts or appoint a non-executive director to increase your board of directors. As you begin to address a new opportunity, someone who has experience of that activity can be crucial.
For many successful entrepreneurs, learning to listen and taking advice from others is one of the most difficult challenges they will face – but it can also be vital if you are going to make the most of your opportunities. There are several entrepreneurs that recognize their limitations, and even assign somebody else to act as managing director or president.