Choice Of Partner & Founding Team: Make sure your partner is someone who supports not only the business idea but also shares the same work ethic, business philosophy & work culture. Your partner & founding team must share the same vision and also the working habits. Before you start a company together perhaps you take up a few projects to understand how both you work.
Know When Not To Lead: If you feel your skills can be used better elsewhere don’t hesitate to leave the current position and take up a different one.Every businessman /woman has different skill sets, different experiences & and will have worked with different type of challenges; all this helps them develop expertise in particular business areas. If you recognise that someone else has more expertise in a particular area than you do, let go and look for spaces where your will be needed & valued more
It’s Ok To Take A U-turn: Mistakes are bound to happen, after all you are only human. Admit your mistake and welcome changes. Humility will take you and your company far and so don’t stick on an idea just because it is your idea. If you don’t have resources or if the market is not ready for your proposition, don’t be reluctant to take a U-turn and be open to suggestions.
Know When To Quit: Entrepreneurs often give up on their logical faculties, when they know the ship is sinking. This abandonment of critical thinking happens due to the personal attachment one has to one’s business and the concept ‘we have come too far to turn back or quit now’ trumps reality. It is always advisable to quit a business, when you know you cannot go any further. Don’t end up wasting more resources on a drowning business, you’ll end up losing a lot more.
