5 Mistakes to avoid when starting a new business

Common Entrepreneur Mistakes

“Learn from the mistakes of others. You can't live long enough to make them all yourself.” 
- Eleanor Roosevelt



You see people on social media, on Instagram, on facebook, on tv-shows or youtube, You see the lifestyle of a successful entrepreneur.

You see the vacation spots, you see their houses, you see the life that they have and you say to yourself, that what I want, so what you're gonna do, you're gonna start a business just like them, well, are you ready, do you know if you're ready to be an entrepreneur?

Here are the top 5 mistakes to avoid when starting a new business.

1. PICK THE WRONG BUSINESS


A lot of companies fail, 80% of companies fail in five years, A lot of it's because you picked the wrong business.
Your business just trying to make money, and if is your goal, you're not going to be successful.

You look at any entrepreneur who starts off and just trying to make money, they rarely do, or if you look at the most successful entrepreneurs of all time the big names of people who you should recognize: Oprah Winfrey, Bill Gates, Steve  Jobs whoever it is. Look at why they got started, Look at the early days of the reason for starting their business the number one is never to make money okay, they want to have a positive impact they want to change the way something is done.
They want to mean something, But it's not just making money, making money is important, Okay?
I'm not saying start a charity you got to make money you got to be able to support yourself your family your community, live the lifestyle you want money is going to be important. We're not throwing it away, but it's not the number one reason for starting this business you have to be passionate about what you're doing and too many entrepreneurs pick the wrong business.


2. MAKE THE PERFECT PLAN


So many entrepreneurs before they get started they want to have the perfect plan, you gotta have it all lined out, it's got to be 100% perfect, know exactly what you're going to do before you launch and that's holding you back, So many people spent days and days making their plan, How they're going to grow?, Here's exactly what we're going to do and soon as they launched, Everything changed because their plan was wrong, their assumptions were wrong and too many entrepreneurs get focused on making the perfect plan.

That they don't start they hold themselves back, The best thing you can do is plan a little and start, When you get feedback and reaction and customers telling you what they like and don't like you'll have to adapt anyway, So get that feedback as soon as possible don't worry about making the perfect plan.

Don't wait until you have that perfect plan, because so many people wait so long that they don't actually take any action at all they give up on it, Because they don't figure out the perfect plan, You will never have the perfect plan at the start, so start.



3. SPEND MONEY


Many entrepreneurs have great ways on how to spend money, If I gave you a million dollars you can find a million different ways to spend it, not many entrepreneurs are great at making money, so stop trying to think about how to spend money, okay?

You do not need a website, you do not need an office, you do not need a car, you don't need business cards, you don't need anything, you need you and your hustle to get out there and start talking to customers.

Stop trying to figure out ways to spend money, you do not need money to make money.

You need to work, you need the hustle you got to get out there and start talking to people, it takes your time, you got to invest your time, but don't start investing your money, stop spending money until you're making some money.


4. TRY TO DO IT ALONE


You can't do this alone, you cannot do this just on your own, you need people to help you and whether that's having volunteers or interns that all successful people have when they started their first business, whether it's having people who are working for you for part-time, whether that's having a mastermind group of people that you connect with to talk about businesses and each other out.

you need to be able to talk to people, how people help you, and you're not spending money at the start right back to the last point, you're not spending money on those people to start, but you can attract people to you, you can meet up with the mastermind group once a month.

You can have volunteers or student interns helping you out, if you're saving for something important, you're going to have people coming to you, I can't tell you how many people want to volunteer at your business because you're trying to do something big and important, you could start that way.

But don't try to do everything yourself, Because running the business is a lot harder than one person can manage.


5. OPERATE IN A BUBBLE


you can't operate in the bubble you have to bust through, whatever your comfort zone is you got to be able to bust through that, to become the entrepreneur that you can truly become, that's model success learning from others, watching videos, reading books, stretching your comfort zone, stretching your knowledge zone, stretching the safe environment, that you have for yourself to become a better entrepreneur.
Every single big break up having your business career has been, because you've taken your limiting beliefs and smashed, and expanded them a little bit more, and believe that you could do more.
Learn from others to accomplish those things and model strategies and mall success.


So stop operating in a bubble.


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