Those with a managerial outlook are often in a great position to succeed as entrepreneurs, expect for two big
misconceptions that lead to massive problems. Many managers believe that if a business is not working, the solution
lies in hiring more employees. They throw extra bodies at the problem, but this only aggravates the situation because
it fails to address the underlying root cause of the difficulty or lack of profitability. Another mistaken belief that is
common to this mindset is that the route to success is through growth – not profit growth but overall
structural growth of the enterprise itself. Once again, bigger is not necessarily better unless and until the
fundamentals are sound and efficient. Growing larger to fix the problems of a small business only generates a much
bigger company with problems that are expanded, magnified, and much more expensive to remedy. Many
managerial entrepreneurs go into bankruptcy thanks to vigorous growth, but they never figure out why.
A third misstep common to the managerial attitude is that the entrepreneur wants to be the boss, even if that
means sacrificing the talent or potential of employees. To give orders and be in charge requires no great skill or
aptitude, but to be a leader – one who knows how to inspire and train others to rise to greater heights – is a rare
quality. Managers who become leaders succeed because they accept the challenge and responsibility of ensuring that
others under their wings also succeed and flourish.
By getting the most out of employees, managers themselves are able to delegate aspects of their business to others
and set higher goals. Those who say they can’t find good employees usually mean they lack what it takes to attract or
create good employees – and as a consequence they also lack what it takes to succeed as an entrepreneur. But those
who not only manage but also lead can rise to the next level and become owner/leaders – one step closer to the real
definition of an entrepreneur
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