When you were younger and saw your brother put into time out, you automatically knew that from that moment on you should not punch your sister. Granted you probably should have realized that sooner, it is still important to learn from others’ mistakes and avoid repeating the past. In a recent Know Startup article, Patrick Bet-David, founder of PHP Agency startups, shares his mistakes from the first year of being an entrepreneur.
1. I Almost Quit
Sometimes the road is rough, but the potential outcome really can be worth those rough years. Quit when you are in the right mind to know it won’t work, not just when things are hard.
2. Trying to Become CEO Too Early
So many times entrepreneurs get a buzz off of finally being a business owner that they tend to forget that they need to starts as a salesman. Sell first and rely on that. Once you have people to sell for you, then you can take advantage of your CEO title.
3. Trying to Take Advice from Too Many People
Your parents are awesome, but they aren’t always the business people with the best experience. Seek for the people with “the life you want” and figure out how they made it work during your current phase.
4. Not Knowing How to Ask for Advice
No one likes to admit they are wrong let alone admit that they don’t know what to do next. Sometimes asking for advice will be how your business stays alive.
5. Forcing Vs. Influencing
Instead of managing your clients and staff’s success, try leading them to it. Get them to see your vision for themselves instead of “just trust me and do it.”
6. Living the Dream Too Early
You’ve just made your first dollar, but that doesn’t mean you should go get your dream Ferrari. The first paycheck is amazing, but spend within your CURRENT means. Use financial forecasting to make smart decisions, not to justify a luxurious lifestyle.
7. Thinking I Knew it All
On cloud nine you feel like a genius, but on rock bottom you will take all of the advice you can get. Never think you are so far ahead that you can’t learn from those around you. Experiencing that heartbreak and failure early on in business will make you a better and wiser businessman later on.
8. Acting Like a Boss Instead of an Employee
The attitude of “I can do whatever I want” is a big mistake. It is inevitable: you will fail. You may be an entrepreneur and say that you are no longer an employee, but you are. You are now an employee for yourself and I hope you have a good boss.
9. Not Having a Schedule
It is exciting not having to report to anyone promptly at 9:00 a.m., but the beauty wears off when nothing it getting done. Create a schedule and stick to it. If necessary, create punishments for yourself if you don’t.
10. Not Knowing the Value of a Business Plan
Too little people know what a business plan is or even how to write one. You might not need a traditional business plan, but you do need a good plan for yourself.
What great mistakes have you learned from?
