Top Mistakes Made by Entrepreneurs

Mistakes Made by entrepreneurs make, who may even tell people they are entrepreneurs, but somehow lack that magic spark they need to go out and change the world.

There are an awful lot of ‘wantrepreneurs’ out there.

The question is: what is the difference between these people and those people who really do have breakthrough innovations? Often it comes down to a few simple mistakes they make along the way…

Talking Too Much

A lot of people I meet who have exciting ideas for apps, websites or products, will make the mistake of telling me all about it.

Which is not a problem because of intellectual property or anything like that.

It’s a problem because I can tell they’re never going to make it happen.

These are people who enjoy ‘playing business’.

People who love talking the talk but don’t actually want to do the work.

Instead of talking… do.

Not Talking Enough

Then again, you also get the other type of entrepreneur who has an idea that they think is the best thing in the world and then they get incredibly protective over it.

This person refuses to tell anyone what they’re doing and they have a very hard time getting backers or convincing people to be interested as a result.

You know what? When you tell a potential consultant that you can’t tell them your idea, that’s insulting.

Ideas are a dime a dozen. Execution is what counts.

So get over yourself: you need all the help you can get!

Being Perfectionists

If you have an idea that is a big risk, then you need to get out there and make it happen as soon as possible.

What you can’t afford to do, is to spend years perfecting it and hiring designers and lawyers and anyone else you can in order to make it into something perfect.

This strategy involves investing too much time and money into an idea upfront.

And when you do that, you have a break even that is years away and you run the risk of losing everything you’ve put into it.

Instead, release an MVP quickly – a Minimal Viable Product.

This is a rough version of your product that you will then be able to test.

If people start buying that, the you can invest more into it.

If not, then you move on to the next project and don’t waste any more time. It’s what they call ‘fail fast’ in the business!

The Most Exciting and Disruptive Entrepreneurs to Learn From This Generation

We live in the age of the entrepreneur.

For a long time, entrepreneurs were rare and it would take incredible guts and foresight to be able to take a risk on a new idea and turn it into a viable and profitable idea.

But today that has all changed thanks to the web.

Through the internet, it has become possible to make almost anything, to market to anyone and to create huge movements.

Other technologies have also made more invention possible – and as invention begets invention, we hurtle toward the singularity.

So, with it being more possible than ever to change the world with an idea, who are some of the most inspiring figures to have done this recently? Let’s take a look at some of the most notable…

Mark Zuckerberg

It’s easy to write Facebook off as a simple social network for sharing pictures of cats but in reality it is much more than that.

Facebook has changed the way we interact with people and it has even caused huge political shifts – some even credit it with triggering the Arab Spring.

And all of this was the result of some code that a Harvard student wrote in his dorm room!

Matt Mullenweg

Slightly lesser known but no less prolific, Matt Mullenweg is the entrepreneur behind WordPress.

The general idea was simple: to write a piece of software that could ‘productize’ his web design service.

The result? A tool that now powers 25% of the entire internet!

Elon Musk

Elon Musk has created countless disruptive technologies and no doubt has only just gotten started.

Not only did this incredible man launch he SpaceX program, he also spearheads Tesla Motors (which seeks to end our reliance on fossil fuels for transportation) and he even runs PayPal!

Steve Jobs

It’s hard to talk about visionaries without at least mentioning Steve Jobs.

And he very much deserves the mention, being the guy who brought us the first true ‘smartphone’, who made the moues popular and who completely transformed the music industry.

Palmer Luckey

Palmer Luckey is the newest member of this list but once again, his place here is very much earned.

Luckey started toying around with virtual reality headsets as a hobby and ended up launching Oculus Rift on Kickstarter to immense success.

The company is now poised to completely change the world and has kickstarted (no pun intended) an entire industry.

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