One big reason is because entrepreneurs aren't known for
listening and learning from their mistakes.
When everything seems to be falling down around you, there's a fine line
between blindly sticking to your original plan and being open to pausing,
analyzing what went wrong, and making course corrections with the benefit of
your recent experience and new information.
Ending up on the correct side of this line can be the difference between
failure and success.
Mistakes are inevitable, especially in a startup where so
many factors must come together simultaneously.
It is almost as inevitable that an entrepreneur will become overextended
during the startup phase. Every
entrepreneur has war stories of the chainsaw juggling that's inherent in the
first few years of a company's existence.
No Room for Error
Our war story starts when we hit our stride and were
maturing as an organization. We were
growing at a rapid clip, were 100 percent staffed with our strategy consulting
business, and had just doubled our associate class. We were fully extended financially and had
more than doubled our team; we had no room for error.
Our business can be spikey and, as bad luck would have it,
two of our biggest clients had a change in their business that reduced the need
for our support. We had to cut our cost
structure fast and deep to get it in line with the new forecasted revenue base.
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