As an aspiring leader and entrepreneur, you can read a lot about what a leader should be doing. And of course, that information is valuable and important. But one thing you also need to pay attention to is the other side of the coin. What mistakes and pitfalls should you be looking out for on your road to success?
Most entrepreneurs don’t fail because of incompetence or bad ideas. They fail because they don’t know how to lead. Part of that is knowing how not to lead. At Justin Cobb Leadership Academy we decided to look at some common leadership mistakes.
All businesses will eventually stagnate without innovation and change. Many entrepreneurs focus too hard on stability. In doing so, they doom their business to failure. To achieve success, you must take risks, and push the boundaries. As a leader, you should also encourage change at every level of your business.
A lot of leaders think that as long as they are paying their employees, that will motivate them. But more complex drives are at play with most people. Sure, money will keep people working. But will it make them loyal and fulfilled? Not usually. The things that motivate most people are more complex. Things like personal growth, challenges, gaining new skills, or loyalty to a mission. Understand the motivation of your people to inspire them.
It doesn’t matter how well your business does. If you don’t communicate effectively with your people, they will eventually leave. Good leaders take the time to be available for their people. They give regular feedback and take the time to understand their people. The reality is that if you want people to perform to your best standard, you need to tell them what that is. Otherwise, they’ll only meet the standards they set for themselves, which are often not aligned with yours.