Starting Life As An Entrepreneur? Here Are Some Mistakes To Avoid

There’s no way around it: starting a business is hard, especially for an inexperienced entrepreneur. But if you can at least avoid some of the common mistakes that entrepreneurs tend to make on their first go-round, you’ll be ahead of the game.

A recent Quora discussion focused on common mistakes that new entrepreneurs tend to make. Here’s a rundown of the advice from top posters:

-Be honest with yourself. Confidence is great, but skepticism can be healthy.
-It’s ok to delegate. The CEO can’t do everything, and part of being a good leader is hiring people that you can trust to handle responsibility on their own.
-Don’t burn out. A successful exit from a startup typically takes up to 10 years. It’s not a sprint, it’s a marathon.

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-It’s extremely difficult to create a successful startup if it’s not your primary focus. Doing it on the side probably won’t work.

-If your business is more than just a mom-and-pop setup, paying a lawyer is always worthwhile.

-Don’t try to address multiple markets. It’s extremely difficult to be great at two completely different marketing strategies at once.

-Relationships with customers are important. Talk to them regularly and try to mix in personal conversations with the business talk.

-The same type of regular communication is also important when it comes to team members.

-Don’t be scared to talk about your idea. The positives of outside input far outweigh the risk that your idea will be stolen.

-Keep it simple. Your first product or service should be as basic as it can be to get the job done.

-Prioritize spending. If you’re spending cash on something other than customer acquisition, payroll and/or productivity, there needs to be a very good reason.

-Don’t get emotionally attached to an idea. Being able to cut losses or change direction when something isn’t working is critical.

-Don’t succumb to confirmation bias. We all love to hear that we are geniuses, but listening to criticism and opposing viewpoints is paramount in cultivating an idea.

-Don’t get hung up on finding the “perfect” idea. Any great idea can work if it is executed properly, and there are countless possibilities.

-You can’t do everything, so don’t hedge your bets by keeping a number of options open. Choose your best idea(s) by prioritizing the one or two that can have the largest impact in the shortest time-frame.