What Are The 5 things Most Entrepreneurs Fail At?
I have been a full-time entrepreneur since 1996! That is remarkable since I am not sure I really even thought about it until I had this epiphany that working for my current employer was a waste of my time. A dead end job going nowhere fast. Like so many of you out there, I had more self doubt than answers, more fear than common sense.
Being an entrepreneur is a lonely road, at least at the beginning. Even if you come from 2 generations of self employed family members as I did, they tend not to understand what you are trying to do and have even less knowledge of the current business climate for your chosen passion. So essentially, you are on your own. The following are a list of 5 things most #entrepreneurs fail at. Let’s see how many you fall into. Feel free to comment and add others as well!
5. Most entrepreneurs start off with an idea but no plan! Sound familiar? This is what I did. I was young and full of myself and just knew I could do it. But the problem I had was that my youthful enthusiasm without a plan, ended up costing me years! Don’t make that mistake. Have a great idea, but back it up with a killer plan!
4. While it is a great story to say you started with no money in the bank, it actually isn’t a great idea! Sound like something you have heard before? I did the same thing. Underfunded just means a slower path to success. There has to be a middle ground between youth and dumb while being flat broke and success, when starting a company!
3. Too little research is done internationally about what you are trying to do. Now you may have done a thorough search domestically to see if there was any competition looming in the shadowy recesses of American entrepreneurism, but what about in other countries? Not only is this a major mistake, it may end up costing you everything. Wake up and smell the internet… It is there for a reason!
2. Setting goals are important but deadlines are even more essential. I meet entrepreneurs all the time who tell me “I have been working on this disruptive technology or product for 10 years now”. Um, hello Mr/Mrs Entrepreneur, nothing is disruptive for 10 years. Additionally, if you can’t figure it out in less time, its probably never gonna happen. Just my opinion….
1. And the #1 thing most entrepreneurs fail at: Time Management! It is true. As free thinkers, we are very liberal with how we set our schedules. Yes, I hear all the time that an entrepreneur is their own boss, bla bla bla. Not my point. You can be a great entrepreneur and still establish boundaries for how you invest your most precious capital, time! Don’t waste it on chasing your tail or fishing expeditions in a bucket without fish. Keep a narrow focus on what you want to accomplish, set goals, deadlines and timelines. You will be more effective and definitely more successful!
As entrepreneurs we need to stick together and share our entrepreneurial advice and insights. If you have a thought, respond and let’s start a discussion!