The 5 Biggest Mistakes Entrepreneurs Make
By Timothy Sykes, Entrepreneur and Penny Stock Expert
Being an entrepreneur may very well be one of the most difficult jobs
on the planet. There are very few career paths that require the same
amount of work, skill, sacrifice and commitment. Being an entrepreneur
is really hard but also really rewarding. No matter what field you are
in, or what type of business you own, it is so important that you
understand some of mistakes that tend to plague so many entrepreneursin today’s market. These are by far the biggest mistakes that any business owner can make. Avoid these mistakes at all costs and you will set yourself up for success.
1. Expecting success right away.
If
you are expecting success right away from your business, then you are
setting yourself up for disappointment. Yes, it is great to have the
confidence and the drive to want to be successful fast, but you
shouldn’t expect these results right away. It takes a long time to grow a
business. It takes an even longer time to make money from a business.
You
need to be realistic about your expectations and try to be patient. One
of the many reasons that so many businesses fail so early on is because
entrepreneurs expect they can open their doors and just like that they
will start making money. Many times these companies go out of business
because the entrepreneur can’t afford to pay the rent anymore, they were
expecting to earn money right away to cover their expenses. This is why
having a cushion to fall back on and being realistic about how much
money you can actually make at first is so important.
2. Trying to do everything yourself.
A
good entrepreneur knows how to delegate, plain and simple. If you try
to do everything yourself, you are only setting yourself up for failure.
You need to know how to outsource. I talked in great deal about outsourcing in the past and hiring others to take care of some of the tasks that I simply cannot handle on my own.
Different
entrepreneurs will have different types of tasks that they want
outsourced. No matter what those things are it is important that you are
delegating them to others so you can make better use of your time and
put yourself in the best position possible, to do your best work possible.
Doing everything yourself will only cause you to burn out or draw focus
away from the tasks that actually need your expertise and attention.
3. Ignoring your true passion and just going for the money.
If
you aren’t passionate about your business and the field you have chosen
to open a company in, then you will never be successful. One of the
biggest mistakes that any entrepreneur can make is ignoring their true
passion and just opening a company to make money. I was passionate about
penny stocks even though the rest of Wall St. wasn’t. Many people urged
me to “follow the money” and go into different sectors, but I already
had success with penny stocks so I decided to stick with it. I made a free guide and now I’m the biggest teacher of this undeserved niche; in fact my own teaching business now makes 8 figures annually.
Entrepreneurs
who do this get no fulfillment out of life, even if they are
successful. I guarantee you money alone will not comfort you in the way
that feeling fulfilled can.
4. Not being adaptable.
If
you want to be a successful entrepreneur in today’s ever-changing
market, then you need to learn to be adaptable. If you are not adapting
and you are putting too much expectation on one product or service, you
will never succeed. You are putting all of your eggs in one basket, so
to say.
Instead, you need to test, test and test again. Try
various products and solutions. Explore new options. Go with what is
working now, but always be ready to make changes in the future.
5. Ignoring social media.
There
are so many traditional industries that think they don’t need the
Internet. Whether you are a package store or a dry cleaner, it doesn’t
matter, you need the internet. Why? Customers are on the internet and
any business that wants to be successful needs to be where their
customers are and put themselves face-to-face with their clients.There is a tech revolution right now and entrepreneurs need to use it. The internet and social media are very cheap tools for any entrepreneur to use, and most importantly, they can be very effective.
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