7 Things New Entrepreneurs Say, But Really Shouldn’t
I remember taking the leap into entrepreneurship like it was just yesterday. Even though it has been almost 4 years now, the memory is stronger than ever in my mind.
As a new entrepreneur, I said a lot of things that I really shouldn’t have. Looking back, many NEW entrepreneurs say these things.
Here are 7 things new entrepreneurs say, but really shouldn’t:
1. “I just came up with the idea that is going to kill Facebook.”
Entrepreneurs have big dreams and aspirations. They often stem with bringing down the big giants in their respective industries. However, taking out the goliath in your industry isn’t always feasible or the smartest idea.
Taking market share from Goliath is possible, but attempting to overthrow something that big takes a lot of time. Many startups and new businesses can piggy-ride the giants in their industries to their own benefit.
2. “We’re not too concerned with making money right now….”
Many startups come out of the gates with no plan to make money. When I launched StatFuse, my team & I had no idea on how to monetize it.
We decided to stay free and make money off ads or something like that. You MUST have a plan to monetize your startup otherwise it will be absolute hell trying to figure things out later on.
3. “All we need is 1% of the market to be millionaires….”
1% of anything looks really really easy! Believe me, 1% of something that makes you millions probably requires you to sell your product to millions of people.
Don’t look at the percentage of the market you need to capture, but rather how many people you need to sell your product to. Percentages can be deceiving and it’s an easy route for disappointment.
4. “We don’t have any money to pay you, but how about we give you 3% equity in our business….”
Unless you have a business that is already worth millions, it’s very disrespectful offering someone such a small percentage in your company. Many new startups make this mistake often.
However, always value the time of others in a fair manner. The last thing you want to do is insult someone by giving them an offer that is disrespectful. Find out what they value their time at, look at the valuation of the business, and reach an agreement that is fair for everyone involved.
5. “All we need is an investor or funding and we will be successful.”
Money doesn’t mean you will have a successful business. Building a successful business takes a lot more than just a pile of cash.
Many entrepreneurs make the mistake of finding funding way too early. It’s far better to find a way to be successful WITHOUT funding and only look for investors (just make sure you check their background and credit score if you go this route) as an ultimatum.
6. “My idea is better than yours so I will be more successful.”
As new entrepreneurs, we all get fixated on ideas. However, after you actually go through the process of building a business, you realize how little ideas mean.
Execution is 90% of the game while your idea is just 10% of it. Focus more on execution, user adoption, and marketing plans rather than counting yourself as a millionaire just because you have a good idea.
7. “No nevermind, I’ll do it myself.”
As entrepreneurs, we want to tackle every aspect of our business ourselves. However, that’s a very bad idea.
Entrepreneurs need focus. It’s one of the most important factors that can lead to success. Focus on the tasks that you are in charge of while trusting others to do other things. You can’t do everything yourself forever.
Is there a common phrase you hear among new entrepreneurs that shouldn’t be said? Feel free to comment or share below!