The Top 10 Entrepreneurial Traps/Mistakes

Originally Submitted on 10/30/96.

These are common to most entrepreneurs.

1. Getting wedded to an idea and sticking with it too long.

Don't marry a single idea. Remember, ideas are the currency of entrepreneurs. Play with many ideas and see which ones bring money and success.

2. Trying to be something other than an entreprenur.

Entrepreneurs are entrepreneurs. You'll give yourself a hernia if you try to act like other people. Your difference is your strength.

3. Believing your own b.s.

Entrepreneurs are genetically wired to be optimistic. Just don't believe everything you say to others...

4. Ignoring your cash position.

The world (aka customers) doesn't respond to even superior products in the timeframe that you think they should. You'll need plenty of cash to sustain yourself in the meantime.

5. Attracting weak staff members.

Not that many great employees will put up with a mercurial or childish/immature entrepreneur. If you're attracting weak people, you'll need to mature as a human being.

6. Confusing likelihood with reality.

The successful entrepreneur lives in a world of likelihood but spends money in the world of reality.

7. Selling too hard.

If you find yourself selling an idea or product too hard to too many people, perhaps it's time to listen to why they are not buying and learn from that vs trying to become a better salesperson.

8. Not setting up support structures.

Hire people and services to handle many of your business and personal needs. Most entrepreneurs do better when they are fully supported, even if transparently. Be responsible enough to arrange this.

9. Overdelegating.

Most entrepreneurs overdelegate tasks and accountabilities to others, aka dumping. Better to learn the skill of responsibility and completely turning over a task or project than assuming/hoping/needing others to come up to speed quickly enough on their own. Most people cannot.

10. Giving up.

Some of the most successful entrepreneurs failed several times before doing extremely well. So, if you're failing, fail. And fail fast. And learn. And try again, with this new wisdom. Do NOT give up. Yet, do not suffer, either.

---

About the Submitter

This content may be forwarded in full, with copyright, contact, and creation information intact, without specific permission, when used only in a not-for-profit context. For other uses, permission in writing from CoachVille is required. Questions: email topten@coachville.com

Please use your browser controls to close this page & return to the selection page, or click to return to Top 10 home page.