Not Enough Funding
Petrelli says planning for this stage is critical.
“Especially during start-up mode I’ve watched visionaries fall short because there is not enough funding to support the execution of key strategies,” she writes.
Petrelli says since strategies must be aligned with the vision in order to prevent the business from heading off-track, visionaries may find themselves seemingly moving in circles, resulting in a lot of activity with little return.
Lack of Confidence, Lack of Empowerment, and Teams Hiding the Truth
To counter these pitfalls, Petrelli advises:
– Make sure you hire a team that complements you, balances you, and makes up for your areas of weakness
– Create relationships with individuals based on the essential need for openness and trust
– Accept that to bring your vision to life you need to empower others to do their jobs, and provide the resources needed for them to do their jobs well
– Make sure you’re planning up front for the full cost of executing the vision
– Know your vision. Remember, you should be able to see, smell, taste, and feel what the world will look like when you bring your vision to life.
For more on startups and entrepreneurs, read Petrelli’s full post here.
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