What are some common things that entrepreneurs get wrong? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Answer by Charlene Walters, PhD, Business & Branding Mentor, Corporate Training, on Quora:
Being an entrepreneur comes with its fair share of challenges. It can be overwhelming, lonely and we often tend to be overly optimistic when it comes to our startups. That’s why it is important to temper our optimism with a healthy dose of reality so that we can succeed. Being aware of a few common pitalls is half the battle. Here are 5 things that entrepreneurs often get wrong:
- Failure to focus on revenue-generating activities. Sometimes new founders are focusing on some of the more glamorous aspects of running their business. Their main focus, however, should always be on those activities that are positively impacting the bottom line.
- Spending too much at the onset. Don’t spend too much before you make enough. You don’t need everything up front. Ensure that your business is sustainable and that you are gaining proper traction before you overly invest in nonessential items.
- Not realizing that it will take longer than anticipated. Whatever timeline you’ve given yourself, double it. It always takes longer than you think it will to achieve your startup objectives.
- Unrealistic goals. Don’t set yourself up for failure by adopting a Pollyanna attitude in relation to your business. It’s great to be optimistic but remember to be realistic at the same time.
- Not getting enough help. You should likely hire help for your business even before you think you need to. Doing so will give you more firepower and prevent you from getting overwhelmed or prematurely burning out.
This question originally appeared on Quora – the place to gain and share knowledge, empowering people to learn from others and better understand the world.