Entrepreneurs that are too arrogant about their startup are less likely to succeed, expert says
When starting a small business, confidence is imperative. However, there is a fine line between confidence and arrogance - and an important line at that, as the former can promote small business growth while the latter can kill a startup.
Martin Zwilling, founder and CEO of Startup Professionals, wrote in an article for Forbes that there are several key mistakes entrepreneurs make when they start a small business, all of which hinge on excessive arrogance.
In particular, neglecting to develop and maintain a business plan can hinder small business growth because it forces entrepreneurs to "think through the fundamentals," and to communicate a consistent vision to all those involved with the company.
Another mistake entrepreneurs make, Zwilling wrote, is getting too caught up in thinking that their product or service is "so cool," instead of thinking about its market value and demand. Similarly, entrepreneurs who believe they have no competitors either have not looked, or lack a market for their product or service.
Entrepreneurs should remember that customer demand is crucial to small business growth at any stage of operations - a recent report from the McKinsey Quarterly found that companies that consistently assess customer demand and feedback throughout the product development process are significantly more likely to finish on time, stay on budget, and see a high return on investment.
