When you are just at the beginning of your entrepreneurial journey, you are likely to get euphoria. This is probably the first time you are your own boss, and that can be too overwhelming. You start recruiting straight away and spend newly raised funds on things you never even considered getting before.
Time passes, work starts piling up and you go to one meeting after the other. Soon, your schedule barely leaves some time for you to sleep and eat and you spread yourself too thin. Last thing you know, you face classic burning out, while your dream company is facing demise.
This is the kind of thing every entrepreneur stays silent about – and yet it is the most common occurrence. I think, it is important to focus on all sides of founder’s life, so you don’t get any illusions.
Fortunately, I have already figured out some basic rules, as I went on with my ventures. You should cultivate discipline and focus, if you want to achieve something worthy. Also, I decided to highlight rookie tactical mistakes entrepreneurs often suffer from.
First of all, spending too much too early. This happens all the time to nouveau riche. These are people from low social class, who become rich fast and like to show it publicly by excessive spending.
As a matter of fact, you can really get funding relatively easy these days. What is harder though is keeping it or investing smartly. Entrepreneurs usually hurry to spend extra money on hiring people. Frankly speaking, you should postpone this process as long as possible. There is always a high risk of employees not matching your company values and culture, especially if it isn’t fully developed yet.
Moreover, don’t succumb to the good old startup multitasking. What I mean by that is don’t start a few companies at the same time, especially if you are a newbie. Multitasking in essence is basically switching from one task to the other. You don’t pay enough attention to the details and it is highly ineffective. For the beginning, focus on one strategy and idea – even that is hard enough. Not every entrepreneur can pull off managing one company, why should you even consider unproductive juggling?
Another essential part of entrepreneurial life – meetings, meetings, meetings. Your most valuable resource is your time. Thus, you can’t risk wasting it on participating in hour-long meetings that can be described in one email.
You should always set your priorities straight before the working day starts, so you don’t veer off course. Before making a promise to yet another potentially useless meeting, try to check your to-do list. If you have more important tasks that can’t be put off, the answer is no. Don’t be afraid of saying this short and powerful word, since not every opportunity is a good fit for your startup.
To sum it all up, you should trust your gut and be fully committed to your great idea. Don’t rush to get all at once, because you will end up losing on all fronts. I sincerely believe that If you do so, the business world will soon see its next successful entrepreneur!