Apollo Sinkevicius: The 7 Deadly Sins of Entrepreneurs
Submitted by Jason Evanish on Tue, 12/22/2009 - 10:00am
I love startups and small businesses! It has been an unpredictable ride over the past 12 years, but I have always enjoyed working and meeting with some incredibly interesting people. I recently met Jason, and he invited me to write a guest blog post sharing some of the major mistakes I think entrepreneurs make. I have made tons of them myself and have also seen many others shoot themselves in the foot. But, perhaps this list will help you avoid some of the biggest ones!
Here are the 7 Deadly "Sins" that will Kill Your Company:
1. Failing to control your ego!
Too many great companies have been ruined by inflated self images of founders, fights over titles, political games, "face saving", etc. There is a great motto to lead your professional and personal life by: "commitment before ego".
2. Too many cooks in the kitchen (and no one to clean up when stuff hits the fan).
Some startups are comprised of groups of people with fancy titles and no one willing to take the clear responsibility for specific milestones. The only ones “in charge” should be those willing to be completely accountable for the tough calls and possible failures.
3. Selfishness and hubris.
Some claim to be "too busy" to network and connect for any other reason but soliciting investments or sales. This one-way street "relationship” turns personal networks into empty shells, because people don't like to be taken advantage of. Without connecting AND giving back, you are denying goodwill for your organization.
4. "Busy work".
Be crystal clear about how EVERY item on your project/to-do list will help you achieve your goals. It is very fashionable these days, and seen as a badge of honor by some, to complain about an inbox filled with hundreds or even thousands of unanswered e-mails. Divide and conquer: classify, filter, label, and act! Be efficient and get things done! Watch how mothers with young kids, who also are entrepreneurs, run their companies. They waste ZERO time.
5. Overcomplicating things.
As the saying goes, “if you can't explain it to your grandmother - it is too complicated". Building a company is one of the hardest things to do. There are many variables beyond our control, so why would we introduce more? The most common example is trying to replicate a large organization within a tiny startup. Keep it flat, keep it simple, and keep it agile!
6. Re-inventing the wheel.
Nothing is more wasteful than building and creating items that are not core to your product or service. Skip hacking spreadsheets for payroll and financials (use Quickbooks, Xero, or other purpose-built tool) and creating a custom CRM (grab something from the world of opensource and learn to use it the way it comes out of the box). Save your entrepreneurial and innovative energy for what will earn you money.
7. Forgetting your roots!
Time and again we lose the "glue" that keeps us together through thick and thin - company culture. We hire a prima donna or two (often called "A-players") and these individuals often only care about what is best for them. It hurts the team and compromises the company. Never trade company culture for the perceived possibility of growth. It is never too early to start protecting and growing your corporate DNA.
Don’t get me wrong, I think we can learn a lot from making small mistakes. But the big difference between small mistakes and the company-killing “sins” described above is the context. If our efforts are genuinely focused on customer needs and true innovation, mistakes will still move us forward.
Apolinaras “Apollo” Sinkevicius describes himself as an “operations guy with lots of scar tissue” who wears multiple hats. He has spent 12+ years in early through late stage high-growth entertainment, technology, and professional services startups. You can find his blog at www.LeanStartups.com.
Too many great companies have been ruined by inflated self images of founders, fights over titles, political games, "face saving", etc. There is a great motto to lead your professional and personal life by: "commitment before ego".
2. Too many cooks in the kitchen (and no one to clean up when stuff hits the fan).
Some startups are comprised of groups of people with fancy titles and no one willing to take the clear responsibility for specific milestones. The only ones “in charge” should be those willing to be completely accountable for the tough calls and possible failures.
3. Selfishness and hubris.
Some claim to be "too busy" to network and connect for any other reason but soliciting investments or sales. This one-way street "relationship” turns personal networks into empty shells, because people don't like to be taken advantage of. Without connecting AND giving back, you are denying goodwill for your organization.
4. "Busy work".
Be crystal clear about how EVERY item on your project/to-do list will help you achieve your goals. It is very fashionable these days, and seen as a badge of honor by some, to complain about an inbox filled with hundreds or even thousands of unanswered e-mails. Divide and conquer: classify, filter, label, and act! Be efficient and get things done! Watch how mothers with young kids, who also are entrepreneurs, run their companies. They waste ZERO time.
5. Overcomplicating things.
As the saying goes, “if you can't explain it to your grandmother - it is too complicated". Building a company is one of the hardest things to do. There are many variables beyond our control, so why would we introduce more? The most common example is trying to replicate a large organization within a tiny startup. Keep it flat, keep it simple, and keep it agile!
6. Re-inventing the wheel.
Nothing is more wasteful than building and creating items that are not core to your product or service. Skip hacking spreadsheets for payroll and financials (use Quickbooks, Xero, or other purpose-built tool) and creating a custom CRM (grab something from the world of opensource and learn to use it the way it comes out of the box). Save your entrepreneurial and innovative energy for what will earn you money.
7. Forgetting your roots!
Time and again we lose the "glue" that keeps us together through thick and thin - company culture. We hire a prima donna or two (often called "A-players") and these individuals often only care about what is best for them. It hurts the team and compromises the company. Never trade company culture for the perceived possibility of growth. It is never too early to start protecting and growing your corporate DNA.
Don’t get me wrong, I think we can learn a lot from making small mistakes. But the big difference between small mistakes and the company-killing “sins” described above is the context. If our efforts are genuinely focused on customer needs and true innovation, mistakes will still move us forward.
Apolinaras “Apollo” Sinkevicius describes himself as an “operations guy with lots of scar tissue” who wears multiple hats. He has spent 12+ years in early through late stage high-growth entertainment, technology, and professional services startups. You can find his blog at www.LeanStartups.com.
- Jason Evanish's blog
- Login or register to post comments
- 0 points
