Below is a selected list of entrepreneurial mistakes, originally posted on The Toilet Entrepreneur, which I liked most.
1. Too Much Office Space
I made the mistake of getting more office space than I really needed.
It cost me too much money, which of course came from my pocket. I was way too caught up in the ego of having a nice space. These days, I am into virtual businesses and telecommuting–why waste money on rent?
Kathryn Korostoff, President, Sage Research
9. Not Getting Money Up Front
The biggest mistake I made as an entrepreneur is not to get money up front. I become a bill-collector, not a businessperson as a result and spend needless amounts of time following up on money owed.
Dr. Linda Seger, Script Consultant (since 1981), Seminar Leader, Author
13. Not Prepared With Clear Deliverables
Not having clear deliverables in writing before beginning a project. As a result there was a lot of ambiguity and my client and I had very different points of view. In the end, it was just a case of having different expectations. We ended up parting ways and neither party was happy.
Danielle Luffey, Managing Partner, DVA Brand Communications
14. No Separation Agreement
Three of us went into business together and formed an LLC. However, when creative differences caused us to go our separate ways the lawyers made out to the tune of over six figures between us. And, friendships were ruined! Always have a prenuptial for the unexpected.
Mark Smith, Founder, iKids Play (the next generation of the business)
22. Making Too Many Promises
I made too many commitments to appear in front of live audiences and had to re-negotiate where I would appear live to present my workshops or keynote It was the “thrill” of being booked to speak that caused me to mis-judge how much I could accomplish in a month.
Amy Dorn Kopelan, Co-Creator of The Guru Nation
24. Trying To Get Rich Quick
My two biggest entrepreneurial mistakes were trying to get rich quick and not creating a business that helps others. When you chase money, the quality of your product or service suffers. And creating a venture that doesn’t help others is a selfish pursuit.
Andrew Galasetti, Founder & Editor, Lyved.com
25. Thinking You’re A “Special Case”
Even though I taught business plan classes for those seeking funding, I thought that I didn’t need on. Finally creating one .. using the One Page Business Plan ® program really helped my business.
Maria Marsala CBC, Chief Strategy Officer, Informational Speaker, Author www.ElevatingYourBusiness.com
26. Trying To Do Everything
I tried to do everything myself instead of hiring help. For example: I wrote features, did the layouts, updated the mailing list, did the bookkeeping, updated the website, etc. I was spread too thin and wasn’t doing any of it well. It would have been worth the money it cost to hire help in order to have the extra time to meet my publishing deadlines.
Cindi Leeman, Editor/Publisher for WALK Magazine
28. Not Being Clear With Your Companies Name
I designed my business name using my last name thinking it was clever. Huntingtax when my last name is Huntington. I didn’t consider the fact that new clients or even clients who don’t know my last name would wonder what in the hell Huntingtax meant or was. Clients always just say or use Huntington tax accounting or Huntington accounting instead of my actual business name “Huntingtax Accounting Services”.
Kristi Huntington, Owner, Huntingtax Accounting Services, Inc.
29. Underestimating The Companies Growth
When I began a previous start-up, I underestimated the company’s growth and had to move four times before I finally leased too much space.
Blake Squires, Founder & Chief Strategy Officer, Findaway, makers of Playaway®
30. Working Without A Signed Contract
Hungry to grow my consulting business, I agreed to work without a signed contract for what promised to be a long-term relationship. The client worked me to death –far beyond my retainer hours limit and then dropped me as soon as his big project was done. What a bargain for him. What a lesson for me.
Joyce Wilden, President, Buzz Biz Public Relations
31. Investing Too Much On Self-Promotion
Investing too much money on self-promotion. When I started my agency, I went out and spent a ton of money on mailers, I did custom photography and invested the time to design and print a beautiful piece, but in the end it directed recipients to my website, which really didn’t have anything substantial on it at the time to get clients interested. In hindsight, creating a much simpler mailer, would have been so much smarter and would have gotten me the same results.
Jordan Mauriello, Founder & Creative Director of moreYELLOW