Entrepreneurship is a double-edged sword: You can make a lot of money, but you can also lose it all.
Most entrepreneurs I know make decisions based on gut instinct, past experiences or just plain emotion, instead of taking the time to consider their options and figure out what makes the most sense. Here are some of the most common mistakes I see entrepreneurs make:
They get bored. Entrepreneurs love variety and change, so they’re always searching for something new to do. This causes them to take on more business than they can handle, which leads to burnout and less time for family and friends. They also end up spreading themselves too thin across multiple businesses, which results in poor decisions.
The solution: Don’t fight boredom by trying something new; instead, focus on your current tasks and projects until they’re done.
Fear of failure and anxiety about whether or not you will have enough money are both valid fears, but don’t let them paralyze you from taking action.
Not having a plan can lead to disaster.
The solution: Think about what your goals are for the year, for the month, for the week and what action steps you need to take to get there. This doesn’t mean you don’t adjust along the way; it simply means that you consider what needs to be done to achieve success and then set out to do those things consistently.