7 Mistakes to Avoid to Become an Entrepreneur
Follow this advice for success
7 Mistakes to Avoid to Become an Entrepreneur
Entrepreneurship is a land of risk and reward where most of your traditional work boundaries have been removed.
No one tells you how to work, how long and how hard to work or how much you can make.
There are, in fact, a million advantages to the freedom of entrepreneurship.
However, there is also an equal number of pitfalls that this same freedom creates.
One of them is that entrepreneurs have the “freedom” to think they are doing things right, when in fact they are doing them wrong.
Here are 7 mistakes to avoid on your own entrepreneurial journey:
MISTAKE NUMBER ONE
STAY IN YOUR COMFORT ZONE
We find out a lot about ourselves when we take risks.
Also, we find out what we are made of.
In addition, we discover what makes us tick. Moreover, we begin to see that part of ourselves deep inside, our true self, the one that holds the wisdom and power most of us are unaware of.
Importantly, connecting to you will open doors to change, growth, progress, love, and understanding that cannot be found inside your comfort zone.
Indeed, by doing the exact same thing every day, you only see business and life through one lens.
This not only will expand your understanding, but also, will give you the opportunity of attending a networking event, talking to new people, or even listening to what an unsatisfied customer has to share with you.
Definitely, this can help you see things from another perspective.
MISTAKE NUMBER 2
THINKING IS A PATH FOR QUICK MONEY
Entrepreneurship is a way to unchain yourself from the fixed salary you will make at a full-time job.
Rather than being capped at whatever value your company determines that you offer, you will create your own value by owning a business with no upper limit on profitability.
Whatever money your entrepreneurial company makes beyond what it invests in itself and its operations is then yours to keep.
What is more, you just might see an even bigger payday if you sell your company to a larger organization. But, as you might imagine, the path to wealth from entrepreneurship is not as straightforward as that picture would have you believe.
As a business owner, you earn the right today, to stay in business tomorrow.
MISTAKE NUMBER 3
BEING A PROCRASTINATOR
Most entrepreneurs know that procrastination has no place in business.
And most often, we do not shake the bad habit of waiting until the last minute to get things done.
To top that off, try to save face with a justifiable reason when held accountable.
Procrastination is simply putting off doing what you need to do today for tomorrow.
The sad thing with most business owners/entrepreneurs is that tomorrow never comes.
Without a doubt, procrastination is the enemy of progress and the friend of complacency. It will leave you with no drive, motivation, or excitement in challenging yourself to move forward in achieving your goals.
When you procrastinate, you put your vision, desires, and goals on hold.
Apart from this, you put things off under the illusion that you will get to them another day or when you have more time.
Additionally, you make layers of excuses.
Moreover, you constantly postpone taking action.
To avoid being a procrastinator have a prioritization plan using the below graphic tool.
MISTAKE NUMBER 4
LACK OF STRATEGIC PLAN
Often businesses achieve a level of success and then stall.
Strategic planning helps you avoid the stall and get off the plateau you find yourself on.
Another danger is that the lack of a strategic plan negatively impacts the attitude of an organization’s team.
Employees who see aimlessness within an organization have no sense of a greater purpose. People need a reason to come to work every day, besides the paycheck.
Having a lack of direction can result in morale problems because as far as your employees are concerned, the future is uncertain, unpredictable, and out of control.
Therefore, these depressing conclusions can only be seen as a threat to employment, which negatively impacts productivity.
MISTAKE NUMBER 5
CANNOT FOCUS
Focus is the art of limiting your scope to the key function that really matters for the majority of customers.
There are a lot of reasons why a non-focused startup business is more likely to struggle for survival, lose market, and investor attention. As well as, miss out on the opportunity to capitalize on their scope.
At the same time, focusing on the wrong things is equally destructive and unproductive.
In some environments product focus is not the most important element. Perhaps the focus should be on a single distribution channel, better customer service, or a simplified pricing structure.
In all cases, hiring the best people is likely more important than adding a few features to your solution.
Thus the first and top focus for every entrepreneur should be on strategy.
The strategy needs to be simple, written down, and communicated regularly to the entire team.
It should be noted that a simple test is to see if you can quickly name your top three priorities and if every team member is able to respond quickly with the same three. Too many strategy elements generate lots of work, but few results.
The final focus should be on emphasizing strengths and measuring success, rather than on solving the crisis of the moment and eliminating weaknesses.
You can really hope to win if you focus on the right elements of the market, product, business, and people.
Bigger is not necessarily better. Be the best in your chosen niche and you can change the world.
MISTAKE NUMBER 6
HAVING A PLAN WITHOUT AN ACTION
I know that plans and strategies can only go so far and that you can plan all day long.
Unquestionably, if there is no action or implementation, then all of that planning goes to waste.
Look at some of your Objectives and determine the projects or programs that need to be implemented in order to succeed. Those are your Action Plans.
MISTAKE NUMBER 7
DON’T ASK FOR HELP
Some people think that asking for help is a sign of weakness. We like to be perceived as all-knowing and knowledgeable.
Not to mention self-sustaining. Asking for help is viewed by some people as a sign of weakness.
No one ever likes to be viewed as weak. It is like wearing a sheer dress without the proper undergarments. It is just frowned upon.
Whereas, look at other entrepreneurs that you can work with.
Also, collaborate and capitalize on their traffic to benefit you both.
In addition, look for companies that you can have a fair exchange and both benefit as a result.
I looked around and found a bunch. I eventually was able to work with a handful. The collaboration worked for both of us financially. This can result in true equal exchange.
