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7 widespread enterprise traps

October
21, 2020

7 min read

The opinions expressed by the entrepreneur's contributors are their own.

Being an entrepreneur is actually quite dangerous. No, I'm not saying this is a hazard that first responders or medical workers on the front lines must deal with, but listen to me: there are certain pitfalls and pitfalls that entrepreneurs can easily get into that can affect your health and your health can ruin relationships as well as your overall happiness.

Since the best offensive is a good defense, I have listed in descending order the top seven pitfalls or pitfalls entrepreneurs fall into (and some that I have fallen prey to myself), along with some knowledge they can equip you know what to do if you mistakenly fall into one of these traps.

7. Expect results too soon

The media likes to report overnight successes, and it's easy to read or listen to any of these stories and compare ourselves to that success. But if you actually take a moment to dig behind these overnight success stories, you will find that they weren't in the slightest overnight. In fact, its success took years of work, grinding, and effort. I encourage you to understand that success takes time. Many people refuse to move on because they feel that the corporate world is not for them after just a few months. In reality, they were likely very close to the turning point where things would start to grow.

I recently interviewed Marques Brownlee, also professionally known as MKBHD, and he said that his first 100 YouTube videos were shot for his first 100 subscribers. Imagine if he gave up after those first 100 videos because he didn't think the results were worth his time? Well he went on and now he has over 12 million subscribers. Not too shabby. Work hard and don't give up.

Related: The 10 Mental Traps on Your Path to Success

6. Insert your personal prejudices

Most of us will introduce our personal biases into the products, solutions, and content we create without realizing it. Yes, we have our own stories and experiences and we should feel absolutely inclined to share them, but assuming that what we have to offer is what people want is the wrong approach. You need to remove the guesswork as much as possible. The way to combat this is to have conversations and validate these ideas in advance. As Joel Barker says, "Speed ​​is only useful if you are walking in the right direction." A lack of proper validation kills more companies than anything else.

5 / Doing things only for money

One of the most exciting things about being an entrepreneur – and one of the reasons you probably became one yourself – is that there is unlimited potential. We can sell to more customers, we can create more products. The possibilities are endless. However, if you take a money-first approach to business and that's all you think about, you are most likely going to lose. I've done this to myself a few times when I started. I saw the really big ways to make money, I chose them and finally lost my passion for them. Not to mention that they didn't really serve my audience. Because I chased the money first, I lost money too. I lost money because I lost my focus. Your focus should be on how you can primarily help other people. My philosophy is that your income should be a by-product of how well you serve your audience.

4. Lose focus on new things

So many of us have Shiny Object Syndrome. One of the biggest problems in entrepreneurship is saying yes to something and sticking to it. Remember that when you say yes to a new thing, you are saying no to what you are already working on – to the thing you originally said yes to. And guess what? If you keep doing this thinking, nothing will ever be done. One useful tactic that I recommend to avoid falling into this trap is just-in-time learning. This simply means that you are only allowing yourself to learn about the things that are next on your priority list. There are so many things to learn and so many new podcasts, articles, documentaries and so on to learn from. You owe it to yourself to work through the original that you said yes to, or you'll just continue on an endless loop. It is exhausting. Trust me.

3. You realize that you cannot do everything

Especially at the beginning you get used to doing everything yourself, but over time you have to come to terms with the fact that you can only do so much. If you carry on as you are, you will either get to the point where you plateau or you will burn out. Find the people who do certain tasks better and faster than you. This frees up time for you to focus on the things that only you should be doing. By that I mean your superpower, the superpower that didn't see the full light of day because you were so worried about these other things. You can take bigger, bolder action elsewhere while others take care of the things you lose from your workload. Your company will thank you.

2. Compare yourself to others

It is our human nature that leads us into this trap. We feel ashamed, emptied, and unworthy. It's great to be inspired or motivated by someone else's work, but deflating yourself and comparing yourself one-on-one to someone else is a dangerous area. You should only compare yourself to yourself from yesterday, yourself from last week, or last month. Try to make incremental improvements based on your previous self so that you can grow over time. James Clear & # 39; s Atomic Habits is an excellent resource for building this skill as it talks about the power of small, incremental change. Even just 1 percent better each day will grow exponentially over time.

Related: Study These 9 Traps Even Successful Entrepreneurs Have Falled On To Avoid

1. Neglect clocking out

It is extremely difficult to turn off an entrepreneurial spirit. Your business is often all you think about. That motivation is a good thing and something to be excited about. However, it is not good if you forget to spend time with your family, children, or friends. Or worse, keeping your business thinking about hanging out with them. Time limits are so important and since you are your own boss it is up to you to implement (and adhere to) them. When you are at work you should be fully present at work, but when the day is up you need to mentally check it out. You can check in again when you've spent valuable time with the people who are important to you. That includes you! Take care of your physical and mental health. If you don't, your work will inevitably suffer.

If you've fallen into, or are currently in, any of these seven traps, you know you are not alone. Twelve years after my own entrepreneurial journey, I still slip into the danger zone from time to time. The point is to watch out for these traps so you can get yourself back on track and get back on track if necessary. This is where your success and growth really resides.

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