Complacency Is the Enemy of Entrepreneurship

November 20, 2017

6:30 pm

The moment you start to get too comfortable is when competition is going to find a way to get ahead and find your weakness. We talked with Nick Fehr, cofounder of The Bosco, about his strategies to stay relevant and focus on the big picture.

What’s the most memorable piece of business advice you received and implemented?

Learn how to delegate! Once you figure out how to let go and allow other people to help you, you unlock so much more valuable time to steer the ship, which is why you’re an entrepreneur in the first place. Delegating can be really hard for some people, but make an active effort to improve on it and you will find an increase in productivity.

What’s the biggest mistake you ever made in your business, and lessons learned

Getting complacent, even for a minute. Complacency is the enemy of business/entrepreneurship. You can’t grow personally or professionally unless you’re challenged. Dialing your motivation back can have a lasting negative impact, and whenever I’ve found myself in phases of it, I’ve always looked back with regret.

Any financial advice for early-stage entrepreneurs?

Put yourself through a “For Dummies” crash course or similar. You need to know how to read basic financial statements and understand core simple accounting concepts (cash versus accrual basis). The rest falls into place once you have the vocabulary. Trusting your intuition combined with financial literacy can take you a long way in the beginning, but past a certain point, you want to employ professionals to figure out these details for you. At least you’ll be able to speak their language.

What’s one thing you recommend aspiring entrepreneurs?

Financial literacy is very important. I really think that understanding the numbers is vital to being successful at business, and if you pair that with a solid, well-articulated and inspiring vision, you will be unstoppable.

How do you define success? 

When it can survive beyond me! Like I said, delegating is super important, but if I can create something that will exist and thrive even without my involvement, then that would be a successful business.

Read more interesting advice from leaders on TechCo

This article is courtesy of BusinessCollective, featuring thought leadership content by ambitious young entrepreneurs, executives & small business owners.

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Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. YEC members generate billions of dollars in revenue and have created tens of thousands of jobs.

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