Biggest Entrepreneur Mistake #6: Let’s do it again
(An extract from DON’T DO IT THE HARD WAY – Avoid the Seven Biggest Mistakes that Entrepreneurs Make.)
You may have thought, or heard other entrepreneurs say, “I already built one successful business and now I have the time and the money to start something new and do it again. I need a new challenge to keep from getting bored and I don’t want to spend every day in retirement watching my money ride the stock market roller coaster.”
Beware, take care. Look for an opportunity that really leverages your unique skills, knowledge, experience and contacts. Isn’t that what worked for you the first time? Remember what I’ve said many times to other successful businessmen: Making money doesn’t make you smart. Before you throw your energy and money into a new venture, ask yourself a few important questions.
Another checklist from your Uncle Ralph!”
Let’s call it the Encore Performance Checklist.
If you’re determined to boast that you’re a successful serial entrepreneur, not just a one-hit wonder, then ask yourself these questions before you get started on your next venture:
- What was it that made you succeed in your first business? Did you build your business on your unique knowledge or ability, a new product idea, a preferred customer or supplier relationship? Which of these will apply to the new business?
- What mistakes have you avoided in the past? Are you about to make those mistakes now?
- What new risks and challenges are you encountering for the first time?
- Is now a good time to start something new? Are there no challenges left in your current business?
- How much will a new initiative impact your current business and the demands on your time and resources?
- Is your past success really transferable to the new business?
Many successful entrepreneurs have made the mistake of jumping into a new venture – merger, acquisition, restaurant franchise or real estate investment – and blown away the equity value they spent to much time and effort building in their original business. It’s another costly mistake to avoid.
Don’t make the Biggest Entrepreneur Mistake #6 – Let’s do it again
Be better. Do Better. Be an Enlightened Entrepreneur.
Del Chatterson, your Uncle Ralph
Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.
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