This is an Influencer video by Patrick Bet-David, founder of PHP Agency startups.
Today I want to talk to you about the dumbest mistakes I made my first year as an entrepreneur.
As I was making a list of all of the dumb mistakes I made, I realized that this episode could have lasted six, seven, or even eight hours, but instead of covering all of them, I’ll just share the 12 dumbest mistakes I made my first year as an entrepreneur.
1. I Almost Quit
The dumbest mistake I almost made my first year as an entrepreneur was that I almost quit. I almost quit my first year as an entrepreneur. That would have been above everything else, the dumbest mistake I would have made as an entrepreneur.
2. Trying to Become CEO Too Early
So my biggest mistake my first year as an entrepreneur was that I tried to be too much of a business owner when I instead should have learned how to sell first and survive based on my selling abilities and making money as a salesperson instead of a CEO.
3. Trying to Take Advice from Too Many People
Instead of getting advice from a lot of different people, find people with the life you want, and get input from them on what they did at the phase that you are currently in in your business.
4. Not Knowing How to Ask for Advice
One of the challenging aspects of going from employee to entrepreneur is that employees don’t typically ask for advice; they’re told what to do and they go do it. Very few employees ask how they can improve; if they don’t like a job, they just quit!
5. Forcing Vs. Influencing
During my first year, I forced too much on my clients, on my staff members, and on my sales force. I was way too much about forcing people to become successful. I used force instead of influence. I tried to manage everyone’s success instead of leading them.
6. Living the Dream Too Early
After I started my business and started making money, I went out and bought a brand spanking new car – with a big car payment. I went out and bought drinks for everyone. I partied. I went to Vegas and blew $10K in a weekend – even though I didn’t have $10,000. I spent based on money that I expected to come in through future sales, and then BOOM. I lost everything – money, girls, cars – everything was gone, wiped out. My credit score was 484. Debt collectors were calling. All of this happened because I tried to live the dream too early.
7. Thinking I Knew it All
hen I started my business, I was a 21-year-old knucklehead. I thought I knew it all! But then I hit rock bottom – and that was the best thing that ever happened to me. I believe that all men need to experience two big things: major heartbreak, and a very big failure early on in business. It’s important to be coachable and learn from others.
8. Acting Like a Boss Instead of an Employee
You may have heard entrepreneurs say, “I’m an entrepreneur now, I can do whatever I want.” That’s a big mistake. If you have that attitude, you’ll fail. When a person goes from being an employee to being an entrepreneur, they’re missing one thing, and that is a boss.
9. Not Having a Schedule
It’s important to create a schedule and stick to it, and punish yourself if you don’t. At the beginning, I didn’t have a schedule. I just showed up whenever I wanted. As an entrepreneur, you need a schedule, and instead of working from 9:00 a.m. – 5:00 p.m., you can expect to work from 7:00 a.m. – 10:00 p.m.!
10. Not Knowing the Value of a Business Plan
Early on I had no idea what a business plan was, much less how to write one, and at the time, you couldn’t do a Google search to find out! Now in your first year of business, you don’t need a traditional business plan, but you do need a plan.
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