What is the most important ingredient for entrepreneurial success? The answer is effort. The sixth mistake on my list of the seven biggest mistakes entrepreneurs make in the early stages of their business is thinking a new business can be built without substantial effort.
A Good Idea Can’t Sustain a Business Alone
Many think companies like Facebook, Microsoft, and Apple experienced massive success purely because their founders had great ideas. The reality is the success came from these founders putting in way more effort than their competition.
The type of effort required to succeed in entrepreneurship is uncommon. I can’t stress this enough – entrepreneurship isn’t for everyone. Entrepreneurship is a disease. It is a compulsion. Look at me for example. I have started 12 businesses. There are some realities I want you to understand about entrepreneurship.
The Realities of Entrepreneurship
If you think you are going to make more money as an entrepreneur while working less than you did at your day job, you are in for a rude awakening. Time after time I have business coaching clients who come to me discouraged that they are making 2-3 times less than they did when they were employed. The reality is business owners, on average, make less than their traditionally employed peers. Don’t get into entrepreneurship if all you care about is making a lot of money.
If all you care about is money, go to school to be a doctor, lawyer, or engineer. These professions offer a clear path to financial success. In entrepreneurship, you have to clear your own path.
Clearing this path takes a massive effort. Many entrepreneurs work 60-70 hours a week. A lot of people I coach don’t use this time as wisely as they could. Make a list of all the things you do for your business each week, and how many hours you spend doing each task. In which areas do you need to spend more time?
A big mistake entrepreneurs make is delegating tasks they don’t understand or find enjoyable. This is a recipe for disaster. All you are doing is putting the responsibility on someone else and forgetting about it.
The parts of your business you are scared of most are the parts you need to spend the most time in.
Choose the area that scares your most and make it your focus for the month.
A business coach helps you overcome your business fears. Schedule a consultation with Arman to figure out how to overcome these fears.