#1 Entrepreneurial Mistake

      I have been watching some comments on a Linkedin forum titled “What’s your best tips for an entrepreneur?”  I find most of the comments very disturbing, because they lead the new entrepreneur down the wrong path.  The comments may be valid, but many are dangerous if blindly followed.  Most seem to be rah-rah, psychological, self-help or motivational in nature.  I think some of the advice is just people trying to psych themselves up to continue their own venture. 

There are both new and old clichés that ignore the basics of business.  This infatuation with current clichés scares me.  It is no wonder so many new entrepreneurs fail.  This obsession with blindly plunging forward and ignoring the basics of business promotes failure.   I have previously blogged about the 7Ps, which are Proper Prior Preparation Prevents Pitifully Poor Performance.  Many current clichés encourage moving forward without proper preparation. 

I understand that no one can be an expert in every area necessary to successfully start and operate a profitable business.  But, the new entrepreneur must be aware of all areas of business so he can obtain the help he needs.  If the new entrepreneur ignores the basics of business, he will fail unless he is extremely lucky.   

There are three books I recommend every new entrepreneur read.  I do not mean read them when time allows.  They need to be a priority, as there is probably nothing more important to a new entrepreneur’s success.  These books are not some psychological Rah Rah or written by a professor talking theory.  All three of these books are easy to read and offer real life examples of business basics that must not be ignored if the new entrepreneur is to succeed.  These three books are:

1.   Business Fits by Terry Oliver Lee

2.   The E-Myth Revisited by Michael Gerber

3.   Marketing War-Fare by Al Ries & Jack Trout

All three of these books are available on Amazon as an eBook or a paperback.  I would recommend the paperback if you are serious about your business, because you will want to refer back to them later.  

I knew an individual who was very successful in the real estate business.  He told a story about going to a class on how to grow his firm.  There was considerable expense in time and travel to take this course.  When he walked into the class the first day, he was disappointed to see several of his competitors in the class, because he felt the class would not give him a competitive advantage. 

He later said the class did help him because he implemented what he learned.  His competitors went home and continued blindly on doing business as usual without implementing anything the class taught them. 

Unfortunately, I realize that 90% of all entrepreneurs will ignore this advice and move eagerly forward until it is too late.  They will justify this by telling themselves that they al ready know what they want to do and don’t have time to read some book.  This makes me sad.  I wrote Business Fits for the new or aspiring entrepreneur, but it must be read to have any value.   

This naive approach to business reminds me of politics.  Some people do not want to learn the facts.  The facts might not support their political views.  They would rather just blindly push forward with their emotional perceptions. 

http://BusinessFits.com