Top Mistakes Made by Entrepreneurs

There are an awful lot of ‘wantrepreneurs’ out there. These people want to be entrepreneurs, who may even tell people they are entrepreneurs, but who somehow lack that magic spark they need to go out and change the world.
The question is: what is the difference between these people and those people who do have breakthrough innovations? Often it comes down to a few simple mistakes they make along the way…

Talking Too Much

Many people with exciting ideas for apps, websites, or products, will make the mistake of telling me all about them, which is not a problem because of intellectual property or anything like that. It’s a problem because I can tell they’re never going to make it happen. These are people who enjoy ‘playing business.’ People who love talking the talk but don’t want to do the work.
Instead of talking… do.

Not Talking Enough

Then again, you also get the other type of entrepreneur who has an idea that they think is the best thing in the world, and then they get incredibly protective over it. This person refuses to tell anyone what they’re doing and has a tough time getting backers or convincing people to be interested.
You know what? When you tell a potential consultant that you can’t tell them your idea, that’s insulting. Ideas are a dime a dozen. Execution is what counts. So get over yourself: you need all the help you can get!

Being Perfectionists

If you have an idea that is a considerable risk, you must get out there and make it happen as soon as possible. You can’t afford to spend years perfecting it and hiring designers, lawyers, and anyone else you can to make it perfect.
This strategy involves investing too much time and money into an idea upfront. And when you do that, you have a break-even that is years away, and you risk losing everything you’ve put into it.

Instead, release an MVP quickly – a Minimal Viable Product. This is a rough version of your product that you will then be able to test. If people start buying that, then you can invest more into it. If not, move on to the next project and don’t waste any more time. It’s what they call ‘fail fast’ in the business!