My comments are in italic in between each point
- Not setting aside enough cash reserves to support yourself.
This is an excellent point. This is what I call, “not having enough cash flow”. Using “credit cards” is NOT the move to make. Entrepreneurs make safe bets – don’t use credit cards.
- Using assumptions that are overly optimistic during planning.
This points toward a realistic heartbreak. Often people give up on you, before you do; this includes customers. You might make it, but they won’t. Keep expectations in-line – always.
- Not properly evaluating your business model.
I have made this mistake all too often. Some good advice is to have someone unrelated to you evaluate the model. I have heard the suggestion that a woman should do this. It sounds reasonable.
- Trying to do everything yourself to save money.
Very true. Often this involves a shortage of resources – which includes not having good contractors. Get networked and you will find those resources.
- Not being willing to work like a dog during the early days.
This is hype. Sure work hard, but not like a dog. Work constantly and pace yourself. Make your “off” time work relate – such as when expanding into a new area, take a 3-5 day vacation and make 1-2 days related.
- Pricing your product or services too low or high.
Pricing the product too low is generally the case – as a problem. If it is too high, most entrepreneurs lower the cost – but your pricing should be 3x to 5x of production cost, else your wasting everyone’s time.
- Not having a growth strategy.
If your making money, this is not a bad problem. NO GOOD entrepreneur complains about too much business. A GOOD entrepreneur hustles to get money – everyday.