The Internet has brought out the entrepreneurial zeal in people that many never realized existed and at the Creating Wealth Show we think that’s a good thing. However, as entrepreneurs ourselves, we see repetitive mistakes that all too often crush the life spirit from ideas that had the potential to really go places. We figured, why not make a list? Lists are easy. Lists are fun, and the numerical structure seems to be well matched for the human brain to consume.
So here’s OUR list of 5 Deadly Entrepreneurial Mistakes.
1. Laziness: El numero uno at the top of the heap is the belief that the Internet is a magical money-making machine. Sorry, only the Federal Reserve falls into that category, no matter what Ben Bernanke says. If you don’t want to exert real, prolonged effort, you’re not going to be successful online, offline or between the lines.
2. Relying on too few customers: No matter WHO says they will buy a certain amount of product from you every week for eternity, don’t base your decision to start a business on that promise. A business that can’t survive the exit of a single customer is not a business in the first place. It’s only hope and hope is notoriously unprofitable.
3. Doing everything yourself: In the beginning, when the budget is tight or non-existent, entrepreneurs do everything themselves as a matter of necessity. As money becomes more of a commodity, don’t be such a control freak that you continue to have to do everything personally. It will constrict the business’s ability to grow and make you crazy in the process.
4. Misguided spending: When a business becomes profitable, the temptation is to buy a new car, house, or take an expensive vacation. A better idea is to plow it back into the business. There will be plenty of time for foolish consumerism in the future.
5. Attitude: If you have the attitude that you’re better than the customer, your experiment as an entrepreneur is destined to be a short one. Keep in mind that the customer is your boss and, even though some are legitimately insane, you cannot risk driving them away just because you find them needy and personally repugnant. The business hasn’t been invented that can afford to take customers for granted.
While not an exhaustive list, to be sure, take the above into account in all your entrepreneurial endeavors and the chances for success should grown exponentially. On the other hand, if a quick and certain failure is your business goal, these suggestions should help you achieve it quickly.
The Creating Wealth Team
