Over the years, I’ve managed to make a bunch of common entrepreneur mistakes, and after reading a friend’s mistakes, it gave me the idea for this post. So, here’s my highlights:
Burning yourself out from working too many hours is extremely easy. There’s always something more to do, something new to get done or something that has to be completed otherwise it won’t get done. Burnout is just way too easy. The really tricky thing is that different people have different levels of what would make them burn out. I have a friend who has no issue with 80 hour work weeks, while many others end up burning out in 50 hours. Worst, what you can handle throughout your life. I used to be able to work 80 hours and not burn out, these days it’s down to 50 hours before I start having issues.
Being Pound Foolish
When we first moved downtown and I started taking over all the tasks including shipping, I decided that it’d make more sense to not pay the $15 a week to have Canada Post come pick up our packages but instead I walked the boxes to the Post Office which was 3 blocks away. I ended up carrying 20lb / 30lb packages all the way to the office, sometimes taking a couple of trips a day. Penny pinching at its worst.
Being too nice
Sometimes, it’s just too easy to put others ahead of the business or your own needs. My most common mistake has been taking too long to let someone who just isn’t working out go in this case, but it crops up in other areas too. When you are running a business, being too nice often impacts the bottomline -and when you own the business, that means it impacts your own income.
Taking on too many projects
Slightly different than burning out, but part f being an entrepreneur is being a bit of an adventurous soul. You always want to try something new, and all too often you end up taking on a new project. And then another one. And then another. Sometimes without finishing the one’s you first started. It’s too easy to end-up with a ton of failed projects with all your time split between them all and none ever actually finishing.