Top 5 Mistakes Entrepreneurs Make

Being an entrepreneur is hard work. You devote your life, your soul, and your body to your project to take something you’re passionate about to the next level. You don’t have to go it alone. BiZTV is here to help. Here is a list of some of the top mistakes entrepreneurs make. Don’t say we didn’t warn you.

1. Being impatient.

We know that you want it all. And we know you want it now. I’m not here to tell you that you shouldn’t have big dreams for your project. It’s your baby. But, like a baby, it does take time to grow up. You can’t rush it through the growing pains. You need to be patient with your business so that it’s ready for the next level when the time is right.

2. Forgetting to fill the coffers.

As an entrepreneur, you have a long road ahead of you. It’s possible that you’ll be a hit right out of the gate, but you need to be prepared just in case you aren’t. How do you do that? Build up your finances. Some say you should have 3 years of finances stored up. In a perfect world, that would be ideal, but you definitely MUST have at least 1 year of your finances covered. If you start making a profit, don’t celebrate yet. You need to make sure your finances are under control. Don’t start spending beyond your means because the money might not keep coming in like you imagined.

3. Going it alone.

SupermanYou’re great. We love you. You have drive, passion, intelligence, and maybe even finances on your side. But, you’re not Superman. While some entrepreneurs might think independence and freedom are the biggest draws of entrepreneurship, they can also be the biggest setback. Don’t be afraid to hire someone to help you out. Make sure it’s someone you trust and feel comfortable around, but also make sure it’s someone who will hold you accountable for your decisions. This also goes for delegating. The entrepreneur is not an island.

4. Forgetting who you’re listening to.

Why are we experts? Well, BiZTV started as a small business by a successful entrepreneur. We look for programming that features entrepreneurs with business experience. We know the backbone of American capitalism lies in the entrepreneurs who identified a problem and came up with a solution. And, we’re not afraid to ask top entrepreneurs what they think. You, too, should be listening to the advice out there and applying it to your business. Not every piece of advice will work for you. Keep in mind, however, you don’t have to reinvent the wheel.

5. Ignoring the customer.

It seems like a no brainer, but sometimes entrepreneurs forget to listen to what the customer wants. You can’t convince everyone that you have the greatest thing since the vacuum cleaner. If they want a compass in it, put a compass in it. Obviously, this won’t work for every type of business, but if your customers are crying for an improvement or change, you need to do something or you’ll lose them. In this day and age, anyone can start talking about your product and services online and potentially reach a wide audience on social media. Don’t let them defeat you because of your own stubbornness.

Do you know of any entrepreneurial mistakes? Share them with us in the comments below.


About BizTV

BizTV is the home for your business. Whether you're an entrepreneur, small business owner or just managing your family's assets, BizTV can help. Find the resources you need to manage your money, start your latest venture or grow your business. BizTV, It’s Your Biz!

Posted on December 19, 2012, in Biz Tips, Entrepreneur, Small Business and tagged , , , , , , , , , . Bookmark the permalink. 2 Comments.

  1. There are three cycles to the start up business. The beginning which is the Champagne Stage where you look at your model and think about how much your going to make. This last about two weeks. Then comes the helmet and flack jacket stage. You will realize how hard the road is going to be. It will last two years on average. Toward the end of the second year you should see some referrals and follow up from previous contacts and this will be encouraging. At five years everyone will claim they knew you would make it and it was their support and idea that made you successful. Just enjoy this stage knowing what you put into it.

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