Top ten entrepreneurial mistakes
Everyone makes mistakes. But wouldn't it be nice to make a few less? Learning from other
people's mistakes is often much less painful than suffering through your own. Some mistakes are
common to all entrepreneurs so read on.
Try to avoid these entrepreneurial traps and pitfalls.
1. Getting stuck on one idea. Instead, explore all your ideas and options.
2. Being too arrogant. It takes a certain amount of chutzpah to start your own business - you
have to have a strong belief in yourself and your capabilities. However, that small project
that no other company wants to do may turn out to be a great portfolio piece or may lead
to more work in the long-term.
3. Spending money before you make it. Underestimating the amount of money you'll need
to run a successful business. Don't ignore the reality of CASH.
4. Attracting weak employees. If you appear desperate or anxious for staff you will manage
to hire people who will not enhance your business.
5. Forgetting to be realistic. Getting involved in a project or unsound business can damage
your reputation. Think in a world of possibilities but work in a world of realities.
6. Not listening.
7. Not setting up sufficient support networks for your business and personal needs.
8. Not writing a business plan and setting long and short-term goals. Without a clear path
for the future your vision can get muddled.
9. Overdelegating. Don't assume other people can see your vision and will come up to
speed to manage projects. Chances are they won't and you will be left in the lurch.
10. Quitting. If at first you don't succeed, try, try again! You probably remember "The Little
Engine That Could" - apply that philosophy of "I Think I Can, I Know I Can" to your
business.