Being your own boss provides you with oodles of freedom, but it also removes the crucial oversight you had as an employee.
Who is holding you to account if you make a bad decision? Is there anyone you are turning to for sage advice? Do you really have the skillset to do everything yourself?
Peskett says: “Start-up owners often try to be a jack of all trades, covering as many bases and roles as possible while they get their business off the ground. At some point in time, as their business grows, they find they become too stretched to do it all.”
“They’re forced to assess their personal skills and interests to decide what effective role they should play in the business going forward, while outsourcing the rest.”
“To avoid this trap, you should identify your skills and interests at the outset and employ the support of mentors and advisors. By doing so, you access expertise, form winning strategies and implement the best processes at the outset.”
A mentor could be a friend, family member or associate. Ideally, they’ll have a background in entrepreneurship and, better still, a knowledge of your particular industry. Use as many outside opinions as possible.
Serial entrepreneur Phil Weinman, who has mentored countless start-ups, says: “You may ask why someone would want to mentor you without payment?”
“Well, believe it or not, many highly successful people, who are not driven by getting paid for work they do because they don’t need to, are happy to pass on their knowledge and their affiliation with you, and maybe your business may even complement their own credentials.”
“Or believe it or not, they may just really like you. You may want to offer them some equity in your business – this is largely different from paying a fee or salary.”
Story continues on page 4. Please click below.
