Being an entrepreneur is one of the most demanding and difficult roles that any individual can take on. Being an entrepreneur can take a lot out of you and it can be a difficult journey filled with ups and downs. No successful entrepreneur gets to the level they want to be at without some hurdles or setbacks along the way. There is no such thing as a perfectly smooth rode to success and no blueprint for how to get there and how to find guaranteed success as an entrepreneur.
However, this doesn’t mean that there aren’t some great lessens that entrepreneurs have learned along the way and that they can pass on to others. Sometimes learning from the regrets and mistakes from others is one of the greatest ways to move forward on your own journey without repeating some of the mistakes of others. Here are some of the most common regrets that entrepreneurs tend to have and why they end up being so detrimental to entrepreneurs on their journey towards success.
Not Finding a Mentor
One of the top things that any established entrepreneur will likely tell any aspiring entrepreneur, is that the best thing you can do in order to find a successful future is to have a mentor. There are so many things that go into being an entrepreneur and no matter how intelligent you are, it can be impossible to know it all or to know what to expect when running your own business.
This is why a mentor is so important. Having someone you can trust to guide you and provide you with advice is an important asset, and there is no one better to turn to than someone who has done it before. The great thing about getting a mentor is that it is never too late to consider mentorship and there are all types of people out there who would be willing to be a private mentor and who even offer coaching services for entrepreneurs.
So many established entrepreneurs really regret not finding a mentor because with experience they realize just how beneficial a mentor could have been. A mentor really can be anyone who you trust and who has a career that you admire, even someone younger than you. If you have already started your journey as an entrepreneur and haven’t found a mentor, there is no better time to reach out and find someone experienced to help you along the way.
Being Too Cautious
One of the big things that all entrepreneurs from all walks of life tend to have in common is that they are risk takers. They like to make big moves, take big risks and they aren’t afraid to jump in with both feet, without hesitation. This is why it should come as no surprise that one of the biggest regrets that so many entrepreneurs have is being too cautious.
Most entrepreneurs have learned by the peak of their career that the key to finding big success and making big money is to take big risks. For entrepreneurs that mostly played it safe, it should come as no surprise that one of their biggest regrets was being too cautious and not taking big risks that equal these big rewards. They always say that hindsight is 20/20 and it can be hard to look back on a situation and say “I should have done it this way,” there are many who wish they wouldn’t have been as cautious with their decisions. The entrepreneurs that make big risks and found big payoffs with them on the other hand, rarely regret the bold choices they made along the way.
This piece of advice doesn’t mean that you need to necessarily go out and start making rash decisions. However, it does mean that you shouldn’t be afraid to take a calculated risk from time to time.
Not Hiring the Right People
There are many young and energetic entrepreneurs who are so excited about their new venture that they rush into hiring their team. While there is some allure in hiring affordable people and filling spots right away, this can also be one of the biggest mistakes that any entrepreneur makes. Hiring the wrong people can only set you up for failure. Having the wrong team around you will only bring you down.
You need to make sure that you are surrounding yourself with the right people with the right attitude. This means individuals that are actually truly passionate about your mission and about your business. These are individuals who will work for the betterment of the company instead of only for a paycheck. These are the types of individuals that entrepreneurs need on their team in order to get their new company off the ground and to actually make it a success.
Take the time to really think about the people that you are hiring. Are they a temporary solution for an open position? Or are they potentially permanent members of your team that can grow with your company? You need to take this same approach to every position that you fill, no matter how big or small this position may be.
Failing to Create a Work Life Balance
Being an entrepreneur is one of the most time-consuming jobs on the planet. This is why it should come as no surprise that most entrepreneurs are self-proclaimed workaholics, working around the clock in order to get their company up and running. If you talk to any successful entrepreneur, chances are they won’t tell you their biggest regret was not working enough. They will likely tell you it is that they didn’t spend enough time with their family.
While it is important to be willing to put in the hours in order to become a successful entrepreneur, it is just as important to create a work-life balance. This means taking as much time out of your schedule to do things for yourself and to spend time with family and friends, so you can have a full, complete and balanced life. If you don’t do this, what is the point of working all of the time? You want to make sure that you have friends and family around that you can enjoy your wealth with, so make sure that you are giving the other areas of your life the time and attention they deserve.
Finding this type of balance isn’t easy and it doesn’t come naturally to most people. It will take work, time and planning in order to achieve the balance and to make sure that you are allocating enough time to your personal life. In the end it can not only help you feel more fulfilled, but if can give you the rest and refocus that you need to take a break and put your attention back on your company.
Allowing Themselves to Succumb to a Negative Mentality
Being an entrepreneur is a difficult undertaking and it is one that can bring any person down. You need to be willing to put a lot of time and a lot of effort into being an entrepreneur and you need to be willing to take on the type of commitment and pressure that comes with this responsibility. One of the worst things you can do is to let the pressures of being an entrepreneur take you to a negative headspace.
There are so many entrepreneurs who find themselves in a state of constant stress or who find that they burn out rather easily, simply because they allow themselves to succumb to a negative mentality. No matter how difficult it is or how stressed you get, it is important that you continue to maintain a positive outlook and a positive attitude. Positivity and optimism are two of the best tools you can have on your side when it comes to handling the pressures of entrepreneurship. Don’t let a negative attitude be your biggest regret in your career or something that brings you down so much you can’t be as successful as you want to be.
There are many entrepreneurs today who have already made these mistakes and already learned first-hand that these mistakes can come with a number of obstacles and setbacks. However, if you are just getting started or even in the middle of your journey, one of the best things you can do is take a look at some of these regrets and make sure that you don’t repeat these mistakes.
You can learn a great deal from these mistakes and the big regrets that so many entrepreneurs tend to have looking back on their careers. If you do whatever you can to stay away from these common pitfalls, you won’t necessarily have a completely smooth journey ahead of you, but you can be certain you are defending yourself against a number of potential roadblocks that can seriously set you back along your way.