Many things can harm your startup venture. Some of them could be avoided, others are unpredictable, but in the end the only thing that really matters is how these obstacles shape your character as an entrepreneur. Understandably, we all want to increase the odds of becoming successful. The right attitude really matters and here we will talk about the seven toxic thoughts you should avoid in order to increase your chances of impressing the investors and securing funding for your startup.
No, No, No: Think that you know it all
You don’t know it all. Nobody knows it all. Even the most experienced entrepreneurs don’t know it all. Why? Because in a fast-changing business world, where uncertainty is the only certain thing that happens, no one can predict for sure what is right and what is wrong. One of the biggest mistakes all entrepreneurs can make is to trick themselves into thinking that they know it all. Entrepreneurship is about constant learning and you should be ready to face the reality that you will be wrong more often than you will be right. And there is nothing bad about it.
Wrong: Think that it is easy
Many entrepreneurs embrace the wrong mindset and believe that their venture will not be that hard. Nothing is easy. If you think that your work is going smooth, I have some bad news for you – you are probably missing something important. Entrepreneurship is all about innovation and in order to innovate, you should take yourself out of your comfort zone every time you start to feel comfortable. So, by thinking that your venture is easy, you are tricking yourself and surely have wrong expectations.
Please, don’t do it: Think that you are better than others
Confidence is essential for the success of your company and entrepreneurs must believe that they are better than the competition, but they must be realistic about this. Simply believing that everyone else is not good enough can lead you to a wrong direction. Don’t underestimate or overestimate your competition. If you ignore their strengths, you will fail to create the significant brand that you truly believe in.
Well, not so true: Think that you are the most important person in the company
Many entrepreneurs fail to appreciate the work of their team members and risk the success of the company just to feed their Ego. Entrepreneurship is all about being a good leader and learn how to delegate, not how to micromanage your team.
Now, this can be huge setback: Think that failure is final
Many entrepreneurs believe that once they fail, there is no point to try again. The truth is that every failure can be valuable lesson if you know how to analyze it and how to learn from your mistakes.
Think that you don’t need a plan
Having an execution plan is crucial element that determines the success of your startup. Time is the biggest asset every entrepreneur has and without a clear vision on how you are to use your time by creating clear long-term and short-term action plan, you are slowing down the future progress of your company.
Think that you don’t need to network
Many people argue that networking is a waste of time. This could be right for people who don’t know how to productively network. Networking is not simply being present at specific events. It is about establishing connections, about building relationships and partnerships. Every person needs to have support system and there is no better place to meet fellow entrepreneurs, investors, mentors and advisers but at networking events.
