The Scariest Entrepreneurs Are The Ones Who Know Everything
Most entrepreneurs are interesting, dynamic and intelligent people whom I love supporting. It is not always easy to know which entrepreneurs will be successful and those who won’t. However, over my many years of interacting with entrepreneurs one key trait that spells failure is the “know it all” mindset. Starting and growing a business requires knowledge of finance, marketing, customer behaviour, operations, human resources, leadership, technical skills and that is just to name a few areas. No one person is an expert in all of these areas. It is scary to meet an entrepreneur who thinks they do not need to leverage input, advice and other people’s experience. These entrepreneurs are heading down the road to failure and make me fearful. Being the smartest person in the room is not that smart.
Recognizing what you don’t know is a must for success in business. Some key things that you must really know:
- Your customer – who are they, where do they buy, how do they buy, and why do they buy? Do they have a problem that you are solving? And these answers should not be based on your assumptions but because you have actually talked to them.
- Your competition – What are people doing now to solve this problem? Why is this not the greatest solution? Who are the competitors and what is their value proposition? How are you unique?
- Your product or services actual costs – all of the costs: materials, labour, customer acquisition, overhead…. Can you make money at this?
I am surprised by how many entrepreneurs are willing to invest time, money and energy without knowing the answers to these basic questions.
Entrepreneurs that are open to learning can avoid mistakes, speed-up their path to revenue, pivot their business to respond to opportunity and create the best products and services for their market. These entrepreneurs take advantage of the resources and support that is available to them. Thunder Bay and Northwestern Ontario have a vibrant ecosystem that will provide advisory assistance, experienced mentors, access to expertise, educational workshops, market information and the right connections. The entrepreneurs that act like sponges and soak up input and resources are the ones I like to bet on. If you are an entrepreneur or an aspiring entrepreneur I encourage you to reach out to us; it is free and confidential. We don’t know everything but we might know something or someone you don’t.