Deadly Business Mistakes I Made That You Can Avoid! A Mini-Series Part.2

Hello and welcome back to “Deadly Business Mistakes I Made That You Can Avoid! A Miniseries.” This Post will serve as Part 2 of weekly my miniseries and will continue covering firsthand experiences of detrimental mistakes my first ever business venture Conextus (Website: http://conextus.ca), made while I was one of its leaders. Just like Part.1 did however, I hope that Part.2 of this weekly miniseries will inspire you to take heed and avoid Conextus’ mistakes. Read On!

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Image Credit: Pixabay

Team Inflation

While a solid team is necessary for a successful business in Conextus we made the mistake of taking things to far with team building. As we were desperate to get the ball rolling, we built up a huge team that resulted in team inflation for Conextus! This meant we had too many members making it more difficult to manage the business team. On top of that the team expanded/inflated to quickly that carrying out commitment checks were made much harder. The team expanded way to quickly and this hindered proper management as the inflated business team of Conextus was often confused, disunited in a state of disarray.

As one of Conextus’ top leaders in charge of administration, I accept much of the responsibility in expanding the team too quickly, preventing to create a solidified team and failing to address the issue of Team Inflation until it was too late. While Conextus fortunately has survived as of now, Team Inflation was and still is a huge flaw in our business with the potential to cripple many new businesses! So with your business team make sure you take into consideration the mistakes of Conextus and take caution when it comes to establishing proper team! It is best to start early meaning you should focus on quality over quantity when it comes to building a team! It is much better that you have a few team members who are specialized (e.g. A team of four or if possible less with all members qualified and competent in their respective roles and able to support each other when need be) as this will make a more manageable team.

If your team is already too big you may have to let certain members go and keep the most competent members on your team unfortunately. However, focusing on building a small but quality team of highly skilled and competent members can easily avoid the sad process of letting team members go as a result of Team Inflation and inability to properly manage the business team!

 

When your team is small it is easier to manage and easier to get things done as you can work more intimately as a transparent more equal and fair partnership instead of a top down hierarchical management. A smaller more manageable business team provides more room for creativity, growth, intimate coaching along with trust, bonding and less stress among your business team making progress hence success possible through better team efficiency!

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Deadly Business Mistakes I Made That You Can Avoid! A Miniseries

Part.I

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Image Credit: Conextus

During the Summer of 2015 I started my first business with a few other friends called Conextus (Website: http://conextus.ca), a social media startup aimed at bettering the social lives, bridging the community gap, reduce isolation and help foster great friendships among College/University Students on campus! Unfortunately our business team made a series of fatal mistakes, which is detrimental and are potential causes of failure for many business startups though Conextus miraculously survived to go into overhaul!

As one of Conextus’ key leaders, I am very much responsible for the series of fatal business mistakes, which could have but were not prevented. Ultimately, the point of this miniseries of posts is providing you with firsthand experience of mistakes startups such as Conextus make causing failure or stunted growth. However, your business startup can avoid much of the Success Killing mistakes my team and I made. So read on and take heed of these points beginning with Part.1 below!

 

1) Neglecting Chief Service

A chief mistake the Conextus business team and by extension myself made was neglecting our chief business service. In the case of Conextus our chief service was our social media app, which in a nutshell was to help university and college students foster new social connections. Instead of making it our number one priority to complete and perfect our product we went ahead prematurely with other business activities like marketing, website design, startup contests and the like without having a finished solid first. This mistake the business team and I made deprived us of business legitimacy we could have had if we finished designing our product first.

2) Gun Jumping

Another mistake the business team and I made hinted in the above point was jumping the gun. Too eager to get the ball rolling for Conextus we went ahead of ourselves too much and failed to consolidate ourselves. Yes, we went too much in to the promotional side of things for Conextus too soon before we even had a chance to consolidate our team or have a finished product to show! While planning ahead and moving forward is integral for a new business’ success, this can lead to gun jumping, the end result being an uncertain and unstable business.

End Of Part.1

I sincerely hope that the advice provided so far has been helpful and that you have learned something to apply in your own business start-up career! As an entrepreneur let the mistakes of Conextus Team (Though We Fortunately Survived And Are Now Recovering In Overhaul!) and I be a lesson for you and your team so that your business doesn’t make these same mistakes and if you do learn from them so you quickly bounce back!

If you are a Business Leader or a Team Leader like myself, then utilize your leadership to help your prevent Team these same deadly mistakes from blunting your progress. Stay tuned for Part.2 of this miniseries, keeping in mind these lessons from Part.1 until then!

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Image Credit: My Own