Often time, young entrepreneurs get bogged down in unimportant tasks. They agonize over every little thing and ignore the big things that matter most.
Here are 5 things I see them waste time on most often.
Concerning yourself over how to Make Money
In order for your business to be successful, you have to get paid. But the error many people make is researching and analyzing grainy details about 50 different price points that will produce 50 different profit margins, and ultimately coming up with solutions to problems they don’t have.
They would have been better off, focusing on coming up with a great idea where there are lots of able and willing customers.
Worrying Over what Products to Sell
It’s true that before you start your business you find an idea. But worrying about what kinds of products to sell before even finding a profitable idea is like spending hours debating whether your detox drink should have more rooibos or chamomile in it, Instead of eating healthier.
In other words, you are missing the forest for the trees. No matter how perfect your offering is, if it doesn’t solve someone’s problem, it’s not going to succeed.
So focus on making sure your products address a pain point, and then you can perfect over time.
They Play Above Their Level
Another reason why taking the high-risk approach leads to failure is that most inexperienced entrepreneurs simply aren’t equipped for it.
The prerequisites for starting a business are minimal, all you really need are:
- A way to make people happy
- Enough money to deliver your first product or service to a paying customer
- A bare minimum of qualifications in the form of basic leadership skills (specifically, successful entrepreneurs tend to be self-aware and know how to build a relationship, motivate people and lead their organizations through change.)
But what people fail to consider is that there are different levels of entrepreneurship. Running a three-person social media consulting firm isn’t the same as running a 500-person tech startup.
I describe these levels as “entrepreneurial leagues.” Ultimately, all entrepreneurs decide what league they will try to play in, which is what determines how good they need to be and how much of those leadership skills you will need to use. Unfortunately, many new or young entrepreneurs make the choice unconsciously and they choose wrong.
I have many friends and acquaintances who want to become future tech leader and one thing most of them are absolutely doing wrong is starting without skills.
Many young entrepreneurs today have zero skills and are already doing “Startup”. What skills am I talking about?
- Basic understanding of economics
- Basic/ intermediate understanding of finance.
- Very good understanding of how business work.
These are just the top of my head.
For Instance, to code a good, maintainable website you would probably need at least half a year of experience.
To be able to market your business you need stunning writing/speaking skills. To pitch your idea you need good presentation and negotiation skills. And so on and on and on.
Focusing on Something Else More Than You Focus On Your Customers.
If you’re not obsessing over how to deliver a better product to your customers then you’re doing something wrong.
You shouldn’t be looking for how to beat the competition or please your investors. That will come when you obsess over your customers.
These are the people who will support you long after the investors have recouped their investments and moved on.
These are the people who will support you long after the old competition has faded away and new ones have sprung up.