Top mistakes Entrepreneurs make

Top mistakes Entrepreneurs make

 

 

1.“I WANT TO START BUT I HAVE A FEW MORE THINGS TO SOLVE”

What many of you have done to date is research everything before you start, get overwhelmed & never start.

How do we build businesses?

We take action.

Day 1, solve a problem.

Day 2, solve a problem

. By Day 30 we should have gotten our first paying customer. If you try to pre-solve everything you’ll never get started

 

2.BUT I HAVE NOTHING TO SELL”

Check your bank account for something you’ve spent money on in the last 12 months. & GO SELL THAT!

Bonus points if it’s a recurring service of some sort (Your customer lifetime value is instantly boosted, & you can thrive even with a high customer acquisition cost). Either way, you know it’s something that people already spend money on

 

3.“I AM TRYING TO RAISE CAPITAL!”

Look, man, there are a gazillion businesses you can start with LESS than a month’s salary.

There’s no reason to delay life waiting for some savior to drop a million dollars in your lap. Right now, to start a business, you need a well-designed website (wordpress themes are solid) & something to sell.

If you’re selling a product, you’ll then have to find someone who will let you re-sell his or her product. If it’s a service, you simply have to find someone who already provides that service & set up an arrangement with them

 

4.“ BUT WHAT ABOUT SCALABILITY?”

Go out & get good at selling things, & leave the startup buzzword stuff for investors that have to worry about that stuff. This is about taking action & building something

 

5.“ I DON’T HAVE THE TIME RIGHT THIS SECOND, BUT…”

I’ve learned that the fastest way for me to wrap up conversations like that is to say “Hit me up when you start!” I don’t think I’ve heard from a single one of those people again.

As far as I’m concerned if it ain’t now, it ain’t happening. & now, you have time. There is always time, you just have to give up some of the dumb shit you waste your time on right now

 

6.“ BUT I NEED TO VALIDATE!”

Validation, in my opinion, is for fantasy ideas. If you stay away from having to come up with an awesome idea, you won’t need validation in the first place.

There are plenty of things you can do that other company has already validated for you. & when you find that thing, stop worrying about competition. Competition IS the validation

 

7. “The MARKET IS SATURATED”

This is meaningless, yet this single phrase has stopped more potential entrepreneurs in their tracks than pretty much anything.

Start looking at the quality of the competition instead, & you’ll often find that the market is saturated with a LOT of bad players, & they’re making a LOT of money despite being so bad. This is the perfect situation. My take: The market is NEVER saturated

 

8.“OKAY COOL LET ME GET STARTED ON MY BUSINESS PLAN”

This often ends up being a way to push action further down the road. If It’s longer than one page you’re wasting your time.

 

 

9.“ LLC/CORP/WHAT STATE TO FILE IN”

By day 30 if there is revenue I then have a business & I can spend the $350 on LLC/INC on smallbiz. Otherwise I don’t bother

 

10.“OKAY BUT I NEED TO RESEARCH”

Demographic data, market analysis, the economic outlook… blah. More ways to kick the can down the road & to feel that you’re doing something when you’re really not. I just get to work. If a lot of people are making money doing this thing, the startup cost is low, & there is no sorcery involved, it can be done!

 

11.“BUT SHOULDN’T I FIND SOMETHING TO BE PASSIONATE ABOUT?

No. Find something that is viable. While most of the brainpower is busy chasing sexy mobile apps & such, you can make bank by selling ugly widgets or providing basic services. It’s tough to pay bills with app downloads

 

12.“I DO PLAN TO LAUNCH BUT I WANT TO GET THE TECH RIGHT”

Resist the urge to complicate things. For technical folks, it seems like the inclination to complicate things is overwhelming.

So a problem like “find people who need lawn service & connect them with people that provide lawn service” becomes, “well how about we use Zillow’s API & we tie that into Google maps & feed everything into a pricing algorithm” etc. Keep it simple

 

13. “OKAY SO WHAT DO YOU RECOMMEND?”

Stop soaking up content for content sake. It gives you the illusion that you’re actually doing something when you’re not. Trust me, I’ve been there.

Instead look at business content like you would a cooking recipe. If you want to cook a steak, you look up “how to cook a perfect steak” on YouTube, bring your laptop to the kitchen & get to work. & that’s the takeaway from all of this. Not that reading is bad, or that gathering information is bad. But that if your end result is a thriving business, at some point you have to kill reading the blogs, etc.

 

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