Struggling with Entrepreneurship? You're Not Alone—Here’s How to Avoid Common Pitfalls
I’ve met founders across absolutely every spectrum you can imagine. Younger, older, very experienced, very inexperienced. From all backgrounds, beliefs, and identities.
And one of the most enjoyable things about that is seeing just how differently it affects different people. Our experiences will greatly affect our ability to be entrepreneurs, for one fundamental reason.
An entrepreneur is a leader. And like anyone, a leader’s abilities and decisions are radically affected by their experiences - but now, it has the potential to have an impact on a lot more than just your personal life. It will affect your organisation, your teams, and your personal satisfaction; it has far-reaching consequences.
Common Pitfalls
Why Do So Many Entrepreneurs Fall into the Same Traps?
If you're finding the path of entrepreneurship confusing or challenging, you're not alone. Many founders stumble into the same traps, and understanding these pitfalls can make all the difference in your journey.
There are some fascinating insights about what influences entrepreneurial success. For example, research shows that the likelihood of business success increases with the founder's age, peaking in their mid-fifties. While numerous factors contribute to this trend, the simple takeaway is that experience matters.
Another example: value-driven organizations are more likely to thrive. Founders who have experienced hardship or started their organizations due to personal struggles often have stronger values that deeply impact their companies, increasing their chances of success.
Despite these differences, many entrepreneurs, regardless of experience, fall into some common pitfalls. Here are some notable ones I've observed.
1. Don’t Subscribe Too Closely to the “Gurus”
There’s no shortage of advice out there—myself included. Many people share their opinions and strategies online, and while some provide genuine value, others might not be as helpful as they seem.
The Pitfall of Blindly Following Advice:
Just because someone has achieved notable success or has a compelling story doesn’t mean their advice will work for you. It’s crucial to distinguish between those offering genuine insights and those who are merely trying to sell you something.
Be Wary of the Tone: Some influencers promote a mindset that focuses on scarcity, loneliness, or even negative morals. If you absorb this messaging too much, it can alter your mindset in unhelpful ways.
Tip: Believe in what makes sense to you, not just because someone successful says it’s the way to go. Following your values strengthens your leadership ability and could be the key to your success.
2. Don’t Become an Entrepreneur Just Because You Don’t Want a Boss
Many people venture into entrepreneurship simply because they dislike working for someone else or want to be their own boss. They start a business to keep doing the same job but on their own terms.
But when you’re an entrepreneur, you need to work ON your business. To build up a structure that is bigger than just yourself.
If you assume that the business part of your business will just take care of itself, you’re wrong. In fact, as an entrepreneur, it’s one of your primary concerns, sometimes beyond the work you’re doing for customers.
And as the age-old saying goes: assumptions make an ass out of me and you.
You are the leader. Your business is driven by your vision, your motivation, and your decisions. So it’s your job to build that actual business itself, to make the structure and have the leadership for how it will grow and encapsulate work that is bigger than just yourself.
If you aren’t up to that task, being an entrepreneur isn’t right for you. That’s the hard truth.
The Pitfall of Working IN Instead of ON Your Business:
Work ON Your Business, Not Just IN It: To succeed as an entrepreneur, you need to focus on building a business that is more than just an extension of yourself. It requires creating a structure that can scale and grow.
Don’t Assume the Business Will Manage Itself: As an entrepreneur, the "business" aspect should be one of your primary concerns, sometimes even more so than the direct work you do for customers.
Tip: Remember, your business is driven by your vision, motivation, and decisions. If you’re not up for the task of building something bigger than yourself, entrepreneurship might not be the right path for you.
3. Embrace Innovation
To be entrepreneurial, you must be an innovator.
Why Innovation Is Critical:
As a small organization, you can quickly become irrelevant if you don’t know how to innovate, stay fresh, or pivot when things aren’t going as planned.
Innovation Requires Creativity and Curiosity: It also demands the inner strength to apply these traits in meaningful ways. Innovation is challenging and takes time to develop, but it is essential for survival and growth as an entrepreneur.
Tip: Be willing to learn and develop the skills necessary to innovate. Without innovation, you can’t build a viable business that stands out in a competitive market.
4. Always Keep Learning
As cliché as it might sound, continuous learning is fundamental to staying at the top of your game. Education isn’t just a phase; it’s a lifelong journey that should excite you.
What to Learn:
Pursue Your Interests: Learn about things that genuinely excite you and make you curious.
Focus on Personal and Professional Growth: Invest time in learning that will help you grow both as an individual and as a professional.
Why Books Are Your Best Friend:
Books provide in-depth knowledge and insights that can help you avoid the mistakes many entrepreneurs make. Make reading a regular habit to stay informed and inspired.
Tip: If you’re short on time but eager to learn more about common entrepreneurial pitfalls, I have a full, free guide outlining the most frequent mistakes entrepreneurs make and how to avoid them.
Be Strong and Make the Right Decisions for You
Entrepreneurship is challenging, but knowing the common pitfalls can help you navigate the path more smoothly. Explore the concepts discussed today and spend time seriously reflecting on them.
Success in entrepreneurship is about more than just avoiding failure; it’s about making the decisions that are right for you, staying true to your values, and continually learning and adapting.
Be strong. Make the right decisions for you. I know it’ll take you far on your journey as a leader.
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About Seven
Hey friends! I’m Seven - I write about challenges and opportunities affecting leaders across business. I release a weekly newsletter and a podcast, helping folks understand the leadership journeys and challenges out there, so we can better understand our purpose, place, and potential. The goal: to learn about what it means to be a leader, to support leaders, to find leaders, and to discover the leader within.
I’m delighted to have received so many kind words about my newsletter, other writings, and content - so if you’d like to join the ride for free, please keep up to date by subscribing to my newsletter. Weekly thought pieces and updates, and no selling 😜
Lots of love, and here’s to your success!