10 mistakes I see young entrepreneurs make over & over:
Business is hard enough without making avoidable mistakes. Here's a cheatsheet of traps to avoid:
1. Not having a mentor or advisors:
They stop you from making obvious mistakes and get you there faster
2. Selling something similar to everyone else without a USP, and miraculously expecting to win
3. Tied to this, not researching the market enough.
I have a business idea I’m VERY EXCITED about pretty much every few weeks, but market research tends to kill it (someone else is already doing it, will be hard to gain initial traction, how hard is it gonna be/how much will it cost to enter the market etc.)
4. Not having initial working capital to fund initial business growth:
Better to work a dead end job and save up before you start then having to drag the corpse of every Vin Clancy “free traffic” growth hack to get basic traffic :)
5. Not focusing on sales:
If you get this right you can get everything else wrong (presuming you actually deliver with the product/service, of course)
6. Let me sing it LOUDER FOR THOSE AT THE BACK: Too much time spent on making content, not enough on…sales :-)
7. Not cold contacting enough people every. single. day.
Potential clients, business partners, friends, celebrities, you name it.
You never know who will reply.
8. Not working 10-12 hours a day 5-6 days a week this is what it takes;
When I say the above, people wanna tell me “I don’t wanna get rich just enough to live on”,
<< You need to aim for a MASSIVE business to have a good one. Get working 👊🏻
9. Not understanding the full suite of personal development needed to make you productive enough to be able to make it
food/nutrition
exercise
mindset
emotional maturity
ego
sleep
minimise push notifications on your phone
water
ability to focus
nootropics
> You probably need at least 8 of these 10 to be VERY GOOD (and I’ve probably forgotten some)
in order to be productive enough to make it happen
10. Being surrounded by people who “don’t get it” normally family or life partners
“If you’re in a bad relationship, that is your 9 to 5 job” as
James Altucher
once said.
Ditto having a stressful home life/the people you live with.
The inverse is also true where good family/partner support can uplift you is great too, but normal people do not get what we do, and are VERY risk averse (and hopefully not jealous, but that too)
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