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5 Mistakes New Entrepreneurs Make During Their First Year

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Would you consider selling 500+ million books a success? Of course you would, and it takes a rather creative and smart individual to achieve it.

JK Rowling is one of the most successful and celebrated authors of all time, but before her Harry Potter series grew into a global phenomenon, 12 publishers rejected her. Even the world’s most successful people fail. They make mistakes and suffer setbacks.

Such adversity never ends, not even when you reach the top. But it’s during your early stages when you suffer the most, because you only know what you know.  However, what if I told you there was a way to avoid many of the mistakes most people make. What if there was a way to avoid all that heartache, so you can fast-track yourself to the front of the line.  There is, and it isn’t as hard as you might imagine.

The smartest thing any new entrepreneur can do is to learn from other people. Why make your own mistakes when you can learn from other peoples’? Why suffer, when they have already created a solution to turn such failure into success?

This is what I did when I interviewed 160+ successful people for my latest book, ‘The Successful Mistake’. I dove into their biggest mistakes so you don’t have to make them.

Stop trying to do everything on your own. Nobody built an empire on their own. You need to involve others, and you need to build a team. Erin Blaskie tried to do it all by herself when she first created her virtual assistant business.

She found success. She had happy clients who loved her work. Yet it soon became too much, and the once high-standard that set her apart began to slip. Those clients jumped ship, and it left Erin exhausted. You cannot do this on your own. You need help. Don’t fight this, embrace it.

How To Fix This:

Think about all the tasks you do during an average week, and choose ONE to outsource. Over the next few days, find a VA who can do this work for you. Hire them next week. Start the process and never look back.

It’s easy to say yes. Saying yes feels good. On the outside, yes is a good word, because yes means more work and money. But the truth is, yes brings nothing but danger.

When Greg Hickman first started his business, him and his co-founder said yes to everyone. After all, their mobile marketing agency could potentially help any business, so they said yes to a restaurant… a bar… a barber… a golf course… and anyone else they could get a meeting with. Yes felt good, but ‘yes’ built zero traction. They tried to help too many people, and in the end helped nobody.

How To Fix This:

If you don’t have a customer avatar, you need to create one. This ‘single’ person is who you serve. Say yes to them, but no to everyone else (no matter how tempting it is).

Mistakes happen. Sometimes they are your fault. Sometimes they are not. No matter, there’s little point in playing the blame game. Brian Foley did when he first created BuddyTruk, and it remains one of his biggest ever regrets.

Despite a lot of investment, time, and effort, the first iteration of their innovative app fell short in every area. Brian and his cofounders were angry at the developers. They expected better, and they blamed them for this failure. But as they dove a little deeper, they realised there was more to the story. This failure arose, not down to incompetence, but due to poor communication.  Blame didn’t come up with a solution, but facing the issue head-on did.

How To Fix This:

The next time something bad happens, don’t blame anyone (especially yourself). Accept the mistake. Seek lessons from it. Communicate with your team. And then move on.

Fear is a part of life. Everyone has it, and no amount of money or fame removes it. But those at the top never let fear do their talking. Whereas those at the beginning of their journey often do. Debbie Millman did when she graduated college. She had dreams and ambitions, but she feared she wasn’t good enough; that the sensible option would be to get a job, climb the ladder, and do what ‘most’ people do.

She built a great CV and career, but Debbie continues to look back and wonder what she could have created if she pushed her fear to one side.

How To Fix This:

Do something that scares you today. Like Noah Kagan does, go to a coffee shop and ask for a 20% discount. The more you face your fear, the easier it is to overcome it.

 

Entrepreneurs

What I Learned as a Young Entrepreneur and Why You Should Take Notes

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As a young entrepreneur, I am constantly underestimated. When people look at my age or appearance, consider the fact that I’m not even old enough to have graduated college, or refuse to believe me when I say I own a 7-figure business (seriously, Google is free!), I honestly feel a bit lucky. I’m reminded that, because I’m so young, I have plenty of years ahead of me to grow, learn, and develop even more entrepreneurship skills that will enable me to make a difference. (more…)

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A 3 Step Process to Deal With Negative Emotions as an Entrepreneur

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If you’re like me, you’ve probably had your fair share of ups and downs while being an entrepreneur. There are moments where everything is going great and then the next moment it feels like everything has gone wrong. The hard truth is that this rollercoaster ride will continue to happen but how we deal with negative emotions as an entrepreneur can change our lives for the better. (more…)

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5 Strategies for Building the Ultimate Company Culture

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When I hired my first team of 3 people, I issued them a challenge. I told them, “whatever we do together now is going to set the tone for the culture we have as the company grows. So, let’s be intentional about it.” Don’t wait until your Startup is growing exponentially before you get clear about your workplace culture. Your culture has a significant impact on your company’s ultimate success, so start defining it today before you end up with one by default. (more…)

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4 Non-Financial Factors to Measure Success as an Entrepreneur

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If you ask most online entrepreneurs what they want to get out of their business, they’ll instinctively mention something financial: “I want to make $1 million by my 30th birthday.” Fair enough. Most of us have grown up hearing stories about self-made millionaires, so money is often where our minds naturally go when asked about definitions of success. But there is so much more to life. (more…)

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