Pitfalls are part and parcel of entrepreneurial journey. As a budding entrepreneur, there will be many aspects of your journey that may catch you off guard or downright put you down. While this is not new, if you let them affect you negatively, the game is over! While some of the entrepreneurial pitfalls are unavoidable, the others can be navigated around with the right guidance and preparation. I heard this on a podcast the other day, success occurs when opportunity and preparedness come together. Are you prepared?
PITFALLS | BULLETPROOF YOURSELF
The biggest and the foremost is losing sight of the big picture. Every entrepreneur begins with the end in mind (ideally they should). Over the course of time, entrepreneurs are likely to encounter hurdles and go off sync with where they are headed. Losing sight of the target will throw you off track, and might lead you away from your ultimate goal. Make a habit of revisiting your big-picture once a week to keep yourself in check.
The second on the list is not applying and identifying the Pareto principle in your business. The Pareto principle states that 20% of what we do will create an 80% impact. Identify the activities and techniques that produces the 80% of the results in your business and focus on doing them effectively. That will not only save up your time but will spare you the headache.
Entrepreneurs should keep aside their ego and have an outside thinking partner give you candid feedback about what you can do differently to get better results. Whom you are asking insights from matters! Are they qualified to add their two cents? It is recommended digging deep into what can be done with a mentor who has been there and dome that.
Staying away from the dream stealers is one of the major pitfalls that any dreamer will come across. Dream stealers are the ones who don’t have the courage to pursue the path to success, and they believe in dragging down the same hole. Identifying them and staying away from them is crucial for your business. Otherwise, they will make you believe that putting in efforts is not worth it.
Solopreneurship is not the way to go. Building a successful business is not a one man show. It takes a team of diverse individuals coming together and complementing each other’s skills and area of expertise. You need a coach, a mentor, or a consultant to help you get through your tough times. Self-coaching can be fatal for your business.
You’re only human, and you will make mistakes in the process of building your business — so don’t beat yourself up about it. However, preparing for the common pitfalls is smart, and will increase your chance to succeed.
When times are bad is when the real entrepreneurs emerge.