Mistakes are inevitable. Entrepreneurs sometimes give off this “guru” or “know it all” guy persona but the truth is-NOBODY has it all the way figured out. You should always, ALWAYS be learning. Some of my biggest mistakes include trying to control everything, not thinking big enough, and not having the right CPA and legal counsel early on.
Trying to Control Everything
I am always trying to increase efficiency-which isn’t a bad thing-but sometimes the systems are perfectly fine the way they are right now. Stop trying to control EVERYTHING. As entrepreneurs we create systems to increase efficiency. So, the challenge is to actually follow the systems we put in place! Your job is to create the system, implement the system, and then let the team operate the system. If you are going to try to be an entrepreneur but you can’t sell and build systems you will struggle. That is YOUR job in the business. Don’t try to control everything.
I didn’t think big enough in the beginning. I took the risk but I didn’t think the reward was going to be proportionate to the risk I took. The challenge is that it limits your ability to perform. Whenever you get close to the goal you will start tapping out because you are close.
- Write down goals that are so big they are hard to believe!
- Do things that bring the goals to life. Try visualization activities, but keep in mind that visualization without action is delusion. Nothing is going to come to life just because you visualize it. Convince your unconscious mind by believing/visualizing in your conscious mind.
- Drop the “Eeyore” mentality or that will become your reality. Mental manifestation is REAL! Whatever you believe in your mind will become your self-fulfilling prophecy. You project it out in the world and that’s how you live. It doesn’t mean that that is the way it is now but it has to get there.
- Have patience. You can’t put a seed in the ground and in a month expect there to be a harvest. Give your goals and plans more time to germinate. And that’s hard when your back is against the wall. Life is asking you how bad do you want it?
Think of it this way… “Maybe what is happening in my life isn’t happening TO me but FOR me.” Maybe there is a lesson that life is trying to teach you in what you are going through right now. I don’t care where you climb on the ladder of success-there will always be lesson to be earned.
Having an Excellent Legal/Financial Team
You have to have an excellent legal and financial team. A CPA and an attorney will be invaluable to your team. As soon as you can afford it, put a CPA on the team. Take care of the government side of your business. CPA’s will teach a lot of lessons. Find a CPA that you can connect with and spend significant time with and give them permission to be transparent and honest with you about how you are using your money.
Next, hire a lawyer/legal counsel to handle contracts. You will figure out quickly that business costs money. Legal troubles, tax troubles will plague you if you are not careful. One of my biggest mistakes was not hiring them soon enough and making sure that I hired good ones!