Entrepreneurship is an exciting endeavor to be sure, but it’s also a challenging one filled with potential pitfalls, many of which you won’t see until it’s just too late. Mistakes are bound to happen. What’s more, even the most business savvy, detail-oriented entrepreneurs tend to make the same ones over and over again.
In this enlightening video, Patrick Bet-David, CEO of PHP Agency, Inc. and creator of YouTube’s Valuetainment, invites you to learn from his snafus by detailing the 12 dumbest mistakes he made in his first year as an entrepreneur. Chances are, you’re making at least a few of them yourself.
1. He almost let the pressure convince him to quit.
2. He attempted to do too much too soon.
3. He tried to take in too much advice from too many sources.
4. He also failed to request advice from the right sources.
5. He used force to get things done instead of influence.
6. He tried to live too large too soon instead of letting his business grow first.
7. He offered too many products too soon.
8. He didn’t properly prepare for possible failures early on.
9. He celebrated too much and too hard.
10. He didn’t properly learn how to be a boss.
11. He didn’t prioritize scheduling.
12. He also failed to craft and implement a business plan.
In other words, the now very successful Bet-David once fell into the same trap many before him did. He failed to go into his fledgling business venture with a solid action plan. He also had to learn the hard way that building a successful business is all about developing discipline, as well as honing the right skills. Now he’s sharing his hard-won knowledge with you so you can apply it to your own budding business ventures.
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