Avoid These 10 Common Entrepreneur Mistakes

There are many entrepreneur mistakes that are perfectly avoidable. You don’t need to make those mistakes yourself to learn from them. I want to give you pointers on how to avoid them.

Look at my Udemy course: Case Studies of Entrepreneur Mistakes with Sramana Mitra. Throughout this course we talk about common mistakes that entrepreneurs make, and look at a lot of different case studies to illustrate the different types of mistakes that we see frequently.

We roleplay. You should too.

Put yourself in the shoes of these entrepreneurs and internalize the issues. Spending a few hours doing this would save you innumerable hours of frustration.

The learning curve for first-time entrepreneurs is really, really steep. Through the 1Mby1M courses and case studies, we offer you ways to efficiently climb that hill.

Over 600,000 companies go out of business every year in the US alone. Infant Entrepreneur Mortality is a massive problem.

10 Avoidable Entrepreneur Mistakes

1. They define success = funding

2. They do not know the essential techniques of bootstrapping

3. They don’t understand positioning

4. They spend money on unimportant things and run out of cash

5. They hire too many people too soon without validating

6. They start building a product without validating

7. They chase investors instead of customers

8. They network randomly, without focus

9. They talk to investors too soon, and blow important cartridges

10. They don’t focus on the business model and path to monetization

Avoid them at all costs. You cannot succeed without first surviving. I’ve never met an entrepreneur who has built a billion dollar business without first building a million dollar one!

If you choose to seek my advice, please join 1Mby1M Premium.

You can get started with Sramana’s Digital Mind AI Mentor right now here: 

How many of these mistakes are YOU making?

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One Million by One Million (1Mby1M) is the first global virtual accelerator in the world, founded in 2010 by Silicon Valley serial Entrepreneur Sramana Mitra. It offers a fully online entrepreneurship incubation, acceleration and education resource for solo entrepreneurs and bootstrapped founders working on tech and tech-enabled services ventures. 1Mby1M does not charge equity, offers an AI Mentor available 24/7 in 57 languages, and offers a compelling alternative to Y Combinator and other equity accelerators.

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond.

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