The Very First Big Mistake Entrepreneurs

Make On Day One

A recent study showed that the number one reason people become entrepreneurs is to do what they

want to do, and not what someone else tells them to do. Believe it or

not, it’s not to make money.  The first big mistake is just this. It’s doing what they want because this isn’t necessarily what customers want, and are willing to pay for.

The Very First Big Mistake Entrepreneurs Make On Day One

So the old saying, “Do want you love and the money will follow” isn’t true. It’s missing an important piece of the puzzle, that is, only if what you love is also what your customers or clients love too.

The Very First Big Mistake Entrepreneurs Make On Day One

This is the reason why it’s important to conduct quick business experiments – formulate a hypothesis and test it. If it fails, try again. If it works, go forward to the next step.  Weeks of research and analysis will tell you less than a quick experiment. And asking friends and colleagues won’t tell you much either because people don’t want to tell other people (particular those standing in front of them) that their idea is awful.

Validate Your Business Idea Quickly and Cheaply

This is why the Internet is awesome – searchers don’t care who you are, they don’t care how old or young you are, whether you were a high-powered executive or a stay-at-home mom, it comes down to whether they like what you have to offer.  The Internet can be cold and cruel, but this gets you moving in the right direction more quickly.

Validate Your Business Idea Quickly and Cheaply

For example, if your business idea is to open a specialty retail store, then why not see if you can set up a niche website that is monetized through affiliate marketing or advertising. If your business idea is to develop software to solve a problem, why not start a blog talking about the problem and interview those offering the current solutions.

Why the Internet for Every Type of Business

Other Offline Ways of Getting a Business Started

There are other ways to test out a business idea other than the Internet. My daughter likes baking and wanted to start a bakery. She started a website with unique baking ideas – even garlic cookies! (BTW – not a hit). She offered to bake and assist at bake sales for schools and clubs. She learned what people liked and didn’t like. Her big lesson is people don’t want a new type of cookie or cake, they want a familiar variety that’s the best they’ve ever had.

As a closing comment, all businesses are for-profit operations. It mystifies me why money isn’t the prime reason for becoming an entrepreneur. I think it’s better to focus on the money. After all, if an entrepreneur were to put revenue first, then the entrepreneur becomes obsessed with providing customers with what they want and not what makes the entrepreneur happy.

The Very First Big Mistake Entrepreneurs Make On Day One

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