When you have startup rockstars and wiz kids from places like Facebook, Spotify, Uber and Oculus Rift plastered all over the media, it's easy to get caught in the hype and head off to be the next hot startup.
Here are 5 common mistakes you should avoid as a young entrepreneur:
Many 1st level startup entrepreneurs.....
1. They think their idea is enough.
2. They don’t want to take advice.
A mentor of mine had the opportunity to meet with Richard Branson. The first thing Richard did was ask him like 20 questions. He didn’t start spouting off what he thought, he asked questions. He is always looking for new input. He may not take all the advice he extracts, but he is keen on getting research and new angels on what he is doing.
3. They don’t know the difference between a freelancer and an entrepreneur.
- A freelancer works hours for other companies, and has no security.
- A business owner manages a consistent process and is not creating anything new. These are more traditional businesses like franchises, law firms and so on.
- An entrepreneur is trying to make stuff better. They want to build a “new kind of law firm”, and change the face of the market.
4. They miss the value of good, everyday business owners.
5. They underestimate relationships.
- They think that they can have a great skill, and not worry about connecting with people.
- They will stand off to the side of mingle events.
- They don’t know how to behave at a professional networking event.
- They will start to look around while someone is talking to them, because that person is not valuable or interesting. And they think their “I’m getting bored” thoughts don’t show. Mature business people can spot this behaviour from across a room and immediately write that rude person off.
This will cost immature entrepreneurs many contacts.Your personal brand is tied to your business, and it is a very fragile thing. You must be kind to everyone. Your values, and where you stand on ethical issues must be seen in your business. This will create stronger relationships and will inspire others. So avoid being generic, strictly business like a machine. Show your humanity, people like it.
Is there a mistake you have made as a young entrepreneur? Perhaps you would like to share it with us in the comments and help others avoid it.