Scale Up Your Business Podcast
The 6 Big Mistakes Entrepreneurs Make In Their Business
The entrepreneurial journey is challenging. Some could reach the top with less to no hassle; some had it quite rough. But no matter where you are right now in your journey, it’s best to know what to do and what not to do.
In this episode of the Scale Up Your Business Podcast, Nick goes through his list of the 6 Big Mistakes Entrepreneurs Make In Their Business. Nick doesn’t want you to make the same ones in your company. It’s difficult enough to think of a business idea, so starting something then seeing it go downhill because of one mistake is the last thing you want to happen. Nick gives advice on how you can prevent these mistakes and have the right mindset to get through them. time to listen in.
Mistake #1: There’s an absolute obsession with the product.
Entrepreneurs are ultimate masterminds. They have the unparalleled capability to turn nothing into something grand. But, sometimes, since they care too much about their projects, they tend to forget that there are external factors that matter more if you want to scale up your business.
Mistake #2: There’s the artificial need for speed.
Patience is needed when you’re growing your business. No business empire was built in a day, anyways. Don’t rush things and just appreciate the efforts and small wins you’re achieving. Your pace depends on your talent and your goals.
Mistake #3: There’s a lack of technical skills.
Leverage talents if you need to. Though you’re very competent in your area, it’s best to find someone who can help you in the smaller tasks or someone who complements your strengths.
Mistake #4: There’s irrational exuberance.
Or, as Nick calls it, ‘optimism in steroids.’ Entrepreneurs don’t listen to people and ignore the risks. Sometimes, they act arrogant. It’s best to surround yourself objectivity and rationality.
Mistake #5: They do not see a second idea.
Having the greatest money-making idea is a very good start for entrepreneurs. But, sometimes, they aren’t equipped with the skill to execute them and refuse to seek help from people about it. It wouldn’t hurt to tweak things a bit and pivot a little from your original idea.
Mistake #6: They run out of cash.
Cash should be the first thing you’ll look into. You must think through how you can have consistently increasing cash flow as the business grows. Nick suggests niche-ing.
“The faster you go, the greater the impact if things go wrong.”
“Work out what you’re great at, then leverage the rest.”
“If you got a great idea, don’t be fixated on one pathway to execute it.”
Profit First by Mike Michalowicz - https://profitfirstbook.com
ABOUT THE HOST
My name is Nick Bradley. I’m an entrepreneur, author, speaker and investor.
My background is in growing and scaling VC and private equity backed businesses.
Having successfully built, bought and sold a number of companies, and removed myself from day-to-day operations, my focus now is on helping entrepreneurs get to where they want to be, in business and in life. As well as investing in growth businesses and backing turnarounds - with the ultimate aim of creating value from significant capital events.
I’m passionate about personal and professional development showing up and being the best version of myself ... every day.
My bigger vision is to help bring entrepreneurial skills, experience and mindset to people in developing nations - so they can follow their dreams, live life more on their terms - utilising entrepreneurship as a global force for good.