You Should Avoid This 8 Business Mistakes At All Cost!
Richard Branson started his first business at the age of sixteen, since then he never stopped. Today the Virgin Group is composed of more than 400 companies.
With more than 40 years as an entrepreneur, there is a lot for us all to learn from his experience.
The first lesson we should learn from Sr. Richard is that we shouldn’t walk the path of entrepreneurship alone. Few businesspeople, if any, ever made it alone.
To be successful in business, we need to find the right people, put them in the right positions and train them accordingly.
Being people so important for the success of any organization, it is not strange that you should put most of your efforts in managing people.
If you want to be successful in business, follow Sr. Richard steps and never make the following mistakes.
1. Never say, “I’m the boss.”
In his book Like a Virgin: Secrets They Won’t Teach You at Business School, Branson states that being “bossy” isn’t a trait that real leaders possess. Branson believes that bosses simply barks out orders, while real leaders organize, motivate and inspire.
2. Don’t restrict creative freedom.
During an Entrepreneur blog post, Branson said, “You need to give your people the freedom to get creative, to come up with their own ideas and run with them. If someone comes to you with an idea for a business, why not ask that person to launch a startup? Over the years some of our employees’ ideas have resulted in our setting up businesses. This has helped us to enter new markets and, more often than not, succeed. Your company should act as a springboard for ambitious employees, not a set of shackles.”
3. Always solve problems before they escalate.
Never let a problem fester with a partner or team member. Always address the problem before things grow into a huge issue. Keep in mind, sending out an email or text message is often not a good way to handle the situation. Branson believes that you take the time to pick up the phone or walk over to their office to address the situation.
4. Never make a team member uncomfortable.
Branson has frequently stated you can’t take yourself too seriously and you should create a fun culture. In fact, Branson has been doing this since his first business venture, a student magazine called Student and during the early days of Virgin Music. How can you create a fun culture? You can start by being passionate, encouraging team members, and having an overall sense of fun in the workplace.
5. Don’t point fingers.
When Virgin Atlantic had it’s inaugural flight in 1984 the plane was forced to make an emergency landing just one minute into the flight due to an engine exploding. A couple of days later, Branson’s banker arrived at his doorstep and informed Branson that he was pulling all funding for the airline. Initially, Branson was looking for someone to blame for the entire debacle. But he realized that as the leader it was up to him to handle the situation.
6. Don’t back away from a debate.
“Over almost 50 years in business, I have learned that having a healthy debate about strategy and direction is vital if a business is to succeed, so I always encourage my colleagues to challenge me and speak up if they disagree with any of our group’s plans,” Branson said.
You’re bound to have disagreements with partners and team members, but just because you don’t see eye-to-eye doesn’t mean that there has to be an argument or something drastic like a letting people go. Having a healthy debate gives each party a chance to voice their opinion and challenge each other.
7. Don’t be invisible.
You often you see Richard Branson out and about. Branson has made it his business to get out there with a notebook to meet employees and customers. He’s recording their ideas and listening to what makes them happy.
8. Never burn bridges.
Partnerships will dissolve. Employees will leave. That’s just a part of the business world. That doesn’t mean that things have to end on bad terms. Remember when Branson wore that flight attendant uniform? That’s because he lost a bet to a former employee turned competitor.
Article Source: Entrepreneur Magazine
Featured Image Source: flickr