The 10 Pitfalls to Avoid For Entrepreneurial Success

My route to success as an entrepreneur has certainly taken some twists and turns along the way, starting from next to nothing, to eventually building a portfolio of leading companies in emerging markets. I didn’t have any magic beans that made things happen for me overnight, but I found out that entrepreneurs can make a lot of money by moving decisively in blue-sky markets. Of course there were also plenty of lessons I learned the hard way over the years, so here are the TOP 10 of my best tips on pitfalls to avoid on your own journey…

1. Avoid goals that ignore your current circumstances

Look carefully at where you are now. What unique circumstances are you part of? Capitalize on the opportunities your circumstances provide, and don’t strive for goals that your current context can’t help you achieve. Remember Steve Jobs didn’t go into fashion retail or Bill Gates into fast food.

2. Avoid trying to control everything

Don’t worry about the things that you cannot control – which is mostly everything. You have to resign yourself to the fact that you can’t control anything or anybody except your own thoughts and actions. So, focus on your own responses to both good and bad outcomes. Learn to delegate and then let go.

3. Avoid relying on other people’s opinions

Make a decision. Leaders must make tough choices. Get advice, but don’t rely only on other people’s opinions. Go with your intuition. Decide if this is what you want to do. Entrepreneurs must make decisions and not look back; this frees you to move forward.

4. Avoid putting things off until you’re ‘ready’

Start now. Don’t hesitate. Of course, you are afraid you are not ready, afraid you don’t have all the answers, and afraid of the unknown. Most people are afraid of those same things, so if you have the courage to start now, you begin with a distinct advantage. If it doesn’t work or you make a mistake, try something new. Learn as you build. When you’re wrong, make adjustments until you get the model right. You don’t need 10,000 hours of expertise to be an “expert” you can hire that expertise in a day.

5. Avoid trying to do it all yourself

Recognize you don’t fly to the moon alone. Entrepreneurs, like astronauts, need a ground team. You cannot mentally and physically do everything yourself. Build a team and surround yourself with people who you want to hang out with.

6. Avoid trying to lead and manage

Decide if you are a leader or a manager. Entrepreneurs are not managers. You do not want to be both, and you cannot be both if you want your business to succeed. Entrepreneurs inspire change; managers make sure the change happens.

7. Avoid focusing too hard on publicity

Execution is critical. You can spend all the money and time you want on marketing, building your digital platform, and public relations, but it’s all a waste of money if you can’t deliver.

8. Avoid sharing control

Control your own business. As a leader, you need to be singular; own the majority of shares. When tough decisions need to be made, you need to be able to execute without lengthy discussions. Don’t partner, and don’t do business with friends you want to keep. Falling out over business deals or debt kills friendships.

9. Avoid putting all your eggs in one basket

Watch for services and products related to what you are doing where there’s an opportunity to provide a much-needed service or product. Start providing these new services, and see if that branch of the business takes off. As you grow, divide those services into separate businesses. Separating your business into different baskets multiplies your options and gives you the opportunity long term of picking and choosing which ones to keep and which ones to sell.

10. Avoid throwing good money after a bad idea

When you reach your limit, get out. Losing takes its toll, both emotionally and financially. It’s better to stop early, regroup, and start again rather than endure a lingering death. Don’t make excuses. Be honest with yourself, your investors, and your bankers. It’s not a failure to be wrong and shut down your business. The only failure is not getting out when you should.

About Me

I’m a seasoned start-up entrepreneur and property financier who built built businesses worth over $200 million. Since 1992, I helped start a bank credit department, founded a mortgage company, and built the largest single-branded real estate company across five countries in Central Europe. I also developed a portfolio of shopping centers and hypermarkets in Eastern Europe, constructing over two million square feet of retail space.

Today I am involved in the entrepreneur community, trying to share what I’ve learned and I serve as a mentor for startups.

I have authored a new business startup report called “How To Start A Business”. This shows you how to find, enter and profit immediately from a high demand market with virtually no competition… what I call a Blue-Sky Market!

This is how I could turn £400 into £50,000 in just 8 weeks.

Blue-Sky Markets are all around us. You just have to know where to look and have the courage to do things a little different.

To grab your free copy just click the link below:

Download Your Copy Of How To Start A Business

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