What Not to Do When Starting Your Own Business

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You’ve come to the conclusion that a traditional nine-to-five job in an office building somewhere in Corporate America just isn’t for you.

What now?

The entrepreneurial spirit is alive and thriving in the new millennium, especially among Americans aged 18-35. Reports from the 2012 business year show that 84% of start-up company owners predicted that their business would become profitable in the next twelve months. The question is - what will it take to make this prediction ring true?

In general, entrepreneurs are creative-types with spirited personalities – full of ideas and vigor. However, no matter how great your idea is, you always need a solid plan to make it into a viable business concept. And keep in mind:

“In order to succeed you must fail, so that you know what not to do the next time.”  ~Anthony J. D’Angelo

Granted, there are a select few who somehow hit it out of the park on their first attempt, but the vast majority of business owner wannabes must face the reality that they’ll probably fail quite a few times before they find success.

From the wisdom of several (now successful) business owners who’ve gone before us, comes a list of potential land mines to steer clear of when launching your very own start-up.

  1. Excessive virtual socializing – The most successful entrepreneurs are very good at tuning out distractions and focusing on what they need to accomplish. It’s easy to get sidetracked by all of the fun things on your laptop rather than putting in the hard work it will take to get your business off the ground. Spend less time Facebooking and more time taking actionable steps toward opening your company.
  2. All talk and no action – When you’re excited about a project, it’s natural to want to shout it from the rooftops, but don’t stop there. Telling everyone about your big idea is a good way to hold yourself accountable, but half of the people you tell probably think you’re going to fail. Prove them wrong by coming up with a business plan that includes specific short-term and long-term goals. Then put that plan into action.
  3. Go solo and reap all the glory - Almost every entrepreneur can benefit from a business partner, assistant or intern (and later when you can afford them, employees). Without a partner or mentor, you risk early burn out and confusion. You’ll have to share the spotlight, but your chances of success are much higher when you have someone to collaborate with.
  4. Wish-wash applesauce – Many businesses fail because their founder is too indecisive. As an entrepreneur, you’ll often be the one pulling the trigger on important issues, and if you constantly keep the safety on, you’ll never produce any ideas that go anywhere.
  5. Trying to do it all at once – Some of the most successful small business owners say they realized early on that success just doesn’t happen overnight. Multi-tasking can spread you too thin, causing your work quality to suffer. Keep your mind open to new ideas, and be ready to move forward when it’s time, but don’t move faster than your feet can carry you.
  6. Walking with the dinosaurs – As a business owner in today’s technologically savvy world, you’ll need to be up-to-date on all things electronic. Businesses just don’t run on paper anymore, and you’ll need to adapt to the virtual world if you plan to succeed.
  7. Excusing yourself – It’s time to stop complaining about all of the things “holding you back.” Those entrepreneurs who spend all day whining about the fiscal cliff are the ones who aren’t going to build a successful company.
  8. Going big or going home - Ever hear the saying, “Don’t put all your eggs in one basket?” The same concept applies to business. Instead of relying on a few big customers, spend more time focusing on a wide variety of clients. That way, losing one or two won’t mean the end of your start-up.

Unfortunately, you’ll never be able to avoid all mistakes when you begin a new venture, but it is possible to minimize the number of bad moves you make and the effect they’ll have on your livelihood and happiness. Do your research before making any big decisions, and be prepared to learn from any mistakes that just can’t be avoided.

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