When you hear the word entrepreneur, the first thing that pops into your head is probably the glitz and glamour of their lifestyle. Whilst this isn’t always true, there’s no denying that some of the most successful venture capitalists, investors and entrepreneurs certainly live a rather affluent and excessive lifestyle.
While the lifestyle seems relaxed and carefree, there are certainly things that you should be avoiding, especially if you are well-known within public circles. So, let’s check out some of the big mistakes a lot of entrepreneurs have made over the years.
Expect overnight success
This is probably the most common mistake made by entrepreneurs, especially those new to the game. The simple fact of the matter is you won’t attain financial success overnight. It can take many weeks, months or even years before the success really starts to roll in.
You need to work hard to achieve these goals. Just ask any entrepreneur and they’ll confirm that this is the case. Amel is a strong example of this. He is a young Norwegian venture capitalist who has developed a strong online following in the space of a year. He has worked hard, lowered his expectations and is always looking for ways to improve.
Another obvious mistake that a lot of young venture capitalists and business investors make is the lack of networking. You can’t do everything by yourself, it’s simply impossible. Because of this, it is vital that you engage with other leading thinkers in the industry and pick up tricks in the trade. You might be able to get extra funding if you come across the right people at the right time. And with more funding comes higher chances of your business idea bringing in more profit.
Procrastination is a real killer when it comes to getting a start-up company or new business idea off the ground. You need to be proactive, analytical and willing to develop a strategy over a short time frame. You should always be challenging yourself to work harder and improve.
Successful venture capitalists do not waste time. When they set their mind to a task, they get it done. Time waits for no one, so if you want to create a business idea that will bring you success and fortune, you need to be willing to put in the hard yards, even when it doesn’t suit you.
Only focused on the business
Whilst it is certainly important to put everything you possibly can into your business, there is a time and a place for relaxation and renewal. If the work is getting too much or your stress levels are peaking, make sure you give yourself some time away from it all. If you genuinely care about the work, you’ll know when it is time to let go and take a break.
There are some people that pursue a business career, yet they simply don’t believe in themselves. They might say it to themselves without ever meaning it. At the end of the day, you can’t afford to have any doubts. The renowned Henry Ford once said, “Whether you think you can, or think you can’t, you’re right.” If you genuinely believe that you can succeed, you’ll be able to overcome obstacles thrown in your path. If you believe the antithesis, you’ll constantly be able to find excuses. Success is a state of mind.
Forget about vision
A lot of young entrepreneurs become obsessed with the short-term idea and lose sight of the long-term vision. The most successful companies all had some idea of where they wanted to be in 5, 10 or 15 years. They had set goals or an overarching vision that governed what they stood for. So, don’t forget about having a long-term vision.