The very characteristics that are the mark of an entrepreneur are also characteristics that can cause trouble in companies and personal lives. “Entrepreneurs are a special breed,” says JK Harris, author of Flashpoint: Seven Core Strategies for Rapid-Fire Business Growth (Entrepreneur Press) and founder and CEO of JK Harris & Company. “The part of our nature that drives us to start and build companies can be difficult for people to deal with when we’re not in our entrepreneurial role.”
Recognizing and understanding this reality can go a long way toward preventing problems with which many entrepreneurs struggle. For example, entrepreneurs are notorious for being good at starting but bad at running a business. The solution, says Harris, is to become a serial entrepreneur. “Get the company up and running, then step out of the day-to-day operation and move on to something else,” he says. “Start a new division of the company, or start a completely new company-do the things you enjoy and that keep you challenged and excited.”
The difference between the entrepreneur and the manager is that the entrepreneur has a talent and gift in the creation process, while the manager has the ability to organize the details. Entrepreneurs need to either develop their management skills or hire a manager to run their company. Harris recommends hiring a strong management team and then letting them do what you hired them to do-something that may not be easy for an entrepreneur who likes to be in control to do. But the control issues notwithstanding, Harris says, “I believe that people should do what they’re good at. Entrepreneurs should start the company then be willing to step aside and let good managers run it.”
Entrepreneurs are frequently accused of being too optimistic, which can set them up for failure. Their line of reality gets swayed by their passion for their idea. “You must make a realistic risk assessment of any endeavor,” says Harris. Consider the worst-case scenarios, know how you’ll deal with them, then set reasonable goals and create a practical plan to reach those goals.
You also need to be realistic about the market for your idea. You may think it’s a great idea that the world needs, but that doesn’t mean people will actually be willing to open up their wallet and buy from you. Pay attention to what market research and your advisors tell you.
Finally, entrepreneurs can get so wrapped up in their business that their personal relationships suffer. They often don’t even realize how their business is affecting their families. “Your business may be your ‘baby’ but it will never take the place of your flesh-and-blood family and friends,” says Harris. Schedule time every week to look at other issues in your life, to be with your family, and to take care of your personal needs.
Jacquelyn Lynn (http://www.jacquelynlynn.com) is a business writer based in Orlando, Florida, and the author of more than 20 books, including Entrepreneur’s Almanac (Entrepreneur Press Nov. 2007); Online Shopper’s Survival Guide and co-author of Make Big Profits on eBay (with Charlene Davis). She is also the host and executive producer of Doing It Right Radio® (http://www.doingitrightradio.com).