- Knowing it all: Entrepreneurs are sometimes so in love with their businesses that they aren’t willing to see them any other way. Failure to adapt and change your business model as you grow and progress in business will lead to big mistakes or make you get stuck.
- Not listening: As an entrepreneur, you learn a lot more by listening than by opening your mouth. In fact, in many cases when you are networking with other people that are more successful than you, people are often more impressed by the questions you ask, not the answers you give.
- Not getting coaching: I know we hate to say it but it’s true: when it comes to business, many entrepreneurs live in regret: coulda, shoulda, woulda. Many look back and regret that they’d didn’t have someone to guide them. On top of relationships, marketing and branding, you need to add coaching to the keys to success for any entrepreneur.
- Listening to what broke people say. It seems that whether you are starting a business, everyone has an opinion, and most of them are just armchair opinions from people who have never started or sustained a successful business. Who you associate with is who you will ultimately become. Fire the negative people; start surrounding yourself with likeminded individuals. Listening to broke people is a great way to never make it or stay exactly where you are at financially.
- Blowing away money: Entrepreneurs who make money early on and achieve a rapid level of success tend to blow their money away by things they don’t need. Keep that money, invest in the greatest asset you will ever have: yourself. I will invest in coaching all day long before I buy a car that will just sit in my garage.
- Losing focus: Always chasing the shiny object is a mistake that many entrepreneurs often make. It is important as part of the process that you have laser focus. Starting other companies and getting away from your core competitors eventually leads to the death of your business.
- Not branding: Marketing is the engine of your business; branding is the fuel. Think branding from day one because when you are branded you will be easier to sell or grow your business. When you’re branded, it’s easier for people to invest in your company or buy your product and service. One of the brilliant things Steve Jobs and my friend Steve Wozniak did was make sure that Apple was a strong brand to compete against the likes of IBM.
Being in business is not easy, but as they say, a wise man learns from his mistakes while a genius learns from other people’s mistakes. And in today’s market place, you can’t afford to make mistakes.
To learn how to build your blue print for your business, go to Mini-Mega Partnering