Starting Life As An Entrepreneur? Here Are Some Mistakes To Avoid And Tidbits Of Advice

There’s no way around it: Starting a business is hard, especially for an inexperienced entrepreneur. But, if you can at least avoid some of the common mistakes that entrepreneurs tend to make on their first go-around, you’ll be ahead of the game.

A recent Quora discussion focused on common mistakes new entrepreneurs tend to make. Here’s a rundown of the advice from top posters:

 

  • Be honest with yourself. Confidence is great, but skepticism can be healthy.
  • It’s okay to delegate. The CEO can’t do everything, and part of being a good leader is hiring people that you can trust to handle responsibility on their own.
  • Don’t burn out. A successful exit from a startup typically takes up to 10 years. It’s not a sprint, it’s a marathon.
  • It’s extremely difficult to create a successful startup if it’s not your primary focus. Doing it on the side probably won’t work.
  • If your business is more than just a mom-and-pop setup, paying a lawyer is always worthwhile.
  • Don’t try to address multiple markets. It’s extremely difficult to be great at two completely different marketing strategies at once.
  • Relationships with customers are important. Talk to them regularly and try to mix in personal conversations with the business talk.
  • The same type of regular communication is also important when it comes to team members.
  • Don’t be scared to talk about your idea. The positives of outside input far outweigh the risk that your idea will be stolen.
  • Keep it simple. Your first product or service should be as basic as it can be to get the job done.
  • Prioritize spending. If you’re spending cash on something other than customer acquisition, payroll and/or productivity, there needs to be a very good reason.
  • Don’t get emotionally attached to an idea. Being able to cut losses or change direction when something isn’t working is critical.
  • Don’t succumb…

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