Business Owners Toolbox Blog Discussions and articles to help the small business owner solve the challenges they face as they grow their business.

November 12, 2012

New Entrepreneurs’ Biggest Mistakes

Filed under: Entrepreneurship — Tags: , , , — Mike Van Horn @ 3:20 pm

Asked on MosaicHub by IcanNY

I see several big mistakes by entrepreneurs that can cut either way. Or even three ways:

1. Spending money before it is absolutely necessary–especially on overhead.
Or, on the other side . . . Failing to go all in, not spending as much as you need when the window of opportunity opens wide.

2. Plunging ahead too quickly before you are ready. Going to market with beta.
Or . . . Hesitating, waiting too long, so that others pass you by. Striving for perfection instead of good enough.
Or . . . Beating a dead horse. Sticking with something long after you should have written it off and moved on.

3. Being the Lone Ranger. Taking too much on yourself, thinking you’re the smartest, and that you know all the answers.
Or . . . Being indecisive. Listening to too many voices and viewpoints, trying to satisfy everybody.

4. Micromanager. Hiring good people but always looking over their shoulder, telling them how to do their job.
Or . . . Laissez faire. Hiring good people then turning them loose, giving too little guidance and feedback.
Or . . . Switching back and forth between these two. That REALLY drives your people crazy!

We all do these things. I’ve probably made every one of these mistakes! You can recover.

In my book, How to Grow Your Business without Driving Yourself Crazy, I show how to avoid these errors, and how to recover once you commit them.


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