Learn From Other’s Mistakes: 3 Practical Ways to Avoid Startup Failure – Part 3

In the final post of our series, “learning from others’ mistakes,” we discuss the importance of flexibility.
Set Goals, Not Expectations

If you’re running a startup, you’ve likely got big plans for your business.  In fact, we recommend that you develop a formal business plan that details how you would like to see your business develop in the next year, five years, etc.  Contained within that business plan are your goals for your business.  While we all hope our endeavors are successful, expecting them to be only sets us up to be disappointed.  That’s why it’s important to acknowledge the difference between goals (which are good) and expectations (which can be destructive).  Goals might be met, or you might fall short.  Not meeting expectations, though, can lead to disappointment.  Such disappointment often breeds poor judgment when making business decisions.

Don’t Quit…Adapt
Truthfully, the odds are high that you will fall short of your business goals.  Maybe it’s because the market isn’t as strong as you’d hoped or your launch was mistimed.  Maybe the product you’ve developed has flaws that need to be sorted.  Perhaps people on your core team are underperforming.  Or maybe your initial goals were unrealistic.  Whatever the reason, the key to successfully managing these shortcomings or unpredictabilities is flexibility.  Something that successful business owners recognize is that plans change.  Your willingness and ability to adapt to new circumstances and demands is a determining factor in the success of your business.
This post is not intended to be legal or tax advice.  Formeller & Formeller LLP’s Chicago startup attorneys have helped numerous clients form and operate their businesses.  Our skilled Chicago attorneys can help counsel you with employment issues and assist you with establishing proper employment hiring and employee management procedures.
Please contact our law firm today for a free legal consultation if you would like to discuss forming a startup or existing business operational issues.