The Biggest Mistakes I Made In My First Year Of Entrepreneurship
The first year of anything is usually full of enthusiasm and high hopes.
We go in because of a triggering event - whether it's to prove someone wrong, to have more freedom or simply just earn more money.
Depending on the sort of person you are, you'll either spend the first few months learning everything you can, searching different businesses, "how to make money online," and consume everything possible.
For others, you might go in and start something based of some already existing knowledge you have.
You might have worked in a real estate agency before so you decide to start a marketing agency to help other agents get more bookings and listings on the market.
We're over the moon because we've finally decided to take a real leap of faith and count on ourselves to deliver what we promised.
The site is going well, the learning is easy and simple to understand.
We can already see our newfound life on the other side of a small mountain.
We're making progress, we're making some more progress and BOOM!
We're finally ready to launch our business after a few months of preparation and soaking up information like a sponge.
We have high expectations set for the next few weeks to a month, this is about to be amazing!
As soon as launch, it's like opening the floodgates, we're waiting for the customers and clients to flood in.
A few days pass, we're getting noticed, but nothing yet.
A few weeks go by, we've got quite a lot more views, and attention... still nothing though.
A month or two go by and it's just crickets.
"This business is rubbish, it doesn't work!"
We give up... we'll get 'em next time.
We failed to see the real hurdle over the small mountain.
Does this sound familiar?
It does to me.
When I first started my e-commerce business, I had high hopes of building up a store, putting out a few cheap adverts and cha-ching!
My dreams would have all come true within a few months of getting into entrepreneurship.
Months of work, learning and building go by and... you know how the rest goes.
I immediately blame everything other than myself.
Another few months go by, and I started to learn forex.
I spent another 2-3 months learning and consuming everything I possibly could about the charts, candlesticks, and the patterns or strategies I needed to know.
I felt like I could be a Wallstreet trader until it was time to finally put what I know to the test.
Luckily, I was using a dummy account and was able to see some sort of progress - but nothing feasible.
I didn't want to spend my own money and so I quit.
I've talked about my whole story until now previously and so I don't want to bore you to death with it again here.
So what are the biggest mistakes that I've made in my first year of entrepreneurship?
MISTAKE #1The biggest mistake when I initially started out was taking too long.
Not taking long in getting into entrepreneurship, but taking too long in putting things into action.
Like the examples above, when I started a venture, I would learn everything I possibly could about that business model, I would scribble through an entire notepad until I had enough knowledge about the topic.
After all, the last 18 years of life have been just that.
Sitting in class and absorbing knowledge that goes on a piece of paper.
The issue with this approach is that as soon as it's time to put my notes into action, I feel like I don't know anything!
I feel like I'm not ready and I maybe need to go over the notes or take down some more.
This only prolonged the inevitable - trying and failing. Trying and iterating.
The reason I failed my first e-commerce store is because I didn't know how to run adverts.
I knew how to learn to do it - watch videos and implement as I go - but I made the same mistake and only took down notes.
So when it was time to officially set up my own adverts and run them, I expected a small budget of $5 per day to generate me $300,000.
A ROAS of 60,000.
Not very common, now is it?
Once I realised that I had spent $11 and make $0 back, I decided to quit.
MISTAKE #2 (and #3)
With all honesty, this is something I still fail to achieve even today.
Business and entrepreneurship is not much different from a job.
The only real differences are that:
- You're responsible for your own success
- You don't start with a salary
Like Einstein said, "The definition of insanity is doing the same thing over and over again, but expecting different results."
If I kept trying and trying, doing the exact same thing I did prior, I couldn't expect new or different results.
I had to try again, using another method which comes through iteration.
I'm sure I made many errors, more than these four along the way.
How far are you in your entrepreneurial journey?
Have you made any of these mistakes?
Let me know in the comments!
Till next time,