Being an entrepreneur is the dream! Working for yourself, doing something that you are passionate about, and reaping the rewards of it bring a kind of satisfaction that is unlike any other.
On the other hand, for some, the rewards are slow in coming, or are even non-existent. You’re putting in the time, you’re putting in the effort, you’re putting in the passion. Why isn’t it working?
The reason is that while entrepreneurship comes with unique rewards, it also comes with unique pitfalls. Let’s get into some of the common mistakes entrepreneurs make that hinder their success.
1. Perfectionism
Understandable, to a point. You care very much about your project – it’s almost an extension of you. Why should it be anything less than perfect before you launch it? While perfectionism can be a positive quality, when it comes to entrepreneurship, it’s mostly just standing in your way. Waiting for everything to be just right before you decide to launch is quite simply a waste of time. Products and services always adapt and improve as time goes by – the Instagram we have today wasn’t the one we first downloaded, for example.
To avoid this, focus on just the essentials at first. Markets change so quickly, and you will undoubtedly receive feedback on your product or service anyway. That will be the time to improve it. Take the leap and get it out there.
2. Being Anti-Social
This works in two ways – real life social, and digital social. Let’s address the first one. It’s been proven time and time again that networking is key to success. Getting the word out there about who you are, what you do, and how you can help is vital, or how will anyone know? Which brings us to the second point – digital social. Online marketing can take your business further than you could ever take it on your own. Do some smart advertising on social channels and get actual global exposure. It’s one of the greatest tools you have. Make sure you use it.
3. Inability to Adapt
This is your project, so you must know best, right? Not necessarily. Like many things, entrepreneurship involves a lot of trial and error. Not being able to accept that you made an error or being unwilling to try something different for fear of error are equally harmful. You may know a lot, but you can always learn more. Try new things – in fact, try everything.
4. Procrastination
The phrase ‘There is no time like the present’ couldn’t be more applicable here. If you are a natural procrastinator, success is going to be a lot harder to come by. Every time that you put something off, you’re also delaying success. Do it today. What have you got to lose?
5. Chasing Cash
The end goal for any entrepreneur is to make a success of themselves. But too much focus on profit is going to get in the way of making your business into all it could be. The best ideas are customer focused. They give the people what they want, and the money comes later. When you think about it, if you’re providing for a desire or filling a need, why wouldn’t people pay for it?
6. Inability to Take Criticism
Criticism – whether constructive or otherwise – is ALWAYS a learning opportunity. Don’t be so arrogant that you can’t accept feedback or suggestions. Don’t get so offended that you forget to react and respond professionally. Always remember that you’ve got plenty of competition out there. Feedback and suggestions are a good thing – they tell you how you can get better at providing exactly what people are looking for and increase your chances of standing out from the competition.
7. Too Much Multitasking
It’s great to have lots of skills in different areas, but it’s not good to spread yourself too thin. Don’t try to do everything on your own. Focus on the most important things – the things only you can decide, do, or implement – and delegate the rest.
It certainly takes a lot out of you when you decide to go the way of an entrepreneur. Lots of learning and perhaps a lot of mistakes made. But keeping your focus strong and on the things that matter is bound to bring you success in the end. Put these 7 tips into practice and you’ll be off to a solid start!
