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TOP 15 MISTAKES NEW ENTREPRENEURS MAKE
When I first started building businesses I had a string of failures.
It took me fixing these mistakes and correcting my mindset before I got to my first million dollar company.
Here are some of the things I wish I knew.
A thread
When I first started building businesses I had a string of failures.
It took me fixing these mistakes and correcting my mindset before I got to my first million dollar company.
Here are some of the things I wish I knew.
A thread
This thread was prompted by a question someone asked me about not being able to compete with a big company. I responded by saying...
"Your biggest risk of failure are the typical cognitive errors new entrepreneurs make: misappraisal of competition, trying to compete on price, poor branding, trying to reinvent the wheel, offering too many options, and the list goes on."
I thought I would expand on this a bit.
I thought I would expand on this a bit.
Things we tell ourselves to stay stuck on the sidelines or to set ourselves up for failure...
“I won't be able to compete with Amazon or (insert huge company)"
Stop this silliness. This is not how this works.
“I won't be able to compete with Amazon or (insert huge company)"
Stop this silliness. This is not how this works.
"I won't be able to offer it at that price?"
Most decisions happen in isolation on your site. If your brand connects, you price at almost whatever you want.
Most decisions happen in isolation on your site. If your brand connects, you price at almost whatever you want.
"Let me add a twist to this idea"
With no knowledge of the industry, folks somehow feel compelled to reinvent the wheel vs executing on what they can SEE works?
With no knowledge of the industry, folks somehow feel compelled to reinvent the wheel vs executing on what they can SEE works?
"Let me figure out how to tie in Zillow’s api or set up 200 zaps"
Overcomplicate things, leads to getting overwhelmed, and never launching.
Overcomplicate things, leads to getting overwhelmed, and never launching.
"I can't figure out what to use": shopify or woocommerce, wordpress or squarespace, blah blah blah or blah blah.
This is a direct path to getting paralyzed.
This is a direct path to getting paralyzed.
"The market is saturated."
No it isn't! This one kills new entrepreneurs and sends them chasing down “unique” businesses with no buyers.
No it isn't! This one kills new entrepreneurs and sends them chasing down “unique” businesses with no buyers.
"I'll get out the gate with an ugly site just to validate".
Great! Nobody would put their credit card into my ugly site and I would just conclude the business idea is bad. This one got me a couple times.
Great! Nobody would put their credit card into my ugly site and I would just conclude the business idea is bad. This one got me a couple times.
"Would be awesome if the customer can customize everything".
One product/service at one price is the holy grail as far as I'm concerned. And especially so for first time entrepreneurs.
One product/service at one price is the holy grail as far as I'm concerned. And especially so for first time entrepreneurs.
“I need to validate everything before I start”
This pushes us into riskier situations that need validation in the first place.
Why make your first business risky, when there are a gazillion things that have already been validated for you?
This pushes us into riskier situations that need validation in the first place.
Why make your first business risky, when there are a gazillion things that have already been validated for you?
“Website: Welcome, we offer an enlightened path to happiness, click here”
Save the poetry for poetry slams and say what you offer in simple words that an 8 year old would understand.
Save the poetry for poetry slams and say what you offer in simple words that an 8 year old would understand.
"Let me lower my prices so I can corner the market".
Unless you're selling widgets, choose another unique selling proposition.
Unless you're selling widgets, choose another unique selling proposition.
“I need to offer as many items as humanly possible so I look legit”
The operational difficulties here can be business crushing.
The operational difficulties here can be business crushing.
“Let me take nuts out of my chocolate because some people have peanut allergies”
I call this the peanut allergy problem.
A simple solution fits 95% of your customers. You need some additional solution to fit the other 5%. That additional solution often ends up hurting the 95%.
I call this the peanut allergy problem.
A simple solution fits 95% of your customers. You need some additional solution to fit the other 5%. That additional solution often ends up hurting the 95%.
“Let me ask the customer 25 questions to pre-qualify...”
Collect the minimum data you can collect to qualify and close the sale. Anything extra you need ask AFTER the sale is completed. The more fields, the lower your conversion rates, all things being equal.
Collect the minimum data you can collect to qualify and close the sale. Anything extra you need ask AFTER the sale is completed. The more fields, the lower your conversion rates, all things being equal.
“What’s the cheapest tool I can get?”
We don't buy the cheapest jeans, or the cheapest watch, or the cheapest phone, but we want the cheapest (or free) everything when it comes to investing in ourselves.
This one is a low-key killer.
We don't buy the cheapest jeans, or the cheapest watch, or the cheapest phone, but we want the cheapest (or free) everything when it comes to investing in ourselves.
This one is a low-key killer.
“I need to get my logo justtttt right”
What matters? GETTING CUSTOMERS.
What does it take: Driving traffic, fixing conversions, delighting customers.
What we spend time on instead? Stuff that has zero impact on our success.
What matters? GETTING CUSTOMERS.
What does it take: Driving traffic, fixing conversions, delighting customers.
What we spend time on instead? Stuff that has zero impact on our success.
So that's about it, I know I said 15 but I threw in an extra one for good measure. (Plus 15 sounds better than 16) haha.
Will everything here apply to every single situation?
Of course not. But I bet for quite a few of you that are stuck, there are quite a few things on here that will connect right away.
And I know that because I've been there! :-)
Of course not. But I bet for quite a few of you that are stuck, there are quite a few things on here that will connect right away.
And I know that because I've been there! :-)
