In addition to learning to say “No,” entrepreneurs also need to know when to admit things are not working. This may be an comprehensive statement about the whole startup. But that is much less common that admitting that other things are not working within the startup.
Here are some examples:
- Marketing spend might not be producing leads.
- Sales tactics might not be moving prospects through the funnel.
- Engineering timelines may always be behind and produce buggy software.
- There might be a bad apple that needs to be fired.
- Co-founders might need to split up.
It is a delicate matter to admit when things are not working and to persuade other team members of the conclusion. Difficulty arises when: 1) team members want to hold out for more results (or more reliable data) or 2) pride enters the system because either a team member came up with the ideas or is implementing them.
An attribute of successful entrepreneurs is that they are not afraid of being candid about the true nature of their startups. They are not afraid to admit when things are not working. This behavior can also become part of the company culture.
What are your thoughts on admitting when things aren’t working?
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