Building a business has a steep learning curve, one that has a high opportunity cost. That opportunity cost may come in the form of losing their life’s savings, a few missed deals, or even a friendship gone sour.
I’ve read of a mom-preneur who spent thousands prototyping a baby stroller with tons of added features, only to discover later on that nobody wanted it. If only she took time to verify what the market wants.
Tons of new businesses could’ve been saved if only these first-time entrepreneurs what NOT to do, or at least have had some prior warning of what works.
The 4 Lessons Many Successful Entrepreneurs Want You to Learn Before Starting Out
- Perfectionism has No Place When You’re Building a Business
When you’re just starting out, you might have a tendency to fuss over every little detail. Sometimes, this perfectionism is just procrastination or fear of failure masquerading as attention to detail. When in reality, you’re just putting things off because you’re afraid of what might happen next.
Imagine a chef fussing over the small garnishes on the plate, when he should be focusing on bigger things like price, service or location. The same applies to first-time entrepreneurs perfecting the colors and packing so many features into their prototype, not worrying whether their buyers are interested in those features or not.
- You Expect Too Much. Way Too Much
You expect to earn a hundred thousand in one year? Great.
Is that feasible for the type of product you’re offering and the size of your market? Is that a conservative estimate or are you too optimistic?
Expect things to be harder than you expect. Assume that your plan will take 3 to four times longer than you expect, so you can account for unexpected problems. While you’re at it, budget raw materials and other expenses four times than you’d expect; that’s a concept adapted from the MouseDriver Chronicles.
- Say ‘No’ to the Shiny Object Syndrome
Sometimes, a deal or a new project comes your way but it’s not in line with your vision for the business. First-time entrepreneurs are easy victims of the Shiny Object Syndrome.
You might be tempted to take the offer because of the money and other opportunities offered. Why not? It’s only logical right?
Yes and no. It’s okay to take it if you’re strapped for cash and if you have a definite plan to make the new deal work for you—not just in terms of the money you’ll earn, but what the new experience can teach you.
Taking a deal based on the money you’ll earn alone is very short sighted. If it takes your focus off your core business, then you lose in the long term.
- You’ll Need a Good Support Group
Sometimes, you are your own worst enemy. Remember the last time you felt exasperated and stupid for making a mistake?
Building a business is like riding an endless roller coaster. Sometimes you feel like you’re on top of the world, other times it feels like your world is falling apart.
That’s what your non-work friends are there for. I know it’s tempting to just shun them away in the name of productivity. But letting off steam and just goofing around is healthy.
Plus, who better to call you out on your BS than the people who know you best, right?
Finally, take every advice you get with a grain of salt. There’s a lot of information and conflicting theories out there. Many of today’s successful entrepreneurs, after all, learned a lot through experimentation.
© 2015 Incedo Group, LLC
