12 dumb mistakes this CEO did in his first year of business

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We love learning from CEOs and Founders from around the world as it helps us learn from their business mistakes and know how to deal with challenges.

Let’s look at the 12  mistakes Patrick Bet David ,an American entrepreneur and financial advisor made in his first year of business.

  1. Almost quitting

We have all come to this point. It has a lot to do with our self-belief. We start believing that we are not cut for entrepreneurship.

  1. Trying to Become CEO Too Early

Entrepreneurs try to be a business owner without first learning how to sell their product. Successful entrepreneurs first learned how to sell, how to interact with customers, get feedback from customers first hand.

  1. Trying to Take Advice from Too Many People

Everyone wants to give you advice. It’s just their opinion. However, entrepreneurs try to listen to everyone who gives them advice. Identify one person who you want to learn for and find out what they did when they were at your level when they started.

  1. Not Knowing How to Ask for Advice

Entrepreneurs need to learn to ask for advice. They need to learn to approach entrepreneurs who have been there before so they can learn from them. Only from asking, do we learn.

  1. Forcing Vs. Influencing

Sometimes entrepreneurs try to manage everyone to be a success in the business instead of influencing them to be successful. Employees will only follow the example from  good leader, so you have to learn how to lead and set examples.

READ: HOW TO SUCCEED IN A MALE-DOMINATED INDUSTRY

  1. Living the Dream Too Early

When entrepreneurs get some money, they get a different lifestyle. They start to party, buying good cars and spending money on their friends. Learn to re-invest so you can stay in business.

  1. Trying to Sell Too Many Products as an Entrepreneur

Most Entrepreneurs can be a scatter brain at first. They deal with too many things and they become a master of none. Choose a product that you will focus on 100 percent.

READ THESE TRAPS TO AVOID BEFORE YOU BECOME A WOMAN ENTREPRENEUR

  1. Thinking I Knew it All

When you think you know everything, you do not learn. Be a sponge as an entrepreneur. Make every day as a learning opportunity. Learn to get better and to improve.

  1. Partying Too Hard

Can this come between you and your business. Most entrepreneurs can relate. Partying too hard will disrupt your days. From dealing with hangovers to skipping work, this can affect your business negatively.

  1. Acting Like a Boss Instead of an Employee

An entrepreneur can come to work anytime and leave anytime, right? Wrong. You don’t have anyone you are reporting to as an entrepreneur. However, you need be disciplined and put in the hours to make your business work. Remember your Company has employed you.

  1. Not Having a Schedule

This is a sure way of failure. Create a schedule and be strict on yourself to ensure that you follow through.

  1. Not Knowing the Value of a Business Plan

Your business plan should be actionable items and habits to learn each day. Eg, I am going to network online today. I am going to give out 50 business cards per day. I am going to read one book per week. A habit, skill set disciplined plan is more critical than a 60 page business plan.

Source: Patrick Bet David

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I am an entrepreneur learning to write about my journey. I enjoy golf, watching F1, cooking and neo soul music. Let's make entrepreneurship a fun topic to talk about.

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