I believe there is an entrepreneur in each one of us but I also know that many people start businesses for the wrong reasons or with the wrong mindset. If you want to launch a startup; be sure you’re not making one of these 15 common mistakes. Consider why you really want to be your own boss and correct mistakes in your thinking before you make big mistakes with your business.
6.You Think You’ll Make Millions
If you do an Internet search about starting your own business or becoming an entrepreneur; you’ll likely find thousands of programs and websites that promise you can make more money than you ever dreamed of.
Money isn’t enough of a driving force to become a successful entrepreneur. If you talk to any successful entrepreneur; there are always more important motivations for their endeavours.
The money comes after you do the right things for the right reasons. People that make a ton of money by just scamming others or copying a generic formula? They always end up losing in the end.
Making enough money is certainly motivating. Making more money than you are now making can contribute to your drive. But in the end…dreams of becoming a millionaire will cause you to make more bad decisions than good ones when it comes to your business. Money is only a shallow motivator in the long endurance race that being a business owner entails.
7. You Confuse Independence with Control
You may be tired of having to do what someone tells you to do. You may detest busywork when your best ideas or contributions are ignored at your present job. You may dream of work wherein you can make your own hours, make all of the decisions, or make sure that everything is done as you think best. You may dream of starting a business wherein your pay-check depends upon how much work you put in at any given time.
Independence and control are two very different things.
The responsibility of making all major decisions can be overwhelming: you must shoulder more responsibility when you work for yourself than when you work for someone else.
You’ll have to do so much more busywork than you ever dreamed of when you start your own business—at least for the first year if not longer.
You’ll put in more hours than you ever did at your old job but…if you’ve done your work and the work is a great fit…they will be truly satisfying and rewarding hours.
What is best for your business? The hardest thing is recognizing when you are addicted to the wrong ideas or your original idea for your business: it is input and feedback and results that matter. Success requires a kind of agility to make the kinds of changes that are needed that are important. Not so easy if you’re a control freak.
And ultimately…your pay-check depends upon many more bosses than you ever dreamed of: all of your potential clients, customers and investors. You cannot easily control them.
8. You Just Want Your Time to Be Your Own
Okay, so making your own schedule is a huge attraction for becoming self-employed. Being able to work when it suits you and being able to attend to the rest of your life on your own terms is something we all dream of. But in reality?
Running your own business will take more hours than you ever dreamed of at first. Yes, you can learn how to make it run better without you after it becomes somewhat successful and yes, you can decide when and where and how you work if you’re a consultant or provide some other service that doesn’t depend on the normal 9-to-5 business hours.
But…if you start a business thinking that your time will be your own? You’re sadly mistaken. If you want your business to be truly successful; you’ll have to put in many hours to take care of the things your former employer handled after you checked out every day.
And if you think that working whenever you want to won’t end up interfering with your home life; you’re not realizing that everything that needs to be done needs to be done according to some kind of deadline and it will impede your evenings and weekends and every hour of your life at the beginning.
There is a difference between being self-employed (still an employee—just of your own business) and being an entrepreneur (not tied to any one business) but…there’s a process and path to get there.
9. You Don’t Match Your Passions to Your Abilities
My goal is to help people profit from their passions, to help people discover the work they are meant to do, help them break free of jobs that don’t inspire them, don’t engage them, don’t pay nearly enough, or burn them out in any way.
What many people do, when they are just fired up about starting their own business, is: they confuse their hobbies with a business idea.
Or they confuse some cause they’re really passionate about with a business idea that they are not equipped to make successful or really make a difference with.
Or they think that the passion they have will somehow turn into a moneymaker even though they don’t have the real talent or skill to make that business successful.
It’s a great idea to consider what you’re passionate about when you’re thinking about your successful business but it’s a more realistic idea to realize how and where and why you can make the most impact depending upon who you are and what you have to offer.
What you think of as your passions often don’t match up with your abilities. Awareness can prevent you from making this mistake.
10. You Don’t Consider Your Business and Your Abilities
You should consider what your business will require of you and whether it’s the best fit for your abilities before you start.
If you have been following this column; you know I have talked about entrepreneurial strength systems. Successful entrepreneurship depends upon covering four different components or working systems that make up the organism of a successful enterprise.
A successful enterprise requires “The Head”, “The Hands”, “The Heart” and “The Voice”: the strategic thinker, the implementer, the bond-builder and the ambassador.
It is unlikely that any one person can juggle all of these roles equally well. You’re always better off determining where you need help than trying to be what you’re not or not admitting to yourself what you need.
When you first launch our business; you’ll have to cover all of these. But it’s better to partner up, from the beginning or some point later, so that what you have to offer and what you know you do not do well is covered, too. And after your business starts gaining traction, then you need to delegate the right roles to the right people because no one is the perfect entrepreneurial organism by themselves. Cont…