As a new entrepreneur, it’s important to learn the ropes and avoid making costly mistakes. Here are 5 things you should never do as a new entrepreneur. By following this advice, you’ll be on the right track to success!
The unfortunate truth is that I’ve failed more times than I’ve succeeded. Every experience, whether it’s a win or a loss, is an opportunity to learn something about myself and my business. And the biggest lesson that I’ve learned so far? Success looks different for everyone.
When you’re just starting out in your career as an entrepreneur, it can feel like the road ahead is long and unending, but trust me when I say that you can get there. This blog post is aimed to provide you with 5 things you should never do as a new entrepreneur. These are helpful tips for avoiding some common (and often costly) mistakes made by new entrepreneurs that I’ve learned from my own previous experiences.
Here are the 5 things you should never do as a new entrepreneur:
Don’t give up on your dreams – keep working hard and don’t let anyone tell you that you can’t do it
The first of the 5 things you should never do as a new entrepreneur is to not give up on your dreams. It’s easy to become discouraged when things aren’t going the way that you’d hoped or imagined. It is often said that success comes down to who wants it more, and I think this is very true. When you really want something, the only thing that can hold you back is yourself. So if your business falls short of your expectations (which it probably will at some point), don’t let it bring you down! The trick to bouncing back from failure is getting up again and trying harder than ever before.
I quit my last traditional “9 to 5” day job back in 2014. Shortly after quitting, I had met with a client to take some photos for their website that I was designing. The client asked me, “So, Mario, what do you do for a living?” I was shocked when I heard the question, especially after he had just paid the invoice for me to design his website. This condescending question stuck with me for a few months and haunted me as I was trying to build my own business.
I’ve been a successful entrepreneur for several years now and most of the time, I am well-respected, but occasionally I can still hear that same patronizing question. Every time someone asks me that question now, I always remember the feeling of vulnerability I had when that client first asked me, and it reminds me why I chose to be an entrepreneur in the first place – because no one has the right to tell you what your limitations are or should be.
I’m going to let you in on a little secret: every successful entrepreneur started out as a “nobody.”
Don’t be afraid to ask for help when you need it – there’s no shame in admitting that you don’t know everything
One of the first things I did when the business started to grow was hired a few skilled individuals to help me with the workload. This has only become more apparent as time goes on, and I can genuinely say that I don’t think my business would be where it is today without the incredible help of my team members. That’s why it’s #2 on the list of 5 things you should never do as a new entrepreneur.
When you take on too many projects at once or if you’re wearing too many hats, you really limit yourself by the amount of time that you can dedicate to your business. If you’re feeling overwhelmed, don’t be afraid to ask for help! As a small business owner, it’s important to know your limits and work with others that complement your strengths and weaknesses.
When I first started my business, I was doing everything solo-dolo. I was the website developer, customer service representative, bookkeeper, social media manager, accounting assistant, copywriter, graphic designer, and more. If I wasn’t designing something for clients, I was doing something marketing-related for the business. This could be okay if you’re working on an ultra-small scale project, but once you start scaling up your company it’s important to delegate tasks so that everyone has a clearly defined role (and so that you don’t get burned out).
I like to think about it like this…
You don’t have to have a college degree in most fields to establish and run a business. However, you can always hire someone that does! Even if you’re struggling with a task, there’s probably someone out there who is an expert at it and can do things better than you. You don’t have to know everything. You can outsource the work to someone that knows their shit.
Don’t spend all your time working on your business – make sure you set aside some time for yourself and your loved ones
The third item on the 5 things you should never do as a new entrepreneur list is to make sure you set aside some time for yourself and your loved ones. Although it’s important to be focused on your business and put in the hours, I think this is a mistake that a lot of entrepreneurs make at first. They become so wrapped up in their work that they forget to take care of themselves and their family members. Make sure you’re finding ways to unwind and relax, even if it’s only 15 to 30 minutes at a time.
My wife and I homeschool our 2 boys (that’s all 4 of us in the picture), which means making sure that I’m available for my boys whenever they need me. If I’m too busy working, it can sometimes take a toll on my relationship with my kids because I don’t have the time to dedicate to seeing them as much as they’d like. I set aside time for them and make sure that we’re spending quality family time together. It’s important to me that I spend time with my wife and kids, even though it can be difficult balancing family life with a busy business schedule.
Don’t be afraid to take risks – sometimes the biggest rewards come from the boldest decisions
#4 of the 5 things you should never do as a new entrepreneur is to not be afraid to take risks. One of the things about starting out on your own is you have to make decisions without someone else telling you what to do or how to do it. This is very freeing in some ways, but also can be daunting if you’re used to having someone looking over your shoulder every step of the way. The trick is knowing when it’s okay (and necessary) to take a risk.
I risked just about everything when I was getting started. For the entirety of the first year, I was operating without a budget, putting everything on my credit card and praying that I’d make it out okay.
I dug myself into a huge hole and jeopardized my credit just to get the business off the ground. That was probably one of the best decisions I’ve ever made because it forced me into a corner where it was either sink or swim. I had to make things work by sheer force of will, and eventually, it paid off because my business was able to grow from all the effort I put in early on.
The best way to guarantee failure is to sit around doing nothing- if you don’t take any risks you can’t expect anything big or positive to happen. In hindsight, starting the business under those conditions was risky as hell but it’s what I needed to do in order to figure things out and move forward.
Don’t forget to celebrate your successes – even the small wins are worth celebrating!
The last of the 5 things you should never do as a new entrepreneur might seem like a no-brainer but sometimes entrepreneurs forget that they should be taking time out of their schedule every once in a while to pat themselves on the back for all that they’ve accomplished thus far. Stay positive by celebrating your achievements no matter how big or small they might be. It can be easy to get caught up in all of the negative aspects of owning your own business – there will be challenges, disappointments, failure, etc. – but try focusing more on your triumphs instead!
I like to celebrate with a nice glass of whiskey or sometimes with a bottle of wine and dinner. Just make sure you do it every once in a while; because even the small wins are worth celebrating. If you remember just one of the 5 things you should never do as a new entrepreneur, make sure it’s this one.
5 Things You Should Never Do As A New Entrepreneur Summary
I hope these 5 things you should never do as a new entrepreneur can give some insight into how I operate as a solo entrepreneur who works from home. If you’re thinking about taking the plunge yourself, hopefully, this will encourage you by showing that starting your own business isn’t as scary or difficult as you might imagine. It just takes hard work, dedication, and perseverance!
If you have questions or comments about my article “5 Things You Should Never Do As A New Entrepreneur”, drop a comment below! If you need some guidance, a consultation is a great way to work with me one-on-one to get you motivated and ready to start your business!