Out of inexperience, stubbornness, or hubris, there are three mistakes that entrepreneurs seem to make over and over. WATCH OUT FOR THESE:
Mistake #1: Over-Focusing on the Product
Since day one, you have probably been acutely focused on the product, which was needed. Congrats! You now have a viable thing to sell.
So now you’re half way there, right? Well, maybe a quarter way . . . a tenth of the way. . . wait, is there even a “there”???
The mistake too many entrepreneurs make is not shifting gears to focus on the business aroundthat product.
So, if you’ve taken the role of CEO, then your focus needs to be on CEO duties, i.e. hiring, marketing, organizational issues.
You should always keep a keen eye on the product, but not both eyes, and not all the time.
Mistake #2: Not Growing With Your Business
Back in the day, it was just you and a few others working your business. Everyone helped in any way they could.
Today, your business has grown, and so has its employees . . .
Except for you. You’re stuck in early-phase mode, and are perpetually answering phones, keeping books and doing tactical things.
For all start-ups, there comes a time to start hiring or outsourcing some of those tasks so that you can run the business.
It’s true, sometimes it’s just easier to fall back on the things you know you are good at, like a college freshmen regressing to highschool haunts. But there are new challenges that need your attention.
Mistake #3: Celebrating Too Early
Don’t think you’ve made it just because you raised capital, else you could really muck things up.
Securing funding is just where the fun begins. You now have someone else’s money to grow your business . . . and that person is expecting to be paid back.
Instead of patting your self on the back too hard for all the work and taking a huge salary, you should manage your burn rate like your life depends on it.
Now, you must work even harder to make the most of the most out of the capital you raised. It’s not nearly as fun this way, and probably sounds a never-ending cycle of hard work. But you knew that was part of it though, right?
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