Watch Out for These Pitfalls

There are plenty of potential pitfalls in the business world. Here are the biggest mistakes I’ve made or seen other entrepreneurs make.

1. Create a clear vision. Can you imagine trying to hit a bull’s eye without anything drawn on the board? That’s what many would-be entrepreneurs do when they set out to achieve success without first having a clear vision – in their minds and in writing – of exactly what success looks like. You must paint a very clear picture of where you’re going first, so sit down and give this serious thought. Then, write out your vision.

2. Find something about which you can be passionate. Not in the romantic sense, of course, but in the enthusiastic sense. When stepping into the entrepreneurial world, you must find something that gets you excited and passionate. Passion breeds success. It helps you wake up energetic in the morning, work with excitement, speak with confidence and accomplish your goals.

3. Don’t cower to the fear of failure or to naysayers. I once heard someone ask, “What would you do if you weren’t afraid of failing?” Think about that for a moment. Picture how different your life would be if you worked and lived as if you would not fail. I’ve seen fear of failure hold back many people, and they’ve missed out as a result. And, I’ve seen other folks held back because they listened to naysayers. Some folks offer good advice; others just want to tell you why something won’t work. Do your own homework, make your own decisions and have confidence!

4. Take calculated risks. You’re probably going to have to leave your comfort zone in order to succeed in a new venture. That’s OK. Don’t be afraid to try something new, just make sure that the risks you’re taking aren’t too great. For instance, I don’t advocate mortgaging your home or clearing out a college-savings fund in order to launch a new business. May work for some, but I’ve seen it ruin folks. Besides, there are good ways to make money without betting the farm.

5. Dream big. Some business ventures really do offer the chance to make significant money. Don’t tune out in disbelief just because the dream seems big. If others can earn big money, why can’t you?

6. Recognize the role of sales and marketing. Did you cringe when you read the word “sales”? I used to! But here’s a morsel I’ve learned in my career: All good income opportunities require you to sell something – yourself, a product, a service, etc. Heck, even traditional employees have to sell their projects and themselves. The sooner you accept this reality, the sooner you can succeed.

7. Set a realistic timetable and stay the course. Before you begin your venture, list out milestones along the way to success and consider how long it will take to reach each milestone. Then, commit yourself to staying the course throughout the timetable you’ve established. I’ve seen far too many people give up at the first sign of difficulty or just a few months into their venture. Those folks did not give themselves a chance to be successful. Don’t fall into the trap of quitting too early; your payoff may be just around the next corner.

8. Once you’ve made your decision, go full steam ahead. After you’ve researched new income streams or businesses and decided how you’ll proceed, move forward with every ounce of energy you have. Don’t just stick your toe in the water. That won’t get you anywhere.