Top Mistakes Made by Entrepreneurs

Top Mistakes Made by Entrepreneurs

Top Mistakes Made by EntrepreneursThere are an awful lot of ‘wantrepreneurs’ out there. These are people who want to be entrepreneurs, who maybe even tell people they are entrepreneurs, but who somehow lack that magic spark that they need in order to go out and change the world.

The question is: what is the difference between these people and those people who really do have breakthrough innovations? Often it comes down to a few simple mistakes they make along the way…

Talking Too Much

A lot of people I meet who have exciting ideas for apps, websites or products, will make the mistake of telling me all about it. Which is not a problem because of intellectual property or anything like that. It’s a problem because I can tell they’re never going to make it happen. These are people who enjoy ‘playing business’. People who love talking the talk but don’t actually want to do the work.

Instead of talking… do.

Not Talking Enough

Then again, you also get the other type of entrepreneur who has an idea that they think is the best thing in the world and then they get incredibly protective over it. This person refuses to tell anyone what they’re doing and they have a very hard time getting backers or convincing people to be interested as a result.

You know what? When you tell a potential consultant that you can’t tell them your idea, that’s insulting. Ideas are a dime a dozen. Execution is what counts. So get over yourself: you need all the help you can get!

Being Perfectionists

If you have an idea that is a big risk, then you need to get out there and make it happen as soon as possible. What you can’t afford to do, is to spend years perfecting it and hiring designers and lawyers and anyone else you can in order to make it into something perfect.

This strategy involves investing too much time and money into an idea upfront. And when you do that, you have a break even that is years away and you run the risk of losing everything you’ve put into it.

Instead, release an MVP quickly – a Minimal Viable Product. This is a rough version of your product that you will then be able to test. If people start buying that, the you can invest more into it. If not, then you move on to the next project and don’t waste any more time. It’s what they call ‘fail fast’ in the business!

Posted in Entrepreneurship, Executive Leadership.