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Stay balanced. As an entrepreneur, you need to be constantly processing new information, adjusting your plan, and making decisions. »
If you are exhausted and 100% monopolized by work, you won’t have the perspective and insight that you need to guide your venture in the right direction. Sleeping, exercising, and having a life outside of work is critical for your endurance as a human information processor and decision maker. »
In 15 years as an entrepreneur, I’ve made many mistakes and I’ve seen a lot of entrepreneurs do them too. My answer is two-part since these are equally as important. »
Falling blindly in love with an idea. Entrepreneurship needs passion, but love can be blinding. Many entrepreneurs believe in their idea so much that they fail to validate it. They tend to dismiss negative feedback on their products or neglect collecting some. And they end up missing product/market fit.
Overcoming that requires taking some distance with the idea and applying intellectual honesty. My advice is to talk to potential customers or users from day 1 and for every day after that: never stop collecting feedback. We’re now 25 people on the team at Scoop.it, but I still answer support tickets and take sales calls because there’s nothing as real and valuable than a direct conversation with a customer. »
Thinking that ideas are more important than teams. I hear a lot of first-time entrepreneurs tell me ‘I have a great idea for an app; I just need to find a technical co-founder to code it.’ But successful startups iterate their original idea constantly based on market feedback. Sometimes they even radically pivot like Paypal or Slack. Only great teams can do that, so the execution is much more important than the original concept. And it’s easier to change the idea than it is to change the team. »
The most painful mistake I see most inexperienced entrepreneurs make is not delegating tasks effectively. I actually came from a nursing background where bad delegation meant someone could lose a limb–or worse, their life. The nurses that didn’t delegate would be busier, risking careless errors from trying to make up time by cutting corners. Business owners try to do the same thing. »
I advise entrepreneurs who struggle with this problem to first get their tasks organized and written down. I like Asana for this. The tasks that they find themselves adding repeatedly are tasks that they should think about delegating. At the end of the month you need to send out invoices, add numbers to your analytics spreadsheet, etc. Find someone else to do that. The hours you save by outsourcing these types of tasks will help you focus on the things that only you can do–like plan the strategy and direction of the business. »
Often I see first-time entrepreneurs struggle to organize and process feedback. When starting a company, you’ll get feedback from everyone: your early users, potential customers, investors, friends, and even your second cousin twice removed. »
I’ve found it incredibly helpful to have a framework in place to systematically collect, prioritize, and implement product features based on customer feedback–both from customers you have, and the customers you want! »
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