So you have a business idea… and you’re going to go for it. Congratulations! You are excited and convinced that people will line up to buy your product or service, and confident you can weather the road ahead… even if there are a few bumps along the way.
You can find traditional tips online, like managing your cash and researching your market. But we’ve worked with hundreds of entrepreneurs at many different stages of business and wanted to share some common mistakes that may not be talked about as much.
Taking Too Long to Launch
Just get out there and get going, and ride the natural feedback and momentum to carry you forward. You don’t have to have everything perfect and figured out to launch, Actually if you labour over your idea for too long, you may be wasting time creating something that’s not even right for your customers. Get your product or service in front of people as quickly as you can, and let them help you create a masterpiece!
Falling Too Hard For Your Idea
Are other people as in love with what you are selling as much as you are? Obviously, you are going to be passionate about your business, but if you are too emotionally invested, you may not catch the warning signs if you’re missing something. Remember that if your business is not getting traction, it’s not the customers’ fault — it’s yours.
Quitting Too Early
You should have the end in mind before you begin. Entrepreneurs often begin with excitement and optimism thinking they will do whatever it takes to succeed. That can lead to exhaustion and burn-out, forcing you to quit too soon. Your biggest failure has a huge upside in education, but only if you stay in the game. A big picture approach from the outset will force you to ask tough questions and give you a roadmap to refer to when you feel like quitting. We have never seen a business fail. What we do see is a tired and burnt-out entrepreneur who could no longer envision the path to success.
Listening to Negativity
Whether negativity comes from so-called friends, family, or even from your head – it is the enemy of entrepreneurship. You can’t have faith in what you are doing when you are afraid, and all negativity does is create fear. Curtail it when you start doubting yourself and use fortitude to translate it into belief. So if the fear of failing is holding you back, remember that regret is far worse. Commit to doing whatever it takes to win, and reject every form of sabotage… especially if it’s from yourself!
Not Being Willing to Learn
A desire and willingness to learn are critical to success in today’s business where things are constantly changing. It’s important to learn new skills, stay objective, and read the market. Don’t be afraid to pivot if you find that your original idea isn’t taking off as you’d hoped. Respond to what the market needs rather than what you want to give it.
Believing You Are Not in Control
You can choose how to respond to events, even if they were unexpected or feel like failures. We have control over our choices, how we want to feel about them, and how we want to let them impact our business. We can choose to learn, move past it, and move forward rather than blaming ourselves or others. As an entrepreneur, you are in control of it all. Isn’t that the best part?
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