10 Entrepreneur Mistakes KILLING Your Business (Avoid These!)

Okay, everyone, we need to have a difficult conversation. I've come across too many great entrepreneurs building otherwise successful businesses that have ultimately failed by making these 10 avoidable mistakes. Listen to the rest of this video to see what I've come across as mistakes that these entrepreneurs have made that could be avoided and lead you to a much, much better chance of success. The first thing is don't run out of money. Simple and obvious. But you'd be surprised how many entrepreneurs let their business run out of money before making some of the tough decisions. Okay? The second habit of unsuccessful entrepreneurs is that they complain a lot. Now, there's a certain type of personality that takes a certain situation and always finds the negative. Because building a startup is immensely difficult and random things happen that you can't foresee. It's almost impossible. One has to develop a positive disposition generally or else you're going to be very, very depressed. And that's going to impact everyone and everything around you. The third habit of unsuccessful entrepreneurs that I see quite a lot is that yes, you can build an innovative product, an innovative company, but over time, that spirit of innovation goes away because things get tough, you get complacent, there's certain inertia that's built in your business, especially when your business grows and scales. It's very hard to keep that kind of spirit of innovation going continuously. If you don't constantly innovate, you're gonna lose and you're gonna fail eventually. The fourth habit of unsuccessful entrepreneurs hits a bit close to home, especially for the younger entrepreneurs out there. The fifth habit of unsuccessful entrepreneurs is that they can't recruit good talent. The sixth habit of unsuccessful entrepreneurs may not be obvious, and this is visiting customers. The seventh habit is that they fight internally and constantly. The eighth habit of unsuccessful entrepreneurs is that they hide bad metrics. Even if nobody finds out right away, they will find out eventually, as we've seen in many of these famous cases. The number ninth habit, which is that they're short term thinkers. And finally, the tenth habit of unsuccessful entrepreneurs is the culmination of everything else we talked about today, which is that they can't build vision. Someone who's short term thinking, someone who looks at everything from a negative light, someone who's perpetually a victim, who can't make the tough decisions and therefore runs out of cash. This is someone who can't build vision. Then everything else will suffer from that. So that's it for today. Thank you for listening.