If we search Google for top mistakes or roles and responsibilities of an entrepreneur, we find lots of scholarly articles and videos. But if we read them, it is kind of overwhelming and confusing. It makes us think and feel that it’s very difficult to become an entrepreneur.
However, if we try to think logically, we would find that building a business should not be very complex it has to the simple. And surprisingly it is simple. Yes, In fact, if a business owner or a business leader just takes care of two primary responsibilities, his business would flourish and he would also have a successful and peaceful life.
The ideas discussed in this article are more applicable to first-generation business owners. Because for others, their senior family members, generally teach them what to do and what not to do.
Responsibilities of an Entrepreneur
Primarily there are only two responsibilities of entrepreneurs.
The day to day activities of a successful entrepreneur should include everything around Marketing and Innovation. If we are not doing that, we are bound to fail in the long term. At least the growth will not happen.
Why driving innovation is the responsibility of the business owner
You might say that you are not into any hi-tech product development, so innovation does not apply to you. But that is a wrong approach. Let us scratch the surface and look little deeper
- When I say innovation, I do not mean technical innovation in the product.
- I mean innovation (which also means improvement) in everything that our organization is doing.
- Which means that the business owner is responsible for improvement or innovation in the following areas
- The way people are hired and trained in our organization.
- Improving marketing strategies.
- The way we are earning money and where do we spend money.
- Improving our sales process.
- Making the buying or the procurement process more simple and streamlined.
- Improving how cash flow is managed in our organization.
- In fact, improving everything that is going on in the organization
- Broadly when we say managing something we should understand improving the way it is done and making it more and more efficient.
It’s an entrepreneur’s responsibility to make sure that innovations and improvements happen in their organization on a continuous basis.
Why marketing is the responsibility of an entrepreneur
When I say marketing, I am not talking about going door to door and selling our products. But driving the marketing team or department. Marketing means generating demand for what we offer or provide. It also means creating a brand for our organization through our processes and practices.
Business owners or entrepreneurs might not do this on a personal level but it is their personal responsibility. They have to get this done.
Depending on the organic word of mouth without doing any kind of marketing efforts to promote our products and services can be the biggest mistakes done by any small business owner.
One of the biggest myths is that marketing requires money and that only big companies need marketing.
Common Mistakes of an Entrepreneur
In order to understand the common mistakes, let us understand the journey of an entrepreneur, as they start their business.
- Starting the business
- When the business started the enthusiasm was on the peak. We did two things mainly.
- We used to meet and call everyone that we knew and inform them about our business, our offerings, or products.
- Here we were generating demand for our business; We were doing marketing.
- What is the other thing that we used to do?
- We used to spend hours and many late nights to learn new things. Learn new concepts, new tools, and new techniques, so that we can improve our business.
- Here we were constantly improving our business and knowledge. We were innovating.
- The business got stabilized or established.
- Because of our enthusiasm and work, the business got established. All the problems started with that.
- We got a nice comfortable chair and a cozy cabin in the best location in our office.
- Now are looking after creating invoices making, sure that payment collection is done, making sure that material is delivered.
- We are thinking about whether our person has reached the client or not, whether our office was opened by our peon on time or not.
- All these activities could have been delegated and monitored with very little effort.
- But we are doing all these things on our own. We converted ourselves to a clerk.
- And then we hire new and inexperienced people to look after innovation and marketing.
At the beginning of any business, the business owner is doing all their role perfectly well. But as business establishes, they switch over to the role of dignified clerks.
- The Business gets stagnant
- The enthusiasm has already vanished and replaced by routines. Now, life has become boring.
- Now we are looking after routine things.
- Either young and inexperienced people are responsible for marketing and innovation or they are completely ignored.
- As a result, the business does not grow.
- The business becomes stagnant. In business, if we are not growing then start to decay.
Fundamentally we are refuting the law what should be delegated and what should not be delegated. नए धंधे में पुराना आदमी चाहिए, पुराने धंधे में नया आदमी चलेगा उसी तरह से मुश्किल काम में पुराना आदमी चाहिए, आसान काम में नया आदमी चलेगा – पर हम शायद बिलकुल उल्टा कर रहे है
So how do we solve these mistakes and get back to our original role as an entrepreneur?
- Create a list of things that we do on a daily basis. Things that consume our time and energy.
- Start figuring out what all can be delegated to someone else in our organization.
- For this, we might need to do two things.
- First, we have to create a simple and reliable process so that it can be done by anyone. Now, we have to find persons in our team who will be able to do this process. This is innovation. Create a proper system of checks and balances so that we can monitor the activities of delegated work.
- Second, we should start focusing on communicating with our customers and prospects on a personal level. Once we gain expertise in this we are ready to create a proper process of this and we can hand over this to someone. This is marketing.
The most important thing, however big our business grows, always keep in touch with our customers.