By Mike Enemigo
1. Insistence on autonomy
In the startup phase, the company is all about you. Your fingerprints are on everything, and there is very little you don’t know and aren’t directing. But after the startup phase, the company streams into the growth phase, becoming more complex and more vulnerable to industry and economic trends. At that point, an entrepreneur’s insistence on autonomy can hinder the company’s ability to respond quickly and intelligently to challenges it faces.
2. Unwillingness to build structure
Many entrepreneurs will need to surround themselves with a strong executive team — or at least a steady right-hand individual — to ensure the company’s success. But too many business owners fail to create the kind of structure that produces good leadership decisions within a managerial team. The entrepreneur needs to know the employees and where their strengths lie to put them to good use.
3. Lack of financial leadership
Entrepreneurs by definition take risk when they make the decision to start their own business. In the area of financial leadership, which includes tracking cash levels and trends, financial covenants, metrics and expenses, entrepreneurs who are not financially literate and active will need the direct support of a financial expert to ensure they receive the advice and input needed in their organization.
4. Reacting unwisely to boredom
Entrepreneurs by definition take risk when they make the decision to start their own business. In the area of financial leadership, which includes tracking cash levels and trends, financial covenants, metrics and expenses, entrepreneurs who are not financially literate and active will need the direct support of a financial expert to ensure they receive the advice and input needed in their organization.
5. Failure to engage in self-examination
Entrepreneurs need to be aware of their own strengths and weaknesses, the same things they engage in their employees.
Mike Enemigo is a former drug dealer. He’s now a successful “prisonpreneur” who’s turned his dirty hustle clean. With over 25 books published and many more on the way, he’s America’s #1 incarcerated author. He’s passionate about entrepreneurship and he’s written several books which teach prisoners and street hustlers how to make money legally so they can avoid the traps of prison and crime. Among these books are Hood Millionaire: How to Hustle & Win LEGALLY! (also published as Get Out, Get Rich: How to Make Money Legally When You Get Out of Prison!), and CEO Manual: Start a Business, Be a Boss! (Also published as The CEO Manual: How to Start Your Own Business When You Get Out of Prison!). For more information on Mike and his books, visit thecellblock.net, where you can also subscribe to his blog, The Official Blog of The Cell Block, where he and other TCB authors provide raw, uncensored news, entertainment, and resources on the topics of prison and street-culture from a true, insider’s perspective. Be sure to also follow Mike on all social medias at @mikeenemigo and @thecellblockofficial.
