These mistakes are common to most entrepreneurs:
1. Getting attached to an idea and sticking with it too long. Share your idea and get feedback. The marketplace has a way of letting you know when an idea is good — capital comes your way. See which ideas bring success and profit and don’t be afraid to abandon or alter an idea that doesn’t work out for a better one.
2. Trying to be something other than an entreprenur. It’s both your nature and one of your distinctive strengths. Embrace who you are, learn about how and where you do your best work.
3. Believing your own b.s. Entrepreneurs are predisposed to being optimistic. Just don’t believe everything your press kit says about you.
4. Ignoring your cash position. The world (aka customers) doesn’t respond to even superior products in the timeframe that you think they should. You’ll need plenty of cash to sustain yourself in the meantime.
5. Attracting weak staff members. In order to attract stronger and higher quality people to your organization, you need to become a stronger, more mature person. Until you do, it will be difficult to maintain a supportive staff.
6. Confusing likelihood with reality. The successful entrepreneur lives in a world of likelihood but spends money in the world of reality.
7. Selling too hard. If you find yourself selling an idea or product too hard to too many people, perhaps it’s time to listen to why they are not buying and learn from that, rather than try to become a better salesperson.
8. Not setting up support structures. Hire people and services to handle many of your business and personal needs. Most entrepreneurs do better when they are fully supported, even if it’s mostly behind the scenes. Be responsible enough to arrange this for yourself.
9. Overdelegating. Most entrepreneurs overdelegate tasks and accountabilities to others, also known as dumping. Better to learn the skill of responsibility and completely turning over a task or project than assuming/hoping/needing others to come up to speed quickly enough on their own. Most people cannot.
10. Giving up. Some of the most successful entrepreneurs failed several times before doing extremely well. So, if you’re failing, fail. And fail fast. And learn. And try again, with this new wisdom. Do NOT give up. Do not suffer, either.
Bill Ringle is a CEO, former Apple exec, published author, and angel investor. Through Grow Business Now, he offers strategies and tools to elevate growth for executives and entrepreneurs from more than 46 industries. Bill has conducted nearly 200 podcast interviews on My Quest for the Best, where industry and business leaders share their secrets to success.