In starting a business, we sometimes tend to be overpowered by our emotions that could influence what we do. There are some occasions that we think we’re creating the right decisions or goals but end up messing our whole business. However, mistakes are part of the process and what we can do it to charge them to our experience to be able to do better.
Here are some great insights from entrepreneur Patrick Bet-David about the 12 mistakes that he made in his first year as an entrepreneur:
#1: I Almost Quit – 0:22
Believing that you couldn’t do it or you didn’t have what it takes to be an entrepreneur is a big mistake.
#2: Trying to Become CEO Too Early – 0:49
An entrepreneur must know how to be an expert in sales first before thinking about being a president of a company. You need to know how it is to be a salesperson to connect with your customers.
#3 Trying to Take Advice from Too Many People – 3:16
People would tell you about their opinions and it doesn’t mean that they’re wrong or right. Try to simplify by choosing someone who has the life that you want and learn from what they did to be a success.
#4: Not Knowing How to Ask for Advice – 5:22
Learn to ask advises that could make you a better entrepreneur. Ask about what they did during the phase where you at.
#5: Forcing Vs. Influencing – 7:08
Don’t force too much on your clients, staff and sales force. Be a good influence instead.
#6: Living the Dream Too Early – 8:21
Just because you’re an entrepreneur, it doesn’t mean that you should splurge on luxuries right away.
#7 Trying to Sell Too Many Products as an Entrepreneur – 9:54
Focus on one product rather than selling different products or services at the same time.
#8 Thinking I Knew it All – 14:01
As Socrates said, “All I know is that I know nothing.”
#9: Partying Too Hard – 16:07
Partying too much is a waste of money and make you feel exhausted for the next day. You need to break the habit to focus on your business.
#10: Acting Like a Boss Instead of an Employee – 18:49
Just because you’re an entrepreneur, doesn’t mean that you can do everything that you want like go to work at 11am.
#11: Not Having a Schedule – 20:16
Create a schedule and stick to it. You should work twice as many hours.
#12: Not Knowing the Value of a Business Plan – 20:59
Your business plan should be actionable items and habits that should be learned and applied everyday.