The 6 Big Mistakes Entrepreneurs Make In Their Business
The entrepreneurial journey is challenging. Some could reach the top with less to no hassle; some had it quite rough. But no matter where you are right now in your journey, it’s best to know what to do and what not to do.
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KEY TAKEAWAYS
Mistake #1: There’s an absolute obsession with the product.
Entrepreneurs are ultimate masterminds. They have the unparalleled capability to turn nothing into something grand. But, sometimes, since they care too much about their projects, they tend to forget that there are external factors that matter more if you want to scale up your business.Mistake #2: There’s the artificial need for speed.
Patience is needed when you’re growing your business. No business empire was built in a day, anyways. Don’t rush things and just appreciate the efforts and small wins you’re achieving. Your pace depends on your talent and your goals.Mistake #3: There’s a lack of technical skills.
Leverage talents if you need to. Though you’re very competent in your area, it’s best to find someone who can help you in the smaller tasks or someone who complements your strengths.Mistake #4: There’s irrational exuberance.
Or, as Nick calls it, ‘optimism in steroids.’ Entrepreneurs don’t listen to people and ignore the risks. Sometimes, they act arrogant. It’s best to surround yourself objectivity and rationality.Mistake #5: They do not see a second idea.
Having the greatest money-making idea is a very good start for entrepreneurs. But, sometimes, they aren’t equipped with the skill to execute them and refuse to seek help from people about it. It wouldn’t hurt to tweak things a bit and pivot a little from your original idea.Mistake #6: They run out of cash.
Cash should be the first thing you’ll look into. You must think through how you can have consistently increasing cash flow as the business grows. Nick suggests niche-ing.BEST MOMENTS
“The faster you go, the greater the impact if things go wrong.” “Work out what you’re great at, then leverage the rest.” “If you got a great idea, don’t be fixated on one pathway to execute it.”VALUABLE RESOURCES
Profit First by Mike Michalowicz - https://profitfirstbook.comABOUT THE HOST
Nick Bradley is a renowned entrepreneur, investor, speaker, and business growth expert.
His background is growing and scaling Venture Capital and Private Equity backed businesses globally. Over the last decade, he has completed 117 acquisitions and 25 business exits with a combined valuation of over $5bn dollars.
His mission is to help business founders build valuable businesses and create life-changing exits so they can realise freedom, wealth, and impact.
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