There are too many to list individually, but most come from having someone with experience. People often confuse smart with experienced and think they can do anything new well. Science and logic says this is not possible with anything complex.
Few things are as complex as entrepreneurship. Hardly anyone would read a book on flying and hop in a plane alone to fly it. Or try to climb Mount Everest alone. But everyone thinks they can build a new business for some strange reason.
As a result, we have an 85% failure rate of new businesses. Ones with coaches and mentors greatly outperform because they avoid the hundreds of common mistakes and pitfalls, some of which can be fatal to a business. These companies where the CEO and executives use coaches even outperform the S & P 500 (mature companies) by a wide margin. They are working on constant improvement of the team, which makes all the critical decisions. And this reduces turn-over, challenges people and gives them career growth too.
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A founder needs to collect people with about thirty skills and know many themselves. They must select these people when they may not have experience in the skill set they are hiring them for, too. This is very difficult.
Here is a basic list of the skills a founder/entrepreneur needs to build a significant company:
- Management of people
- Operations at whatever that company does, delivery, customer service, etc.
- Finance and raising capital
- Product development, innovation
- Later, leadership, to develop employees and managers into leaders
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Here is a link to a free one-hour course taking you through the challenges of doing a startup. The more disruptive, the more skills are needed. All these are not critical for a franchise, restaurant, or local retail store but to build any company with 20+ employees most are needed, most of the time.
Also check out my blog and follow me here on Quora as I have loads of posts on entrepreneurship, scaling and raising capital.
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Bob Norton is a long-time Serial Entrepreneur and CEO with four exits that returned over $1 billion to investors. He has trained, coached and advised over 1,000 CEOs since 2002. And is Founder of The CEO Boot Camp™ and Entrepreneurship University™. Mr. Norton works with companies to triple their chances of success in launching new companies and products. And helps established companies scale faster using the six AirTight Management™ systems. And helps companies successfully raise capital.