Excitement and over-confidence are two things that I always see in new entrepreneurs. The idea of being in business, becoming your own boss, excites you: I had experienced that but that’s not healthy.
Secondly, startup entrepreneurs always trust themselves too much, especially young entrepreneurs think they know everything about the business. “I know it all” is the worst mindset that an entrepreneur can ever have!
Things keep changing and there is always a difference between how people see, understand and react on ideas. There is always an unknown side. Presuming that you know everything about the business can be really dangerous!
For instance, assume that you have a best friend with whom you had been close for almost 10 years now – does that mean that you guys know each other 100% ? Or do you think that there will be always some personal, hidden secrets between you both that you like to call as privacy? Personally I agree with the latter.
Remember this: anyone, anything, any idea or conclusion you find are always from your “Known” world. With what you see or hear you, should never assume that you know everything. There is always something that is ‘Unknown’
Watch out for the unknown side of all your known only that can make you an expert in business. If you have been into management studies you should have probably heard about a term called “Johari Window” – this window always has a known and a unknown side.
Business people first look for what they don’t really know, they do their research, learn from other experts or books. True entrepreneurs never stop learning! So I’d say – If you think that you know everything about your business – you are failing !
TAKE AWAY
I learned risk identification from experience but when you realize that you don’t know everything about your business – you will greatly reduce risk taking. I mean take risks – but take the right risks!
Thanks
Nithya Prasanth
FUTURE CEO 