How to Avoid These 3 Entrepreneurial Mistakes

Succeeding as an entrepreneur will be one of the most difficult and challenging propositions of your life.

Too often people get started without taking the time to understand the steps involved in launching their venture, which usually leads to significant missteps, broken hearts and broken bank accounts. They make easily avoidable mistakes and become discouraged.

If you’re going to succeed as an entrepreneur, you must do your research and become aware of common mistakes and how to avoid them.

Here are three such mistakes:

3 Entrepreneurial Mistakes

1. Lack of Focus.

You’re not likely to succeed as an entrepreneur without focus (particularly in the early years).

New entrepreneurs often jump from one opportunity to the next, like a bright shiny new toy. If a plan does not work the way they had hoped, they quickly move on to another project.

Spreading yourself too thin limits your progress. Instead, focus on one project at a time. You might not succeed immediately, but persistence is key. When you’re comfortable that one project is stabilized, you can move on to another and expand your portfolio.

2. Not Having a Plan.

Don’t make the mistake of not having a plan.

It doesn’t need to be a perfect plan, or even a great plan, but without one you have little hope of reaching your goals.

To avoid investing time and money in creating a product or service that ultimately won’t sell, you must conduct market research to determine if there is a demand for it.

Predict how much you’ll have to invest, and compare it to your potential earnings before deciding to embark on a business venture.

3. Trying to Be Perfect.

Entrepreneurs often make the mistake of trying to be perfect, which often leads to overthinking and procrastination.

They spend so much time analyzing their business that they fail to take action. If you are waiting until everything is perfect to implement a new strategy, you could be waiting indefinitely.

Do the best you can, but take action when the time comes. Mistakes are unavoidable, but you can use them as learning experiences that enable you to grow and improve.

General George Patton says…

A good plan violently executed today,

is better than a perfect plan next week.

                               ~General George Patton

While many people never succeed as an entrepreneur, proper preparation will set you in the right direction. Having a plan gives you the knowledge needed to grow and expand your business, and then determination and persistence will help you achieve success. When you stop trying to be perfect, you are free to act in the face of uncertainty.

Have you, like me, made any of these blunders? What others have you made? Tell me your story below.