5 Mistakes Entrepreneurs Make

I thought it might be nice to bring in a fresh perspective, so Adelaide Lancaster, and entrepreneur, speaker and newly published author graciously agreed to write a post on some of the mistakes she's seen entrepreneurs make.

The beauty of entrepreneurship is having the freedom to create meaningful and satisfying work on your terms. The allure of this alone drives millions of people to abandon their corporate gigs each year to pursue something that is “theirs.” But the truth is that it’s astonishingly easy to create a business that is unsatisfying. Despite clear goals and the best of intentions lots of entrepreneurs make big compromises in order to do what they think it best for the business. They end up feeling overworked, underpaid, stressed out, and alone. Not exactly the beacon of fulfillment they were hoping for.

As consultants we’ve worked with thousands of entrepreneurs who have experienced this disenchantment at point or another. We help them prioritize their own satisfaction and harness the amazing opportunity that entrepreneurship affords them – the ability to craft a business that is designed to meet their needs. While each entrepreneur’s particulars are different, the mistakes they make are similar. It is almost always the same things tend to get in the way of success and satisfaction.

These are the 5 most common mistakes that entrepreneurs make:

1.     Over extend themselves.

Saying no may be one of the hardest things for entrepreneurs to learn. I suppose this makes sense considering just how much time we all invest chasing the next big opportunity. Plus most of us are naturally optimistic, willing to just try something to see how it goes.  Plagued by the thought, “you just never know,” we are inclined to say yes even when we know we shouldn’t. After all, we have all experienced the side-effects of saying yes too much: being over-committed, wasting our time, feeling burned out. Instead of looking for reasons why you should say no, look for reasons why you should say yes. Clear and tough criteria will make it harder for you to get off-track or mired in unhelpful opportunities.

2.     Compromise on their goals.

Do you remember why you became an entrepreneur in the first place? Was it autonomy, creative freedom, the ability to do something that had never been done before? Do you still derive that reward from your business? Once they have a few years of experience under their belts many entrepreneurs find little if any trace of their original motivations. No matter how you slice it, entrepreneurship is a lot of work. Given that, it matters that you are able to get the benefits you want. So ask yourself, what’s in it for me? What makes all the work worthwhile? Then figure out how your business can deliver.

3.     Give up their dream job

Your job as an entrepreneur is not simply “the doer of things that need to be done.” With a to-do list that never stops multiplying it’s tempting to just dive in. The problem is that times passes and once you pick your head up, you’re likely to realize that the work you’ve been doing is neither enjoyable nor matched to your unique skills. This is a loss for both you and your business. Think of how many people would kill for the ability to write their own job description! Don’t squander the chance to do work you love every day. Instead, consider where you’re strong, and consider where you’re not. Restructure your schedule to do what you enjoy at least the majority of the time. And, have a good reason for doing tasks you don’t like.

4.     Become isolated

Entrepreneurship can be a lonely experience. Many business owners work primarily from home, allowing most of their “social interaction” to happen online. Not only is this emotionally challenging, but it also creates a huge opportunity cost. Your community is your best secret weapon and the most direct route to more support, inspiration, ideas, feedback, and sales! The better connected you are the stronger your business will be. Even if you’re a small shop find ways to regularly engage with a community. And make sure to keep it up! It’s easier to be diligent about this in the beginning when you’re building your business but harder once you start getting busy. However, I guarantee that you’ll never outgrow the need for a strong network – so don’t let it atrophy.

 5.     Forget to pace themselves

Running a business is a marathon, not a sprint, and it can take a while before you see the financial fruits of your labor. That’s why it’s imperative to maintain your stamina. Sure, you can work around the clock and sacrifice everything else in your life for the sake of your business, but is that sustainable? Bolstering your endurance requires you to adopt a “work smart” mentality and commit to valuing yourself as much as the business. However, common best practices also help, such as learning to set boundaries, delegate work, keep a clear focus on goals, and employ small steps towards progress.

Adelaide Lancaster is an entrepreneur, speaker and co-author of The Big Enough Company: Creating a business that works for you (Portfolio/Penguin). She is also the co-founder of In Good Company Workplaces, a first-of-its-kind community, learning center and co-working space for women entrepreneurs in New York City.