There’s one thing you can be sure of as an entrepreneur – business gets messy, whether you’re navigating unexpected challenges, pivoting your strategy, or trying to figure out the right direction for your venture.The path of an entrepreneur is anything but straightforward! That's why we usually need to work with others to succeed.
From the inception of London Venture Capital Network (LVCN), I knew there were limits to what any one person could accomplish. That’s why, from day one, our team prioritised building an expert advisory board that draws on a diverse range of backgrounds and experiences. We understood that having a team of advisors is not just beneficial; it’s essential to our governance and long-term success.
However, this approach isn’t the natural path for most new entrepreneurs. Often, the very trait that drives us to start a business – our passion and determination – can also lead us to fall victim to ego. When you believe in your vision wholeheartedly, it’s easy to isolate yourself, convinced that you can navigate the storm alone. But as I’ve learned, dissenting voices in the room are crucial.
"...there’s a reason experienced consultants can charge $1000+ per hour."
Engaging in hard conversations and purposefully inviting criticism can be uncomfortable, but it's essential for growth. You cannot be stubborn when building your business. I have witnessed firsthand the consequences of refusing to listen to sage advice. Stubbornness can derail even the best business ideas, often due to mistakes that could have been prevented with the right guidance. After all, there’s a reason experienced consultants can charge $1000+ per hour. They know a thing or two, because they've seen a thing or two!
By the same token, many successful entrepreneurs share a common trait: humility. They understand that to be the best, they must open themselves up to criticism and diverse perspectives. At LVCN, we’ve built a remarkable advisory network, full of experienced mentors who’ve been in the trenches of business and can provide invaluable guidance. This blend of wisdom and firsthand experience makes them some of the most effective mentors we could hope for.
They don’t just offer encouragement – they give us tough love. They challenge us, they critique us, and they push us to think beyond our initial ideas. And, believe me, we’ve learned an immense amount from their insights, including pivoting entire strategies.
In my opinion, entrepreneurs should not work alone. While some may find temporary success going solo, for most, collaboration is the key to unlocking potential and avoiding costly missteps. Building an effective governance structure and checking your ego is not just a choice; it’s a necessity for sustainable growth.
In the wild world of entrepreneurship, remember that it’s essential to seek help and build a culture of open dialogue and constructive criticism. Surround yourself with the right people, and your journey will not only be less daunting, but also infinitely more rewarding.
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