Are you falling into these common traps?

By Lighthouse Business Innovation Centre 

As an entrepreneur just starting your business without the support of a larger team, you need to perform a variety of different roles. You might already be quite good at some of these, but some are going to be tougher and may not come naturally. Many entrepreneurs in this situation can fall into these common traps, but learning to recognise them can help you deal with them and build your business.

Expecting too much too soon

If you are constantly finding yourself surprised and discouraged by how long it takes to build a product or pay yourself a salary, then maybe your expectations need a reality check. While it’s good to be optimistic, you need to work to realistic timeframes or risk being disappointed.

Letting fear hold you back

 While running a start-up, you will probably find yourself faced with many tasks that you have never completed before and no one to hand them off to. So you put them aside to do later, or even not at all.   Maybe that idea you were afraid to execute would have taken your business to the next level, so don’t let fear be the reason for missed opportunities. If you’re feeling out of your depth consider finding a mentor or even ask a fellow start-up that you know has faced and overcome similar issues.

Worrying about what other people think

Being a start-up is all about being innovative, having new ideas, trying new things and taking risks. In 1977, Ken Olson famously said, “There is no reason anyone would want a computer in their home.” We now know this not to be true. Worrying what people think can hold you back from pursuing a truly great idea.

Being a perfectionist

It’s time to accept that “good enough” is good enough. Eric Reis’s Lean Startup method is quickly growing in popularity and proposes that you get your product out there as soon as you can. This way you can get fast, accurate information on what the market wants from the market itself. Being a perfectionist can just delay progress and decrease productivity.

Focusing on the wrong thing

All these fears and concerns might prevent you from seeing what’s really there.  One way to identify what you need to work on is with a business diagnostic tool like www.bizlabtool.com.au . A business diagnostic tool can highlight these strengths and weaknesses in a graphic form and provide a bit of a wake-up call for areas that need attention.