Starting a new business is an exciting journey! So if you’re just starting out as an entrepreneur, congrats!
Now, as glamorous as it sounds, there’s, of course, a learning curve to entrepreneurship. And most likely you’ll make some mistakes along the way.
Luckily, there are many others who have taken this journey before you and made a lot of them.
I thought I’d save you the trouble of having to experience them yourself by sharing the 7 most common mistakes entrepreneurs make:
1. Waiting too long to JUST start
I think waiting too long before starting your journey is one of the biggest mistakes anyone can make. Remember, once you decide to take the plunge, there are no mistakes - only learning opportunities. There’s no better time than now!
2. Striving for perfection
Unless you’re willing to get down and dirty and experience things beforehand, you won’t have the experience necessary to make your business work in general. Mistakes will only give you lessons and show you what doesn’t work so that you can figure out what you’d love to do more of and what to never do again.
3. Forgetting to have fun
Fun, passion, inspiration, and creativity are not just for the weekends, and not experiencing this on a daily basis can quickly make you feel drained and lead to burnout.
One of the biggest advantages of being your own boss is that you make your own rules. So who said you can’t play a little while you work? When you actually enjoy what you do you’re more productive, and therefore more successful! So don’t be afraid to bring laughter and happiness to your workplace.
4. Working harder and not smarter
Regardless of the industry you’re in, starting your own business takes a LOT of hard work. This is why it’s extremely important to learn your limitations, know when to ask for help and automate whenever possible. Working efficiently is key to being financially successful.
5. Forgetting why you started
Is it about money? Is it about fame? Is it a burning passion? Many entrepreneurs get so caught up in daily tasks that they forget why they even started their business to begin with. Some others forget how long it takes to see progress in their business, so they get distracted and they lose focus.
But when times are hard it’s crucial to remind yourself about the passion and love you have for your work - this should be your company’s fuel!
6. Not realizing how much your time is worth
The truth is, there always will be someone willing to work for less than you. Perhaps they are just starting out and need experience. Perhaps they have taken a different path than you. Sure you would take less because you love the work, but let’s face it; if you're not making a profit, you won't survive for long.
Remember your time is a limited resource, and there is no way to generate more of it. We all have 24 hours in a day and how you spend this time is extremely important to the success of your business.
In short, knowing how much your time is worth will help you maximize your efficiency and get you compensated fairly.
7. Putting a product first and your people last
If you’re like most entrepreneurs, your #1 goal is probably making money. And while this is understandable, it’s important to understand that the key to long-term success is HAPPY people.
When you actually create a service or product focused on helping people, bringing them joy, and fulfilling their needs, you’re guided towards your greatest good! Which in turn breeds satisfied, loyal customers who will buy over the long term, and that’s real tangible success!
Now speaking of success and fulfillment -
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Have you made a mistake as an entrepreneur not listed here? Share with our community in the comment box below ;-)
Natalie Ledwell is a best selling author, speaker and successful entrepreneur. She's passionate about helping others to achieve their greatest dreams and ambitions through her personal development programs and her online TV show, The Inspiration Show.