Top Mistakes I Have Made in my Entrepreneurial Journey

There is a saying that "a mistake is only a chance for growth and learning." Upon reflection, I think this is important to understand as you enter the world of entrepreneurship.?

The first thing you need to do as a new entrepreneur is to learn all the mistakes entrepreneurs have made already.?

You may think, “Shouldn’t I learn the silver bullet tactics that helped business owners make money? The answer is NO! Silver bullet tactics do nothing for your brand but give you short-term solutions for revenue.?

Learning and overcoming Mistakes, challenges, and failures are how I’ve built my 8-figure empire.

Business owners are always scared of making mistakes – it’s human. Mistakes are associated with failures, but that is far from the truth. Mistakes are lessons on what NOT to do. By knowing what to avoid,? you are one step closer to understanding what to do and how to do it.

Here are some of the mistakes you can avoid making as an entrepreneur:

Picking The Wrong Business Partners

I’ve actually picked more bad business partners than good ones. After being an entrepreneur for 17 years, I have figured out how I work best, and what I need in my business partners.?

Something you need to pay attention to is your partners' vision. In fact, you and your business partner must have the same objectives and agree on how to get there. If you don’t, this will only lead to disagreement, and/or you letting go of your vision and value in compromise.?

Leading Too Much With Your Heart

When leading, one of the biggest mistakes is leading with your heart instead of your head. When you lead with your heart, you start putting people over profit, which can hurt your business. Being in touch with your emotions and practicing empathy is vital to a successful business and a happy team. But if you aren’t able to balance what you desire versus what you need to do logically, you won’t be able to follow your heart, because you didn’t follow the logical steps needed to get you there.?

Overstaffing?

Any business's biggest expense is its personnel. If your labor expenditures are high while revenue is down, you'll know you're overstaffed. If left ignored, this will cost you more than it’s gaining you. It is always easier to hire another team member than let one go.?

Not Asking For Help

Doing everything on your own is like spinning wheels. In business, asking for help from someone who has already been there can save you a lot of time and money. Let go of your ego, and take advantage of those around you with experience.?

Not Taking Relationships Seriously?

In business, relationships are crucial. You build your stream of revenue from people that you have built relationships with. Customers will feel more at ease using your services if they believe they know you personally, and/or agree with what you stand for. If you’re presented with an opportunity to deepen your relationships with your clients, don’t take it for granted.?

Not Setting Expectations with Clients Upfront

The worst thing you can do as a business owner is to not set up expectations upfront during the onboarding process. When you don’t do this, you end up disappointing your client and wasting your time.?

Clearly tell them what they have signed up for and what they will get. This prevents bad partnerships and wasted time and energy.?

Not Doing Lead Generation Consistently

One of the biggest mistakes most entrepreneurs make is not doing lead generation consistently. When you stop looking for leads after getting a few clients, you will have inconsistent income when your current clients leave. You need to keep looking for opportunities to maintain your constant flow of revenue, opportunities, and relationships.?

There are so many ways to do this, including advertising, content creation, and hiring appointment setters to manage your social media. You can scale your business and have a consistent income only if you do lead generation regularly.?

Not Setting Processes and Automation?

Most business owners are not able to consistently do lead generation because they don’t have processes in place. If you don’t have processes and automation, your time will be constantly going to training your staff instead of generating new business.?

Our onboarding process makes new employees go through a whole course telling them who I am, what my company is, what our avatar is, and how we do lead generation. This took me weeks to set up but saves me months of time now.?

Conclusion

These are all mistakes that I’ve made in my early entrepreneurial career? – but I learned from them and now I have an 8 figure empire. Entrepreneurs inevitably make mistakes, and it's not the end of the world. What counts is your response to them.