The 3 biggest mistakes of entrepreneurs
As an entrepreneur myself and a co-founder of a VC firm, I have had the opportunity to hear a lot of business ideas from people who believed, their idea was the next “Apple”. However, there are a few themes that we, DSP Start-up, have heard and actually witnessed that made good ideas….fail. Here are a few things to keep in mind when you try and launch your company.
1) Assuming That Your Passion Is Contagious
Whether you’re pitching to investors, motivating employees, or selling your product, be sensitive to the kind of response you are getting from your audience. Your enthusiasm is not always contagious. Entrepreneurs often get carried away with their own ideas and really don’t understand why others are not as passionate. In fact, I have seen where that blind passion, gets in the way of hearing the constructive criticism that investors, business advisors and mentors offer.
2) Ignoring Strong and Tough Criticism
Being an entrepreneur is a tough road and having the ability to hear ideas and criticisms can often be the difference between success and failure. I am not saying you need to listen to all of the jealous criticism, but I am suggesting that good entrepreneurs will be given good advice and need to develop the ability to listen to this advice and implement where needed. The ability to take that strong criticism may counteract the failure to learn, which can bring down any start-up. When things don’t go according to plan, the critical advice you receive could help build a better idea….a better company.
3) Be Honest with yourself and give it your all.
I have seen many half-assed entrepreneurs, those entrepreneurs who want to play business but not actually do the business. Starting a company takes a level of dedication that many people do not have. This level of dedication differentiates the successful ones from the posers. If you speak to any successful entrepreneur, they would tell you that their idea has consumed their days. They have invested their time, energy and resources and have dedicated their passion to making their idea a success. Too often, I receive ideas from people who think starting a company is easy and will come quickly. These are the people who fail fast and should consider other employment options. True entrepreneurs are ready and willing to dedicate their life, in the short term, to getting the company off the ground.
These are just a few areas to consider if you really want to take your idea to the next level.
As always, I would love to hear any business ideas and help where I can. Email me at Tim@succeedfaster.com