With more and more professionals trying to find a way out of the office routine and launch their own business, it can be tempting to dream of a prosperous future at the head of your company. Your director office would overlook the bay, and it would be the ideal spot to discuss new partnerships and business deals. Your team would be enthusiastic because you would guarantee access to amazing perks.
But this is for the dream part. In reality, you need to know that the majority of solo-entrepreneurs fail within the first few years of launch, which means that the dream of a cozy office over the water is doomed to remain a dream unless you know how to avoid the traps along the entrepreneurship path.
They believe that EVERYONE can start a business
In our society of click and buy, the extensive penetration of the Internet in our lifestyle has, unfortunately, created a tragic misconception: Everyone believes that success is available online for those who look for it. But starting an online business takes a little more than the ambition to go big. First of all, you need reliable equipment that can tackle all your online operations safely. You can’t afford to work on a computer that keeps crashing or with a lousy broadband connection. Secondly, and that’s the most critical part, you should have a good business idea!
They fall for the DIY approach
Most solo-entrepreneurs adopt a DIY strategy; more often than not because there are so many tools available to do things yourself. You only need to download an app, and you can create your logo. You need another app to manage your website. And rapidly, you might find yourself trying to navigate your way through a sea of applications and software tools. You need to clear up your computer – find out how to uninstall apps on Mac here – if you want to keep your equipment reliable and effective. Ultimately, the more DIY tools you download, the slower your laptop will be.
They know better than the market… They don’t!
You woke up with a fantastic idea, and you are convinced there’s potential for profit. You feel it in your heart.
While there’s nothing wrong with feeling attached to your idea, you need to assume that your beliefs don’t replace the reality of the market. If you don’t understand how to do a market research, you’re likely to introduce an idea that might not be suited to your audience.
They want to learn all the skills
Last, but not least, when you start a business on your own, it’s easy to assume that you need to be responsible for every process. As a result, many solo-entrepreneurs spend a lot of time developing additional skills to cover their accounting, IT, marketing, and strategic needs. Therefore, they have considerably less time to dedicate to their true expertise, the skills they intend to sell. You might be on your own, but it doesn’t mean you shouldn’t outsource. On the contrary, successful business owners rely on professionals to tackle their web design, marketing, IT, etc. requirements.
The bottom line is that enthusiasm is the beginning of your journey as a solo-entrepreneur. But ensuring that your eagerness doesn’t lead to poor launch decisions is key to your survival.