Three Big Mistakes First-Time Entrepreneurs Should Never Make

First-time entrepreneurs must be aiming to success but should not be afraid of failure.  Why to be happy if you are failing, you may wonder? The answer is very simple: because the most valuable lessons are learned from past mistakes.

Even though making mistakes can be beneficial for your startup and your entrepreneurial path in general, you can still avoid many troubles, if you try to avoid some of the most common mistakes that first-time entrepreneurs tend to make. Here you can find three of this mistakes and try as much as you can to avoid them.

Think that you know it all

There is a very thin line between confidence and arrogance and many first-time entrepreneurs unintentionally cross this line. Being confident is essential, but being arrogant in entrepreneurship is a “startup killer”. Be prepared, feel confident, but be ready to admit when you are wrong and don’t even think that you know it all, because, well – you don’t.

Note: Many first-time entrepreneurs believe that they can handle everything in their company by themselves and choose not to search for a co-founder. Well, there is nothing wrong about it, unless you can handle it. Often choosing to work with a co-founder, even co-founders, is the best decision you can make.

Focus only on the money

If your main reason to start your company is to make lots of money, I have some bad news for you: you are doomed to fail! Switch your main focus and better concentrate on your product, team and execution plan and the money will come.

Innovation has nothing to do with how many R&D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D. It’s not about money. It’s about the people you have, how you’re led, and how much you get it.Steve Jobs

Choose wrong advisers

Undoubtedly, first-time entrepreneurs need advice, need mentorship and encouragement. But choosing the wrong person to trust can be one of the biggest mistakes an unexperienced entrepreneur can make. Many people will put their interest in front of your business success (which doesn’t surprise you, right?), so be ready to trust your intuition and take the advice of people that you really trust.

─ March 30, 2015